Fomento Economico Mexicano (NYSE:FMX) Reaches New 12-Month High After Analyst Upgrade

Shares of Fomento Economico Mexicano S.A.B. de C.V. (NYSE:FMX) hit a new 52-week high during trading on Monday after JPMorgan Chase & Co. raised their price target on the stock from $117.00 to $126.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. Fomento Economico Mexicano traded as high as $130.78 and last traded at $130.62, with a volume of 169695 shares trading hands. The stock had previously closed at $128.87.

FMX has been the topic of several other research reports. Weiss Ratings upgraded Fomento Economico Mexicano from a “hold (c-)” rating to a “hold (c)” rating in a research report on Monday, May 11th. Barclays lifted their price target on Fomento Economico Mexicano from $118.00 to $125.00 and gave the company an “equal weight” rating in a research report on Monday, May 4th. Zacks Research raised Fomento Economico Mexicano from a “hold” rating to a “strong-buy” rating in a report on Thursday, April 30th. Wall Street Zen downgraded Fomento Economico Mexicano from a “strong-buy” rating to a “buy” rating in a research note on Monday, May 11th. Finally, UBS Group increased their target price on Fomento Economico Mexicano from $122.00 to $139.00 and gave the company a “buy” rating in a report on Thursday, May 28th. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $118.67.

Institutional Trading of Fomento Economico Mexicano

Large investors have recently modified their holdings of the business. AQR Capital Management LLC raised its position in Fomento Economico Mexicano by 11,692.3% during the 2nd quarter. AQR Capital Management LLC now owns 716,029 shares of the company’s stock valued at $73,171,000 after purchasing an additional 709,957 shares during the last quarter. Victory Capital Management Inc. raised its holdings in shares of Fomento Economico Mexicano by 12,960.1% during the third quarter. Victory Capital Management Inc. now owns 599,982 shares of the company’s stock valued at $59,176,000 after acquiring an additional 595,388 shares in the last quarter. CIBC Bancorp USA Inc. purchased a new stake in Fomento Economico Mexicano in the third quarter worth $50,343,000. Invesco Ltd. lifted its stake in Fomento Economico Mexicano by 67.8% in the third quarter. Invesco Ltd. now owns 1,046,906 shares of the company’s stock worth $103,256,000 after acquiring an additional 423,073 shares during the period. Finally, Itau Unibanco Holding S.A. bought a new stake in Fomento Economico Mexicano in the fourth quarter valued at $41,408,000. 61.00% of the stock is owned by institutional investors.

Fomento Economico Mexicano Trading Up 1.3%

The company has a quick ratio of 0.87, a current ratio of 1.16 and a debt-to-equity ratio of 0.47. The firm’s fifty day moving average is $121.45 and its two-hundred day moving average is $112.40. The firm has a market cap of $45.12 billion, a P/E ratio of 29.21, a PEG ratio of 0.75 and a beta of 0.42.

Fomento Economico Mexicano (NYSE:FMX) last issued its quarterly earnings data on Tuesday, March 31st. The company reported $2.43 EPS for the quarter. The business had revenue of $11.61 billion during the quarter. Fomento Economico Mexicano had a net margin of 3.40% and a return on equity of 7.33%. Analysts predict that Fomento Economico Mexicano S.A.B. de C.V. will post 5.77 earnings per share for the current fiscal year.

Fomento Economico Mexicano Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, May 4th. Shareholders of record on Wednesday, April 22nd were issued a $0.6658 dividend. The ex-dividend date was Wednesday, April 22nd. This represents a $2.66 annualized dividend and a yield of 2.0%. Fomento Economico Mexicano’s dividend payout ratio (DPR) is 53.47%.

About Fomento Economico Mexicano

Fomento Económico Mexicano, SAB. de C.V. (FEMSA) is a Mexican multinational company active primarily in the retail and beverage sectors. Headquartered in Monterrey, Mexico, FEMSA’s operations span convenience store retailing, beverage bottling and distribution, and related logistics and consumer services. The company’s business model combines high-frequency retail outlets with large-scale beverage production and a regional supply chain network.

FEMSA Comercio, the company’s retail arm, operates a large chain of convenience stores under the OXXO brand and has expanded its retail footprint with complementary formats and services.