Fomento Economico Mexicano (NYSE:FMX) Stock Price Up 4.7% Following Analyst Upgrade

Fomento Economico Mexicano S.A.B. de C.V. (NYSE:FMX) shot up 4.7% on Friday after JPMorgan Chase & Co. upgraded the stock from a neutral rating to an overweight rating. JPMorgan Chase & Co. now has a $151.00 price target on the stock, up from their previous price target of $126.00. Fomento Economico Mexicano traded as high as $126.61 and last traded at $126.72. Approximately 177,658 shares were traded during trading, a decline of 61% from the average daily volume of 461,257 shares. The stock had previously closed at $120.99.

Other equities research analysts also recently issued reports about the company. Barclays increased their price objective on Fomento Economico Mexicano from $125.00 to $130.00 and gave the stock an “equal weight” rating in a research note on Tuesday, July 14th. UBS Group lowered their target price on Fomento Economico Mexicano from $139.00 to $130.00 and set a “neutral” rating on the stock in a research note on Thursday, October 1st. Wall Street Zen downgraded Fomento Economico Mexicano from a “buy” rating to a “hold” rating in a report on Saturday, July 18th. Deutsche Bank Aktiengesellschaft set a $150.00 target price on Fomento Economico Mexicano in a report on Tuesday, August 4th. Finally, Weiss Ratings raised shares of Fomento Economico Mexicano from a “hold (c-)” rating to a “hold (c)” rating in a research report on Friday, September 4th. Four research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat.com, Fomento Economico Mexicano has an average rating of “Moderate Buy” and an average price target of $139.83.

Insider Buying and Selling

In other news, Director Michael David Kahn bought 2,100 shares of the stock in a transaction on Tuesday, August 11th. The shares were purchased at an average price of $118.13 per share, for a total transaction of $248,073.00. Following the completion of the purchase, the director directly owned 2,100 shares of the company’s stock, valued at $248,073. This trade represents a ∞ increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 5.68% of the stock is owned by company insiders.

Institutional Investors Weigh In On Fomento Economico Mexicano

Institutional investors have recently made changes to their positions in the company. Royal Bank of Canada increased its holdings in Fomento Economico Mexicano by 3.2% in the first quarter. Royal Bank of Canada now owns 6,218,709 shares of the company’s stock worth $690,649,000 after buying an additional 193,432 shares during the last quarter. Ninety One UK Ltd raised its position in Fomento Economico Mexicano by 75.2% during the third quarter. Ninety One UK Ltd now owns 844,817 shares of the company’s stock valued at $100,162,000 after acquiring an additional 362,738 shares in the last quarter. Amundi lifted its stake in Fomento Economico Mexicano by 9.8% in the first quarter. Amundi now owns 613,753 shares of the company’s stock valued at $68,163,000 after acquiring an additional 54,786 shares during the last quarter. USS Investment Management Ltd lifted its stake in Fomento Economico Mexicano by 44.9% in the first quarter. USS Investment Management Ltd now owns 462,624 shares of the company’s stock valued at $51,386,000 after acquiring an additional 143,430 shares during the last quarter. Finally, Sei Investments Co. lifted its stake in Fomento Economico Mexicano by 13.1% in the first quarter. Sei Investments Co. now owns 236,168 shares of the company’s stock valued at $26,229,000 after acquiring an additional 27,439 shares during the last quarter. 61.00% of the stock is currently owned by institutional investors and hedge funds.

Fomento Economico Mexicano Price Performance

The company has a quick ratio of 0.85, a current ratio of 1.14 and a debt-to-equity ratio of 0.41. The company has a market capitalization of $43.80 billion, a P/E ratio of 25.35, a P/E/G ratio of 0.64 and a beta of 0.41. The company’s 50-day simple moving average is $119.43 and its 200 day simple moving average is $121.46.

Fomento Economico Mexicano (NYSE:FMX) last announced its quarterly earnings results on Tuesday, June 30th. The company reported $0.93 EPS for the quarter. The company had revenue of $13.20 billion for the quarter. Fomento Economico Mexicano had a net margin of 3.60% and a return on equity of 7.24%. As a group, sell-side analysts expect that Fomento Economico Mexicano S.A.B. de C.V. will post 6.35 earnings per share for the current fiscal year.

Fomento Economico Mexicano Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, October 26th. Stockholders of record on Wednesday, October 14th will be paid a dividend of $1.7804 per share. This is a drop from Fomento Economico Mexicano’s previous quarterly dividend of $1.8270. The ex-dividend date is Wednesday, October 14th. This represents a $7.12 annualized dividend and a dividend yield of 5.6%. Fomento Economico Mexicano’s dividend payout ratio is currently 47.60%.

About Fomento Economico Mexicano

Fomento Económico Mexicano, SAB. de C.V. (FEMSA) is a Mexico-based multinational company with operations in beverage production, retail, and logistics. Through Coca-Cola FEMSA, it produces, distributes, and markets Coca-Cola products and other beverages under a portfolio that includes soft drinks, bottled water, juices, and related products.

Coca-Cola FEMSA serves customers across several Latin American markets, including Mexico, Brazil, Colombia, Guatemala, Costa Rica, Panama, Nicaragua, Argentina, and Venezuela.