Profund Advisors LLC Cuts Stock Holdings in Fomento Economico Mexicano S.A.B. de C.V. $FMX

Profund Advisors LLC reduced its stake in Fomento Economico Mexicano S.A.B. de C.V. (NYSE:FMX) by 6.9% during the 2nd quarter, Holdings Channel reports. The fund owned 7,249 shares of the company’s stock after selling 536 shares during the quarter. Profund Advisors LLC’s holdings in Fomento Economico Mexicano were worth $747,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of FMX. Future Fund LLC purchased a new stake in Fomento Economico Mexicano during the 2nd quarter worth about $424,000. Acadian Asset Management LLC boosted its stake in shares of Fomento Economico Mexicano by 43.6% in the 2nd quarter. Acadian Asset Management LLC now owns 550,894 shares of the company’s stock valued at $56,716,000 after buying an additional 167,250 shares during the period. Connor Clark & Lunn Investment Management Ltd. grew its position in shares of Fomento Economico Mexicano by 10.4% during the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 114,372 shares of the company’s stock worth $11,778,000 after buying an additional 10,751 shares in the last quarter. Vestmark Advisory Solutions Inc. acquired a new position in shares of Fomento Economico Mexicano during the second quarter worth about $486,000. Finally, Savant Capital LLC purchased a new stake in shares of Fomento Economico Mexicano during the second quarter worth approximately $293,000. 61.00% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

FMX has been the subject of several analyst reports. Barclays lowered their price target on shares of Fomento Economico Mexicano from $107.00 to $105.00 and set an “equal weight” rating for the company in a report on Monday, November 3rd. Morgan Stanley reiterated an “equal weight” rating and set a $97.00 target price (down previously from $132.00) on shares of Fomento Economico Mexicano in a research note on Tuesday, August 19th. JPMorgan Chase & Co. increased their target price on Fomento Economico Mexicano from $96.00 to $102.00 and gave the company a “neutral” rating in a report on Monday, October 20th. Citigroup upgraded Fomento Economico Mexicano from a “neutral” rating to a “buy” rating and raised their price target for the company from $93.00 to $97.00 in a research note on Tuesday, September 9th. Finally, Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Fomento Economico Mexicano in a research report on Wednesday, October 8th. Four investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $101.63.

Fomento Economico Mexicano Price Performance

Shares of NYSE:FMX opened at $97.42 on Wednesday. Fomento Economico Mexicano S.A.B. de C.V. has a 12 month low of $81.07 and a 12 month high of $108.74. The firm has a market capitalization of $34.85 billion, a P/E ratio of 39.28, a P/E/G ratio of 5.54 and a beta of 0.70. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.10 and a quick ratio of 1.06. The company’s fifty day moving average price is $93.94 and its 200 day moving average price is $97.01.

Fomento Economico Mexicano (NYSE:FMX) last issued its quarterly earnings data on Tuesday, October 28th. The company reported $0.88 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.06 by ($0.18). Fomento Economico Mexicano had a return on equity of 5.01% and a net margin of 2.09%.The firm had revenue of $11.71 billion for the quarter, compared to analysts’ expectations of $215.60 billion. As a group, sell-side analysts predict that Fomento Economico Mexicano S.A.B. de C.V. will post 5.32 earnings per share for the current fiscal year.

Fomento Economico Mexicano Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, October 27th. Shareholders of record on Thursday, October 16th were given a dividend of $1.9982 per share. This represents a $7.99 annualized dividend and a yield of 8.2%. This is a positive change from Fomento Economico Mexicano’s previous quarterly dividend of $1.36. The ex-dividend date of this dividend was Thursday, October 16th. Fomento Economico Mexicano’s dividend payout ratio is presently 89.92%.

About Fomento Economico Mexicano

Fomento Económico Mexicano, SAB. de C.V., through its subsidiaries, operates as a bottler of Coca-Cola trademark beverages. The company produces, markets, and distributes Coca-Cola trademark beverages in Mexico, Guatemala, Nicaragua, Costa Rica, Panama, Colombia, Venezuela, Brazil, Argentina, and Uruguay.