Advisor Group Holdings Inc. boosted its stake in Fomento Económico Mexicano, S.A.B. de C.V. (NYSE:FMX) by 23.3% during the 2nd quarter, HoldingsChannel.com reports. The fund owned 5,984 shares of the company’s stock after purchasing an additional 1,129 shares during the period. Advisor Group Holdings Inc.’s holdings in Fomento Económico Mexicano were worth $506,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds also recently modified their holdings of the company. BlackRock Inc. increased its position in Fomento Económico Mexicano by 550.8% during the 1st quarter. BlackRock Inc. now owns 691,301 shares of the company’s stock worth $52,074,000 after purchasing an additional 585,072 shares during the period. Y Intercept Hong Kong Ltd acquired a new position in Fomento Económico Mexicano during the 1st quarter worth approximately $331,000. Millennium Management LLC acquired a new position in Fomento Económico Mexicano during the 1st quarter worth approximately $1,036,000. Long Pond Capital LP acquired a new position in Fomento Económico Mexicano during the 1st quarter worth approximately $98,769,000. Finally, Marino Stram & Associates LLC acquired a new position in Fomento Económico Mexicano during the 2nd quarter worth approximately $392,000. Hedge funds and other institutional investors own 19.97% of the company’s stock.
Several research firms have issued reports on FMX. Barclays boosted their target price on Fomento Económico Mexicano from $80.00 to $90.00 and gave the stock an “equal weight” rating in a research report on Tuesday, August 3rd. The Goldman Sachs Group initiated coverage on Fomento Económico Mexicano in a research note on Friday, August 13th. They set a “buy” rating and a $106.00 price target on the stock. One investment analyst has rated the stock with a sell rating, two have given a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, Fomento Económico Mexicano has an average rating of “Hold” and an average target price of $105.00.
Fomento Económico Mexicano (NYSE:FMX) last announced its quarterly earnings results on Wednesday, July 28th. The company reported $0.43 EPS for the quarter, missing the consensus estimate of $0.94 by ($0.51). Fomento Económico Mexicano had a net margin of 1.85% and a return on equity of 3.10%. The firm had revenue of $6.84 billion during the quarter, compared to analyst estimates of $6.43 billion. As a group, equities research analysts expect that Fomento Económico Mexicano, S.A.B. de C.V. will post 3.04 earnings per share for the current year.
Fomento Económico Mexicano Profile
Fomento Economico Mexicano SAB de CV operates as a holding company, which engages in the production, distribution, and marketing of beverages. The firm also produces, markets, sells, and distributes Coca-Cola trademark beverages, including sparkling beverages. It operates through the following segments: Coca-Cola FEMSA; FEMSA-Comercio Proximity Division; FEMSA-Comercio Health Division; FEMSA-Comercio Fuel Division; Heineken Investment; and Other.
Featured Article: What’s a Black Swan?
Want to see what other hedge funds are holding FMX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Fomento Económico Mexicano, S.A.B. de C.V. (NYSE:FMX).
Receive News & Ratings for Fomento Económico Mexicano Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Fomento Económico Mexicano and related companies with MarketBeat.com's FREE daily email newsletter.