Fomento Económico Mexicano (NYSE:FMX) Downgraded by StockNews.com

StockNews.com downgraded shares of Fomento Económico Mexicano (NYSE:FMXGet Rating) from a buy rating to a hold rating in a research report released on Wednesday morning.

FMX has been the topic of a number of other reports. Bradesco Corretora raised Fomento Económico Mexicano from a neutral rating to an outperform rating and set a $90.00 price target on the stock in a research report on Wednesday, June 1st. FIG Partners raised Fomento Económico Mexicano from a neutral rating to an outperform rating and set a $90.00 price target on the stock in a research report on Wednesday, June 1st. HSBC cut Fomento Económico Mexicano from a hold rating to a reduce rating and set a $68.00 price target on the stock. in a research report on Thursday, May 5th. Finally, Barclays lowered their price objective on Fomento Económico Mexicano from $92.00 to $78.00 in a research report on Friday, July 29th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, Fomento Económico Mexicano presently has a consensus rating of Moderate Buy and a consensus target price of $84.71.

Fomento Económico Mexicano Stock Performance

Shares of FMX opened at $60.33 on Wednesday. The company has a quick ratio of 1.24, a current ratio of 1.61 and a debt-to-equity ratio of 0.52. The business’s 50 day moving average price is $65.75 and its 200-day moving average price is $73.32. Fomento Económico Mexicano has a 52 week low of $58.73 and a 52 week high of $89.59. The stock has a market cap of $21.59 billion, a P/E ratio of 13.12, a P/E/G ratio of 1.80 and a beta of 0.95.

Institutional Investors Weigh In On Fomento Económico Mexicano

A number of hedge funds have recently added to or reduced their stakes in the stock. Harding Loevner LP raised its stake in Fomento Económico Mexicano by 17.8% during the 1st quarter. Harding Loevner LP now owns 9,816,327 shares of the company’s stock valued at $702,332,000 after buying an additional 1,481,847 shares during the last quarter. First Eagle Investment Management LLC raised its stake in Fomento Económico Mexicano by 0.5% during the 1st quarter. First Eagle Investment Management LLC now owns 7,212,282 shares of the company’s stock valued at $597,538,000 after buying an additional 34,579 shares during the last quarter. abrdn plc raised its stake in Fomento Económico Mexicano by 13.3% during the 1st quarter. abrdn plc now owns 4,384,856 shares of the company’s stock valued at $364,908,000 after buying an additional 514,947 shares during the last quarter. Allspring Global Investments Holdings LLC raised its stake in Fomento Económico Mexicano by 1.1% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 3,976,043 shares of the company’s stock valued at $268,343,000 after buying an additional 42,600 shares during the last quarter. Finally, Schroder Investment Management Group raised its stake in Fomento Económico Mexicano by 39.7% during the 4th quarter. Schroder Investment Management Group now owns 2,974,939 shares of the company’s stock valued at $23,119,000 after buying an additional 845,723 shares during the last quarter. 51.65% of the stock is currently owned by hedge funds and other institutional investors.

About Fomento Económico Mexicano

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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.

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