Itau Unibanco Holding S.A. Decreases Stake in Fomento Economico Mexicano S.A.B. de C.V. $FMX

Itau Unibanco Holding S.A. lessened its position in Fomento Economico Mexicano S.A.B. de C.V. (NYSE:FMX) by 44.8% in the second quarter, HoldingsChannel reports. The firm owned 613,888 shares of the company’s stock after selling 498,148 shares during the quarter. Fomento Economico Mexicano accounts for approximately 2.2% of Itau Unibanco Holding S.A.’s holdings, making the stock its 14th biggest holding. Itau Unibanco Holding S.A.’s holdings in Fomento Economico Mexicano were worth $63,218,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Nuveen LLC purchased a new position in Fomento Economico Mexicano in the first quarter worth about $330,437,000. Strs Ohio purchased a new stake in Fomento Economico Mexicano in the 1st quarter worth $28,718,000. Acadian Asset Management LLC boosted its holdings in shares of Fomento Economico Mexicano by 325.7% during the 1st quarter. Acadian Asset Management LLC now owns 383,644 shares of the company’s stock valued at $37,421,000 after purchasing an additional 293,524 shares during the last quarter. INCA Investments LLC grew its position in shares of Fomento Economico Mexicano by 106.1% during the second quarter. INCA Investments LLC now owns 274,769 shares of the company’s stock valued at $28,296,000 after purchasing an additional 141,419 shares in the last quarter. Finally, Citigroup Inc. increased its holdings in shares of Fomento Economico Mexicano by 44.5% in the first quarter. Citigroup Inc. now owns 418,701 shares of the company’s stock worth $40,857,000 after purchasing an additional 128,996 shares during the last quarter. Institutional investors own 61.00% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on FMX shares. Zacks Research raised shares of Fomento Economico Mexicano from a “strong sell” rating to a “hold” rating in a research note on Tuesday, October 28th. Morgan Stanley reissued an “equal weight” rating and issued a $97.00 target price (down from $132.00) on shares of Fomento Economico Mexicano in a research note on Tuesday, August 19th. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Fomento Economico Mexicano in a research report on Wednesday, October 8th. UBS Group upgraded Fomento Economico Mexicano from a “neutral” rating to a “buy” rating and lowered their price objective for the stock from $115.00 to $111.00 in a research report on Friday, September 19th. Finally, Barclays reduced their target price on Fomento Economico Mexicano from $107.00 to $105.00 and set an “equal weight” rating on the stock in a research report on Monday, November 3rd. Four equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $101.63.

Fomento Economico Mexicano Price Performance

FMX stock opened at $93.90 on Friday. The business’s 50-day moving average is $94.53 and its two-hundred day moving average is $96.84. 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 firm has a market capitalization of $33.60 billion, a P/E ratio of 37.86, a P/E/G ratio of 5.54 and a beta of 0.70. Fomento Economico Mexicano S.A.B. de C.V. has a 1 year low of $81.07 and a 1 year high of $108.74.

Fomento Economico Mexicano (NYSE:FMX) last issued its earnings results on Tuesday, October 28th. The company reported $0.88 earnings per share for the quarter, missing the consensus estimate of $1.06 by ($0.18). Fomento Economico Mexicano had a net margin of 2.09% and a return on equity of 5.01%. The firm had revenue of $11.71 billion during the quarter, compared to analyst estimates of $215.60 billion. Analysts anticipate 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 firm also recently announced a quarterly dividend, which was paid on Monday, October 27th. Investors of record on Thursday, October 16th were issued a $1.9982 dividend. This represents a $7.99 annualized dividend and a yield of 8.5%. This is a boost 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 currently 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.