Fomento Economico Mexicano (NYSE:FMX) Upgraded at Bank of America

Bank of America upgraded shares of Fomento Economico Mexicano (NYSE:FMX) from a neutral rating to a buy rating in a report issued on Tuesday, MarketBeat reports. The brokerage currently has $150.00 price objective on the stock, up from their previous price objective of $125.00.

A number of other research analysts have also commented on the company. Zacks Research raised Fomento Economico Mexicano from a “hold” rating to a “strong-buy” rating in a research report on Thursday, April 30th. Wall Street Zen downgraded Fomento Economico Mexicano from a “buy” rating to a “hold” rating in a report on Saturday, July 18th. JPMorgan Chase & Co. lifted their price target on shares of Fomento Economico Mexicano from $117.00 to $126.00 and gave the company an “overweight” rating in a report on Friday, June 26th. UBS Group upped their price objective on shares of Fomento Economico Mexicano from $122.00 to $139.00 and gave the stock a “buy” rating in a report on Thursday, May 28th. Finally, Barclays raised their target price on shares of Fomento Economico Mexicano from $125.00 to $130.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 14th. Four research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat, Fomento Economico Mexicano currently has a consensus rating of “Hold” and a consensus price target of $127.12.

Fomento Economico Mexicano Price Performance

FMX stock opened at $122.09 on Tuesday. The firm’s 50-day moving average price is $126.56 and its two-hundred day moving average price is $117.71. Fomento Economico Mexicano has a 12-month low of $83.08 and a 12-month high of $141.47. The stock has a market capitalization of $42.19 billion, a price-to-earnings ratio of 24.42, a PEG ratio of 0.69 and a beta of 0.40. The company has a current ratio of 1.14, a quick ratio of 0.85 and a debt-to-equity ratio of 0.41.

Fomento Economico Mexicano (NYSE:FMX) last posted its earnings results on Tuesday, June 30th. The company reported $0.93 earnings per share for the quarter. The company had revenue of $13.20 billion during the quarter. Fomento Economico Mexicano had a net margin of 3.60% and a return on equity of 8.38%. As a group, equities analysts predict that Fomento Economico Mexicano will post 6.09 earnings per share for the current year.

Fomento Economico Mexicano Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, July 27th. Investors of record on Wednesday, July 15th were given a dividend of $1.827 per share. This is a boost from Fomento Economico Mexicano’s previous quarterly dividend of $0.67. This represents a $7.31 annualized dividend and a dividend yield of 6.0%. The ex-dividend date was Wednesday, July 15th. Fomento Economico Mexicano’s dividend payout ratio is presently 48.60%.

Institutional Investors Weigh In On Fomento Economico Mexicano

Several hedge funds and other institutional investors have recently added to or reduced their stakes in FMX. V Square Quantitative Management LLC purchased a new position in Fomento Economico Mexicano during the first quarter valued at $28,000. Northwestern Mutual Wealth Management Co. grew its position in shares of Fomento Economico Mexicano by 2,006.2% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 337 shares of the company’s stock worth $35,000 after buying an additional 321 shares during the period. Tower Research Capital LLC TRC grew its position in shares of Fomento Economico Mexicano by 42.5% in the 2nd quarter. Tower Research Capital LLC TRC now owns 439 shares of the company’s stock worth $45,000 after buying an additional 131 shares during the period. Atlas Capital Advisors Inc. purchased a new stake in shares of Fomento Economico Mexicano in the 4th quarter worth about $50,000. Finally, Brown Brothers Harriman & Co. increased its stake in shares of Fomento Economico Mexicano by 220.8% in the 3rd quarter. Brown Brothers Harriman & Co. now owns 725 shares of the company’s stock worth $72,000 after acquiring an additional 499 shares in the last quarter. 61.00% of the stock is owned by hedge funds and other institutional investors.

Fomento Economico Mexicano Company Profile

Fomento Económico Mexicano, SAB. de C.V. (FEMSA) is a Mexican multinational company active primarily in the retail and beverage sectors. Headquartered in Monterrey, Mexico, FEMSA’s operations span convenience store retailing, beverage bottling and distribution, and related logistics and consumer services. The company’s business model combines high-frequency retail outlets with large-scale beverage production and a regional supply chain network.

FEMSA Comercio, the company’s retail arm, operates a large chain of convenience stores under the OXXO brand and has expanded its retail footprint with complementary formats and services.