Mackenzie Financial Corp Raises Stake in Fomento Económico Mexicano, S.A.B. de C.V. (NYSE:FMX)

Mackenzie Financial Corp increased its stake in shares of Fomento Económico Mexicano, S.A.B. de C.V. (NYSE:FMXGet Rating) by 4.4% during the second quarter, according to its most recent filing with the SEC. The institutional investor owned 58,252 shares of the company’s stock after purchasing an additional 2,459 shares during the period. Mackenzie Financial Corp’s holdings in Fomento Económico Mexicano were worth $3,931,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Harding Loevner LP boosted its position in shares of 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 acquiring an additional 1,481,847 shares during the last quarter. First Eagle Investment Management LLC boosted its position in shares of 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 acquiring an additional 34,579 shares during the last quarter. abrdn plc boosted its position in shares of 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 acquiring an additional 514,947 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its position in shares of 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 acquiring an additional 42,600 shares during the last quarter. Finally, BlackRock Inc. boosted its position in shares of Fomento Económico Mexicano by 22.2% during the 1st quarter. BlackRock Inc. now owns 2,019,228 shares of the company’s stock valued at $167,294,000 after acquiring an additional 366,751 shares during the last quarter. Hedge funds and other institutional investors own 19.15% of the company’s stock.

Fomento Económico Mexicano Price Performance

FMX opened at $79.60 on Monday. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.06 and a current ratio of 1.40. Fomento Económico Mexicano, S.A.B. de C.V. has a 52-week low of $58.73 and a 52-week high of $84.33. The stock has a market capitalization of $28.48 billion, a PE ratio of 21.46, a price-to-earnings-growth ratio of 1.89 and a beta of 0.91. The stock’s 50 day moving average price is $67.97 and its 200-day moving average price is $67.26.

Fomento Económico Mexicano Cuts Dividend

The firm also recently announced a semi-annual dividend, which was paid on Thursday, November 17th. Stockholders of record on Friday, November 4th were paid a dividend of $0.847 per share. The ex-dividend date of this dividend was Thursday, November 3rd. This represents a dividend yield of 2.1%. Fomento Económico Mexicano’s dividend payout ratio (DPR) is presently 46.09%.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the company. StockNews.com raised Fomento Económico Mexicano from a “hold” rating to a “buy” rating in a research note on Monday, October 31st. Barclays lifted their price target on Fomento Económico Mexicano from $78.00 to $85.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 16th. UBS Group raised Fomento Económico Mexicano from a “neutral” rating to a “buy” rating in a research note on Monday, October 10th. Finally, The Goldman Sachs Group lifted their price target on Fomento Económico Mexicano from $95.60 to $109.20 and gave the stock a “buy” rating in a research note on Wednesday, November 16th. One analyst has rated the stock with a sell rating and seven have given a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $88.60.

Fomento Económico Mexicano Profile

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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.

Further Reading

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Institutional Ownership by Quarter for Fomento Económico Mexicano (NYSE:FMX)

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