abrdn plc lowered its holdings in Fomento Económico Mexicano, S.A.B. de C.V. (NYSE:FMX – Free Report) by 11.6% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 2,420,859 shares of the company’s stock after selling 318,364 shares during the quarter. Fomento Económico Mexicano accounts for about 0.7% of abrdn plc’s investment portfolio, making the stock its 22nd largest position. abrdn plc’s holdings in Fomento Económico Mexicano were worth $315,559,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Operose Advisors LLC bought a new stake in shares of Fomento Económico Mexicano in the 3rd quarter worth approximately $29,000. Advisory Services Network LLC lifted its position in shares of Fomento Económico Mexicano by 44.3% in the 1st quarter. Advisory Services Network LLC now owns 342 shares of the company’s stock worth $33,000 after acquiring an additional 105 shares during the period. Brown Brothers Harriman & Co. lifted its position in shares of Fomento Económico Mexicano by 117.0% in the 1st quarter. Brown Brothers Harriman & Co. now owns 421 shares of the company’s stock worth $35,000 after acquiring an additional 227 shares during the period. Assetmark Inc. bought a new stake in shares of Fomento Económico Mexicano in the 3rd quarter worth approximately $36,000. Finally, Castleview Partners LLC lifted its position in shares of Fomento Económico Mexicano by 51.2% in the 2nd quarter. Castleview Partners LLC now owns 434 shares of the company’s stock worth $48,000 after acquiring an additional 147 shares during the period.
Fomento Económico Mexicano Stock Performance
FMX traded up $0.62 during trading on Friday, hitting $119.69. The company’s stock had a trading volume of 2,534,759 shares, compared to its average volume of 527,122. The firm’s 50 day moving average price is $127.25 and its two-hundred day moving average price is $125.02. The company has a current ratio of 1.91, a quick ratio of 1.60 and a debt-to-equity ratio of 0.33. Fomento Económico Mexicano, S.A.B. de C.V. has a 12 month low of $91.71 and a 12 month high of $143.43.
Fomento Económico Mexicano Increases Dividend
The firm also recently disclosed an annual dividend, which will be paid on Monday, April 29th. Shareholders of record on Wednesday, April 17th will be given a $1.115 dividend. This is an increase from Fomento Económico Mexicano’s previous annual dividend of $0.74. The ex-dividend date of this dividend is Tuesday, April 16th. This represents a yield of 0.87%. Fomento Económico Mexicano’s payout ratio is presently 6.11%.
Wall Street Analyst Weigh In
A number of analysts have commented on FMX shares. UBS Group downgraded Fomento Económico Mexicano from a “buy” rating to a “neutral” rating in a research report on Friday, January 12th. Bank of America restated a “neutral” rating on shares of Fomento Económico Mexicano in a research report on Monday, February 26th. HSBC upgraded Fomento Económico Mexicano from a “hold” rating to a “buy” rating and raised their target price for the stock from $124.00 to $152.00 in a research report on Friday, February 9th. Finally, StockNews.com downgraded Fomento Económico Mexicano from a “buy” rating to a “hold” rating in a research report on Monday, February 26th. Five equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $135.75.
Check Out Our Latest Stock Report on Fomento Económico Mexicano
About Fomento Económico 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.
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