DAVENPORT & Co LLC Purchases 5,423 Shares of Fomento Economico Mexicano S.A.B. de C.V. $FMX

DAVENPORT & Co LLC increased its position in shares of Fomento Economico Mexicano S.A.B. de C.V. (NYSE:FMX) by 23.6% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 28,406 shares of the company’s stock after buying an additional 5,423 shares during the quarter. DAVENPORT & Co LLC’s holdings in Fomento Economico Mexicano were worth $2,871,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in FMX. Value Partners Investments Inc. increased its holdings in shares of Fomento Economico Mexicano by 43.3% during the third quarter. Value Partners Investments Inc. now owns 137,109 shares of the company’s stock valued at $13,516,000 after acquiring an additional 41,400 shares in the last quarter. Strs Ohio lifted its holdings in shares of Fomento Economico Mexicano by 8.5% in the 3rd quarter. Strs Ohio now owns 319,300 shares of the company’s stock worth $31,493,000 after purchasing an additional 25,000 shares in the last quarter. LBP AM SA lifted its holdings in shares of Fomento Economico Mexicano by 22.1% in the 3rd quarter. LBP AM SA now owns 518,532 shares of the company’s stock worth $51,143,000 after purchasing an additional 93,997 shares in the last quarter. ABS Direct Equity Fund LLC grew its position in Fomento Economico Mexicano by 37.6% in the 3rd quarter. ABS Direct Equity Fund LLC now owns 90,250 shares of the company’s stock valued at $8,901,000 after purchasing an additional 24,650 shares during the period. Finally, Exchange Traded Concepts LLC grew its position in Fomento Economico Mexicano by 79.8% in the 3rd quarter. Exchange Traded Concepts LLC now owns 143,865 shares of the company’s stock valued at $14,189,000 after purchasing an additional 63,865 shares during the period. Institutional investors and hedge funds own 61.00% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on FMX shares. Weiss Ratings restated a “hold (c-)” rating on shares of Fomento Economico Mexicano in a report on Thursday, January 22nd. UBS Group lifted their price objective on shares of Fomento Economico Mexicano from $109.00 to $122.00 and gave the company a “buy” rating in a report on Friday, March 20th. The Goldman Sachs Group boosted their target price on shares of Fomento Economico Mexicano from $113.00 to $128.00 and gave the stock a “buy” rating in a research report on Wednesday, February 11th. Finally, Barclays upped their target price on shares of Fomento Economico Mexicano from $116.00 to $118.00 and gave the stock an “equal weight” rating in a report on Tuesday, March 3rd. Four research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat, Fomento Economico Mexicano has an average rating of “Hold” and a consensus target price of $110.67.

Fomento Economico Mexicano Price Performance

Shares of NYSE FMX opened at $107.74 on Friday. The company has a market capitalization of $37.23 billion, a PE ratio of 37.81, a PEG ratio of 0.78 and a beta of 0.42. The company has a quick ratio of 1.02, a current ratio of 1.35 and a debt-to-equity ratio of 0.39. The stock’s 50 day moving average price is $108.77 and its 200-day moving average price is $101.30. Fomento Economico Mexicano S.A.B. de C.V. has a twelve month low of $83.08 and a twelve month high of $116.09.

Fomento Economico Mexicano (NYSE:FMX) last issued its quarterly earnings results on Saturday, February 14th. The company reported $1.36 EPS for the quarter. The company had revenue of $12.21 billion during the quarter. Fomento Economico Mexicano had a return on equity of 6.11% and a net margin of 2.29%. On average, equities analysts anticipate that Fomento Economico Mexicano S.A.B. de C.V. will post 5.32 EPS for the current year.

Fomento Economico Mexicano Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, January 26th. Stockholders of record on Friday, January 16th were given a dividend of $2.0531 per share. The ex-dividend date of this dividend was Friday, January 16th. This represents a $8.21 annualized dividend and a dividend yield of 7.6%. This is a boost from Fomento Economico Mexicano’s previous quarterly dividend of $2.00. Fomento Economico Mexicano’s payout ratio is 79.65%.

Insider Activity

In other news, Director Garza Alfonso Garza sold 52,316 shares of Fomento Economico Mexicano stock in a transaction on Monday, March 23rd. The stock was sold at an average price of $10.31, for a total transaction of $539,377.96. Following the sale, the director directly owned 1,337,712 shares in the company, valued at $13,791,810.72. The trade was a 3.76% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Over the last ninety days, insiders sold 156,948 shares of company stock worth $1,630,690. Company insiders own 5.68% of the company’s stock.

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.