Verition Fund Management LLC Takes $2.81 Million Position in Fomento Económico Mexicano, S.A.B. de C.V. (NYSE:FMX)

Verition Fund Management LLC bought a new stake in shares of Fomento Económico Mexicano, S.A.B. de C.V. (NYSE:FMX) in the 3rd quarter, HoldingsChannel.com reports. The firm bought 28,438 shares of the company’s stock, valued at approximately $2,807,000.

Other hedge funds have also modified their holdings of the company. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA purchased a new stake in shares of Fomento Económico Mexicano during the second quarter valued at $51,000. Banque Cantonale Vaudoise purchased a new stake in shares of Fomento Económico Mexicano during the third quarter valued at $55,000. Van ECK Associates Corp lifted its stake in Fomento Económico Mexicano by 61.7% in the 3rd quarter. Van ECK Associates Corp now owns 802 shares of the company’s stock worth $78,000 after acquiring an additional 306 shares in the last quarter. CWM LLC boosted its position in Fomento Económico Mexicano by 28.7% during the 2nd quarter. CWM LLC now owns 956 shares of the company’s stock worth $103,000 after acquiring an additional 213 shares during the period. Finally, OLD National Bancorp IN boosted its position in Fomento Económico Mexicano by 20.4% during the 2nd quarter. OLD National Bancorp IN now owns 1,991 shares of the company’s stock worth $214,000 after acquiring an additional 338 shares during the period.

Fomento Económico Mexicano Stock Up 1.6 %

FMX opened at $90.69 on Thursday. Fomento Económico Mexicano, S.A.B. de C.V. has a fifty-two week low of $85.30 and a fifty-two week high of $143.43. The business has a 50-day moving average of $94.85 and a 200-day moving average of $104.11. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.72 and a quick ratio of 1.44. The company has a market capitalization of $32.45 billion, a PE ratio of 23.25, a price-to-earnings-growth ratio of 5.13 and a beta of 0.90.

Fomento Económico Mexicano Cuts Dividend

The company also recently declared an annual dividend, which was paid on Monday, October 28th. Stockholders of record on Wednesday, October 16th were paid a dividend of $0.864 per share. This represents a dividend yield of 0.87%. The ex-dividend date of this dividend was Wednesday, October 16th. Fomento Económico Mexicano’s dividend payout ratio (DPR) is presently 12.82%.

Wall Street Analyst Weigh In

FMX has been the subject of a number of research reports. JPMorgan Chase & Co. lowered Fomento Económico Mexicano from an “overweight” rating to a “neutral” rating and raised their price objective for the stock from $104.00 to $109.00 in a research report on Monday, September 23rd. Barclays decreased their price objective on Fomento Económico Mexicano from $125.00 to $118.00 and set an “overweight” rating for the company in a research report on Wednesday, October 30th. Finally, StockNews.com upgraded Fomento Económico Mexicano from a “hold” rating to a “buy” rating in a research report on Wednesday, November 6th. Four analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $128.25.

Fomento Económico Mexicano Profile

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.