abrdn plc Sells 250,592 Shares of Fomento Económico Mexicano, S.A.B. de C.V. (NYSE:FMX)

abrdn plc lowered its holdings in shares of Fomento Económico Mexicano, S.A.B. de C.V. (NYSE:FMX) by 5.9% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 3,973,793 shares of the company’s stock after selling 250,592 shares during the period. Fomento Económico Mexicano comprises 0.7% of abrdn plc’s holdings, making the stock its 25th largest holding. abrdn plc owned about 1.11% of Fomento Económico Mexicano worth $335,825,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in the company. River Road Asset Management LLC raised its stake in Fomento Económico Mexicano by 28,013.9% during the first quarter. River Road Asset Management LLC now owns 1,477,664 shares of the company’s stock worth $111,312,000 after buying an additional 1,472,408 shares during the last quarter. Long Pond Capital LP bought a new position in Fomento Económico Mexicano during the first quarter worth $98,769,000. First Eagle Investment Management LLC raised its stake in Fomento Económico Mexicano by 13.5% during the first quarter. First Eagle Investment Management LLC now owns 6,808,107 shares of the company’s stock worth $512,855,000 after buying an additional 807,681 shares during the last quarter. BlackRock Inc. raised its stake in Fomento Económico Mexicano by 550.8% during the first quarter. BlackRock Inc. now owns 691,301 shares of the company’s stock worth $52,074,000 after buying an additional 585,072 shares during the last quarter. Finally, Black Creek Investment Management Inc. raised its stake in Fomento Económico Mexicano by 25.1% during the first quarter. Black Creek Investment Management Inc. now owns 1,623,195 shares of the company’s stock worth $122,275,000 after buying an additional 325,319 shares during the last quarter. 19.97% of the stock is owned by hedge funds and other institutional investors.

Shares of NYSE FMX traded up $0.46 during mid-day trading on Wednesday, reaching $88.23. 34,031 shares of the company’s stock traded hands, compared to its average volume of 425,854. The stock has a market cap of $31.57 billion, a P/E ratio of 62.25, a PEG ratio of 1.83 and a beta of 1.08. The business has a 50-day simple moving average of $85.61 and a 200 day simple moving average of $81.98. Fomento Económico Mexicano, S.A.B. de C.V. has a 1-year low of $52.91 and a 1-year high of $89.35. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.67 and a quick ratio of 1.32.

Fomento Económico Mexicano (NYSE:FMX) last released its quarterly earnings results on Wednesday, July 28th. The company reported $0.43 earnings per share for the quarter, missing the consensus estimate of $0.94 by ($0.51). Fomento Económico Mexicano had a return on equity of 3.10% and a net margin of 1.85%. The firm had revenue of $6.84 billion for the quarter, compared to analysts’ expectations of $6.43 billion. Equities research analysts anticipate that Fomento Económico Mexicano, S.A.B. de C.V. will post 3.04 earnings per share for the current fiscal year.

A number of equities analysts recently weighed in on FMX shares. The Goldman Sachs Group began coverage on shares of Fomento Económico Mexicano in a research note on Friday, August 13th. They set a “buy” rating and a $106.00 target price for the company. Barclays raised their price target on shares of Fomento Económico Mexicano from $80.00 to $90.00 and gave the stock an “equal weight” rating in a report on Tuesday, August 3rd. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, Fomento Económico Mexicano has an average rating of “Hold” and a consensus target price of $105.00.

About Fomento Económico Mexicano

Fomento Economico Mexicano SAB de CV operates as a holding company, which engages in the production, distribution, and marketing of beverages. The firm also produces, markets, sells, and distributes Coca-Cola trademark beverages, including sparkling beverages. It operates through the following segments: Coca-Cola FEMSA; FEMSA-Comercio Proximity Division; FEMSA-Comercio Health Division; FEMSA-Comercio Fuel Division; Heineken Investment; and Other.

Further Reading: Euro STOXX 50 Index

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

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