ABS Direct Equity Fund LLC Sells 6,300 Shares of Fomento Económico Mexicano, S.A.B. de C.V. (NYSE:FMX)

ABS Direct Equity Fund LLC cut its stake in shares of Fomento Económico Mexicano, S.A.B. de C.V. (NYSE:FMX - Free Report) by 7.5% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 77,700 shares of the company's stock after selling 6,300 shares during the period. Fomento Económico Mexicano makes up 8.5% of ABS Direct Equity Fund LLC's holdings, making the stock its 2nd biggest holding. ABS Direct Equity Fund LLC's holdings in Fomento Económico Mexicano were worth $7,670,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also made changes to their positions in the company. Oldfield Partners LLP lifted its stake in Fomento Económico Mexicano by 0.8% in the second quarter. Oldfield Partners LLP now owns 13,300 shares of the company's stock worth $1,432,000 after acquiring an additional 100 shares during the last quarter. Wealth Alliance lifted its stake in Fomento Económico Mexicano by 4.4% in the second quarter. Wealth Alliance now owns 3,510 shares of the company's stock worth $378,000 after acquiring an additional 147 shares during the last quarter. Stifel Financial Corp lifted its stake in Fomento Económico Mexicano by 1.2% in the third quarter. Stifel Financial Corp now owns 12,479 shares of the company's stock worth $1,232,000 after acquiring an additional 149 shares during the last quarter. Cerity Partners LLC lifted its stake in Fomento Económico Mexicano by 2.0% in the third quarter. Cerity Partners LLC now owns 9,520 shares of the company's stock worth $940,000 after acquiring an additional 191 shares during the last quarter. Finally, Whittier Trust Co. of Nevada Inc. lifted its stake in Fomento Económico Mexicano by 9.0% in the third quarter. Whittier Trust Co. of Nevada Inc. now owns 2,479 shares of the company's stock worth $245,000 after acquiring an additional 204 shares during the last quarter. 61.00% of the stock is currently owned by institutional investors and hedge funds.

Fomento Económico Mexicano Stock Performance

FMX traded down $1.42 during trading on Tuesday, hitting $89.26. The stock had a trading volume of 481,486 shares, compared to its average volume of 681,929. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.44 and a current ratio of 1.72. The firm has a market capitalization of $31.94 billion, a P/E ratio of 22.90, a PEG ratio of 5.32 and a beta of 0.90. The company's 50-day moving average price is $94.33 and its 200 day moving average price is $103.45. Fomento Económico Mexicano, S.A.B. de C.V. has a twelve month low of $85.30 and a twelve month high of $143.43.

Fomento Económico Mexicano Cuts Dividend

The business 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. The ex-dividend date was Wednesday, October 16th. This represents a dividend yield of 0.87%. 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 recent research reports. JPMorgan Chase & Co. downgraded shares of Fomento Económico Mexicano from an "overweight" rating to a "neutral" rating and lifted their price target for the stock from $104.00 to $109.00 in a research note on Monday, September 23rd. StockNews.com upgraded shares of Fomento Económico Mexicano from a "hold" rating to a "buy" rating in a research report on Wednesday, November 6th. Finally, Barclays reduced their price objective on shares of 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. Three investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $126.33.

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.