Connor Clark & Lunn Investment Management Ltd. Buys 228,284 Shares of Fomento Económico Mexicano, S.A.B. de C.V. (NYSE:FMX)

Connor Clark & Lunn Investment Management Ltd. increased its holdings in Fomento Económico Mexicano, S.A.B. de C.V. (NYSE:FMX - Free Report) by 267.6% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 313,602 shares of the company's stock after buying an additional 228,284 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned about 0.09% of Fomento Económico Mexicano worth $30,956,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in FMX. Baillie Gifford & Co. boosted its stake in Fomento Económico Mexicano by 10.8% during the 3rd quarter. Baillie Gifford & Co. now owns 4,306,739 shares of the company's stock valued at $425,118,000 after purchasing an additional 421,057 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund boosted its stake in shares of Fomento Económico Mexicano by 740.2% during the 2nd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 472,200 shares of the company's stock worth $50,832,000 after acquiring an additional 416,000 shares in the last quarter. Millennium Management LLC boosted its stake in shares of Fomento Económico Mexicano by 577.6% during the 2nd quarter. Millennium Management LLC now owns 222,464 shares of the company's stock worth $23,948,000 after acquiring an additional 189,632 shares in the last quarter. Employees Retirement System of Texas boosted its stake in shares of Fomento Económico Mexicano by 64.1% during the 2nd quarter. Employees Retirement System of Texas now owns 471,096 shares of the company's stock worth $50,713,000 after acquiring an additional 184,000 shares in the last quarter. Finally, Zimmer Partners LP boosted its stake in shares of Fomento Económico Mexicano by 377.8% during the 1st quarter. Zimmer Partners LP now owns 215,000 shares of the company's stock worth $28,008,000 after acquiring an additional 170,000 shares in the last quarter.

Fomento Económico Mexicano Stock Down 0.3 %

Shares of NYSE:FMX traded down $0.27 during midday trading on Thursday, hitting $86.64. 578,878 shares of the stock were exchanged, compared to its average volume of 682,704. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.44 and a current ratio of 1.72. Fomento Económico Mexicano, S.A.B. de C.V. has a 52-week low of $86.13 and a 52-week high of $143.43. The business's fifty day simple moving average is $97.35 and its two-hundred day simple moving average is $106.26. The company has a market capitalization of $31.00 billion, a PE ratio of 22.22, a P/E/G ratio of 5.23 and a beta of 0.94.

Fomento Económico Mexicano Cuts Dividend

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

Wall Street Analysts Forecast Growth

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