Coronation Fund Managers Ltd. Raises Position in Fomento Económico Mexicano, S.A.B. de C.V. (NYSE:FMX)

Coronation Fund Managers Ltd. lifted its position in Fomento Económico Mexicano, S.A.B. de C.V. (NYSE:FMX - Free Report) by 38.9% in the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 248,643 shares of the company's stock after purchasing an additional 69,613 shares during the period. Fomento Económico Mexicano accounts for about 1.2% of Coronation Fund Managers Ltd.'s investment portfolio, making the stock its 25th biggest position. Coronation Fund Managers Ltd. owned approximately 0.07% of Fomento Económico Mexicano worth $26,766,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Hawk Ridge Capital Management LP purchased a new stake in shares of Fomento Económico Mexicano in the 4th quarter worth approximately $79,852,000. Baillie Gifford & Co. lifted its holdings in Fomento Económico Mexicano by 9.0% during the first quarter. Baillie Gifford & Co. now owns 4,183,454 shares of the company's stock worth $544,979,000 after buying an additional 344,815 shares during the period. Vontobel Asset Management Inc. boosted its position in Fomento Económico Mexicano by 1,253.3% during the 4th quarter. Vontobel Asset Management Inc. now owns 362,616 shares of the company's stock valued at $45,839,000 after acquiring an additional 335,822 shares in the last quarter. Sustainable Growth Advisers LP increased its holdings in shares of Fomento Económico Mexicano by 122.8% in the 1st quarter. Sustainable Growth Advisers LP now owns 435,906 shares of the company's stock valued at $56,785,000 after acquiring an additional 240,256 shares during the period. Finally, Millennium Management LLC raised its position in shares of Fomento Económico Mexicano by 577.6% in 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.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on FMX. Barclays lowered their price target on shares of Fomento Económico Mexicano from $160.00 to $145.00 and set an "overweight" rating on the stock in a report on Monday, July 15th. StockNews.com downgraded shares of Fomento Económico Mexicano from a "buy" rating to a "hold" rating in a research note on Monday, September 23rd. Finally, JPMorgan Chase & Co. downgraded Fomento Económico Mexicano from an "overweight" rating to a "neutral" rating and upped their price target for the stock from $104.00 to $109.00 in a research report on Monday, September 23rd. Six research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $133.40.

Fomento Económico Mexicano Stock Performance

NYSE:FMX traded down $1.29 during trading hours on Wednesday, reaching $98.32. The company had a trading volume of 656,784 shares, compared to its average volume of 690,242. Fomento Económico Mexicano, S.A.B. de C.V. has a 1-year low of $97.90 and a 1-year high of $143.43. The firm has a market cap of $35.18 billion, a PE ratio of 26.80, a price-to-earnings-growth ratio of 5.75 and a beta of 0.94. The business's 50 day moving average price is $105.63 and its 200-day moving average price is $113.32. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.72 and a quick ratio of 1.44.

Fomento Económico Mexicano (NYSE:FMX - Get Free Report) last announced its quarterly earnings results on Wednesday, July 24th. The company reported $1.87 earnings per share (EPS) for the quarter. Fomento Económico Mexicano had a return on equity of 8.65% and a net margin of 3.75%. The company had revenue of $11.54 billion during the quarter. Research analysts forecast that Fomento Económico Mexicano, S.A.B. de C.V. will post 5.39 EPS for the current year.

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.