Synovus Financial Corp Acquires 6,113 Shares of Fomento Económico Mexicano, S.A.B. de C.V. (NYSE:FMX)

Synovus Financial Corp increased its holdings in shares of Fomento Económico Mexicano, S.A.B. de C.V. (NYSE:FMX - Free Report) by 100.6% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 12,192 shares of the company's stock after acquiring an additional 6,113 shares during the quarter. Synovus Financial Corp's holdings in Fomento Económico Mexicano were worth $1,204,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Banque Cantonale Vaudoise acquired a new stake in Fomento Económico Mexicano during the third quarter worth approximately $55,000. Van ECK Associates Corp lifted its holdings in Fomento Económico Mexicano by 61.7% during the 3rd quarter. Van ECK Associates Corp now owns 802 shares of the company's stock worth $78,000 after purchasing an additional 306 shares during the last quarter. Fielder Capital Group LLC acquired a new stake in Fomento Económico Mexicano during the 2nd quarter worth approximately $242,000. Whittier Trust Co. of Nevada Inc. boosted its stake in Fomento Económico Mexicano by 24.6% in the 2nd quarter. Whittier Trust Co. of Nevada Inc. now owns 2,275 shares of the company's stock valued at $245,000 after purchasing an additional 449 shares during the period. Finally, SG Americas Securities LLC grew its holdings in Fomento Económico Mexicano by 67.3% in the 2nd quarter. SG Americas Securities LLC now owns 2,862 shares of the company's stock valued at $308,000 after buying an additional 1,151 shares in the last quarter. Institutional investors own 61.00% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the stock. JPMorgan Chase & Co. cut shares of Fomento Económico Mexicano from an "overweight" rating to a "neutral" rating and boosted their target price for the company from $104.00 to $109.00 in a research report on Monday, September 23rd. Barclays dropped 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 note on Wednesday, October 30th. Finally, StockNews.com upgraded shares of Fomento Económico Mexicano from a "hold" rating to a "buy" rating in a research report on Wednesday, November 6th. Three analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, Fomento Económico Mexicano presently has a consensus rating of "Moderate Buy" and a consensus price target of $126.33.

Fomento Económico Mexicano Price Performance

FMX stock traded up $1.59 during midday trading on Tuesday, reaching $88.43. The company had a trading volume of 521,160 shares, compared to its average volume of 677,697. Fomento Económico Mexicano, S.A.B. de C.V. has a 1-year low of $85.30 and a 1-year high of $143.43. The stock has a 50 day moving average price of $93.27 and a 200-day moving average price of $102.46. 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 $31.64 billion, a price-to-earnings ratio of 22.26, a price-to-earnings-growth ratio of 5.23 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. Investors of record on Wednesday, October 16th were given 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%.

About Fomento Económico Mexicano

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.