Connor Clark & Lunn Investment Management Ltd. Grows Stock Position in Fomento Económico Mexicano, S.A.B. de C.V. (NYSE:FMX)

Connor Clark & Lunn Investment Management Ltd. grew its stake in Fomento Económico Mexicano, S.A.B. de C.V. (NYSE:FMX) by 267.6% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 313,602 shares of the company’s stock after purchasing an additional 228,284 shares during the period. Connor Clark & Lunn Investment Management Ltd.’s holdings in Fomento Económico Mexicano were worth $30,956,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently modified their holdings of FMX. Oldfield Partners LLP increased its holdings in Fomento Económico Mexicano by 0.8% in the second quarter. Oldfield Partners LLP now owns 13,300 shares of the company’s stock valued at $1,432,000 after buying an additional 100 shares in the last quarter. EverSource Wealth Advisors LLC increased its stake in shares of Fomento Económico Mexicano by 8.9% in the 1st quarter. EverSource Wealth Advisors LLC now owns 1,279 shares of the company’s stock valued at $167,000 after purchasing an additional 105 shares in the last quarter. Baker Ellis Asset Management LLC raised its holdings in Fomento Económico Mexicano by 0.3% in the 2nd quarter. Baker Ellis Asset Management LLC now owns 43,446 shares of the company’s stock worth $4,677,000 after purchasing an additional 140 shares during the period. Wealth Alliance boosted its position in Fomento Económico Mexicano by 4.4% during the second quarter. Wealth Alliance now owns 3,510 shares of the company’s stock worth $378,000 after purchasing an additional 147 shares in the last quarter. Finally, Whittier Trust Co. of Nevada Inc. grew its holdings 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 valued at $245,000 after purchasing an additional 204 shares during the period.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on FMX. StockNews.com raised Fomento Económico Mexicano from a “hold” rating to a “buy” rating in a research note on Wednesday, November 6th. 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. Finally, JPMorgan Chase & Co. cut 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 equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat, Fomento Económico Mexicano has an average rating of “Hold” and an average target price of $128.25.

Fomento Económico Mexicano Stock Performance

NYSE:FMX opened at $86.95 on Thursday. The company has a market cap of $31.11 billion, a P/E ratio of 22.29, a P/E/G ratio of 5.28 and a beta of 0.94. The company’s 50-day moving average price is $97.68 and its 200-day moving average price is $106.40. Fomento Económico Mexicano, S.A.B. de C.V. has a twelve month low of $86.41 and a twelve month high of $143.43. The company has a current ratio of 1.72, a quick ratio of 1.44 and a debt-to-equity ratio of 0.36.

Fomento Económico Mexicano Cuts Dividend

The business also recently disclosed an annual dividend, which was paid on Monday, October 28th. Shareholders of record on Wednesday, October 16th were paid a dividend of $0.864 per share. This represents a yield of 0.87%. The ex-dividend date was Wednesday, October 16th. Fomento Económico Mexicano’s dividend payout ratio (DPR) is currently 12.82%.

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.