abrdn plc Sells 180,034 Shares of Fomento Económico Mexicano, S.A.B. de C.V. (NYSE:FMX)

abrdn plc cut its stake in Fomento Económico Mexicano, S.A.B. de C.V. (NYSE:FMX) by 10.9% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,464,695 shares of the company’s stock after selling 180,034 shares during the quarter. abrdn plc’s holdings in Fomento Económico Mexicano were worth $144,675,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Klein Pavlis & Peasley Financial Inc. increased its stake in shares of Fomento Económico Mexicano by 5.8% in the 3rd quarter. Klein Pavlis & Peasley Financial Inc. now owns 25,507 shares of the company’s stock valued at $2,518,000 after acquiring an additional 1,402 shares during the last quarter. Assenagon Asset Management S.A. increased its stake in Fomento Económico Mexicano by 201.8% during the 3rd quarter. Assenagon Asset Management S.A. now owns 55,822 shares of the company’s stock worth $5,510,000 after purchasing an additional 37,325 shares in the last quarter. International Assets Investment Management LLC bought a new stake in Fomento Económico Mexicano during the 3rd quarter worth approximately $2,991,000. Whittier Trust Co. of Nevada Inc. increased its stake in Fomento Económico Mexicano by 9.0% during the 3rd quarter. Whittier Trust Co. of Nevada Inc. now owns 2,479 shares of the company’s stock worth $245,000 after purchasing an additional 204 shares in the last quarter. Finally, Carrhae Capital LLP increased its stake in Fomento Económico Mexicano by 46.0% during the 3rd quarter. Carrhae Capital LLP now owns 440,036 shares of the company’s stock worth $43,436,000 after purchasing an additional 138,540 shares in the last quarter.

Fomento Económico Mexicano Price Performance

NYSE:FMX opened at $98.40 on Tuesday. Fomento Económico Mexicano, S.A.B. de C.V. has a 1-year low of $95.84 and a 1-year 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. The firm has a fifty day simple moving average of $101.02 and a 200 day simple moving average of $109.25. The stock has a market capitalization of $35.21 billion, a PE ratio of 26.67, a P/E/G ratio of 5.59 and a beta of 0.94.

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 given a dividend of $0.864 per share. The ex-dividend date of this dividend was Wednesday, October 16th. This represents a yield of 0.87%. Fomento Económico Mexicano’s dividend payout ratio (DPR) is 13.55%.

Wall Street Analysts Forecast Growth

FMX has been the subject of a number of research reports. Barclays lowered their target price on Fomento Económico Mexicano from $145.00 to $125.00 and set an “overweight” rating for the company in a research note on Monday, October 14th. StockNews.com raised shares of Fomento Económico Mexicano from a “hold” rating to a “buy” rating in a research note on Saturday, October 19th. Finally, JPMorgan Chase & Co. cut shares of Fomento Económico Mexicano from an “overweight” rating to a “neutral” rating and raised their price target for the stock from $104.00 to $109.00 in a research note on Monday, September 23rd. Five research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $129.40.

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.