Franklin Resources Inc. Cuts Stock Holdings in Fomento Económico Mexicano, S.A.B. de C.V. (NYSE:FMX)

Franklin Resources Inc. reduced its stake in Fomento Económico Mexicano, S.A.B. de C.V. (NYSE:FMX) by 19.6% in the third quarter, HoldingsChannel reports. The institutional investor owned 2,992 shares of the company’s stock after selling 729 shares during the quarter. Franklin Resources Inc.’s holdings in Fomento Económico Mexicano were worth $295,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Baillie Gifford & Co. grew its stake in shares of Fomento Económico Mexicano by 10.8% in the 3rd quarter. Baillie Gifford & Co. now owns 4,306,739 shares of the company’s stock worth $425,118,000 after acquiring an additional 421,057 shares in the last quarter. Black Creek Investment Management Inc. lifted its position in shares of Fomento Económico Mexicano by 15.5% during the second quarter. Black Creek Investment Management Inc. now owns 906,798 shares of the company’s stock valued at $97,617,000 after purchasing an additional 121,800 shares in the last quarter. Perpetual Ltd boosted its holdings in Fomento Económico Mexicano by 9.4% during the third quarter. Perpetual Ltd now owns 746,826 shares of the company’s stock worth $73,719,000 after purchasing an additional 64,291 shares during the last quarter. FMR LLC grew its position in Fomento Económico Mexicano by 5.3% in the 3rd quarter. FMR LLC now owns 491,582 shares of the company’s stock worth $48,524,000 after purchasing an additional 24,537 shares in the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund increased its stake in Fomento Económico Mexicano by 740.2% in the 2nd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 472,200 shares of the company’s stock valued at $50,832,000 after buying an additional 416,000 shares during the last quarter. 61.00% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on FMX. JPMorgan Chase & Co. lowered Fomento Económico Mexicano from an “overweight” rating to a “neutral” rating and raised their target price for the company from $104.00 to $109.00 in a research report on Monday, September 23rd. StockNews.com upgraded shares of Fomento Económico Mexicano from a “hold” rating to a “buy” rating in a report on Wednesday, November 6th. Finally, Barclays dropped their target price on shares of Fomento Económico Mexicano from $125.00 to $118.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 30th. Three research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $126.33.

Fomento Económico Mexicano Stock Performance

NYSE:FMX opened at $85.49 on Thursday. The stock has a market cap of $30.59 billion, a P/E ratio of 21.92, a PEG ratio of 5.23 and a beta of 0.90. The company has a quick ratio of 1.44, a current ratio of 1.72 and a debt-to-equity ratio of 0.36. The business’s 50-day moving average price is $90.55 and its two-hundred day moving average price is $100.58. Fomento Económico Mexicano, S.A.B. de C.V. has a twelve month low of $84.49 and a twelve month high of $143.43.

Fomento Económico Mexicano Company 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.