Fomento Económico Mexicano (NYSE:FMX) Given New $89.00 Price Target at The Goldman Sachs Group

Fomento Económico Mexicano (NYSE:FMXGet Rating) had its price objective cut by The Goldman Sachs Group from $104.00 to $89.00 in a research report issued on Thursday, MarketBeat Ratings reports. The firm currently has a “buy” rating on the stock. The Goldman Sachs Group’s price target would suggest a potential upside of 47.52% from the stock’s previous close.

Several other equities analysts also recently commented on the stock. Barclays decreased their price target on shares of Fomento Económico Mexicano from $92.00 to $78.00 in a research note on Friday, July 29th. Bradesco Corretora upgraded shares of Fomento Económico Mexicano from a “neutral” rating to an “outperform” rating and set a $90.00 price target on the stock in a research note on Wednesday, June 1st. StockNews.com downgraded shares of Fomento Económico Mexicano from a “buy” rating to a “hold” rating in a research note on Wednesday. FIG Partners upgraded shares of Fomento Económico Mexicano from a “neutral” rating to an “outperform” rating and set a $90.00 price target on the stock in a research note on Wednesday, June 1st. Finally, HSBC downgraded shares of Fomento Económico Mexicano from a “hold” rating to a “reduce” rating and set a $68.00 price target on the stock. in a research note on Thursday, May 5th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, Fomento Económico Mexicano has a consensus rating of “Moderate Buy” and a consensus target price of $84.71.

Fomento Económico Mexicano Price Performance

Shares of FMX opened at $60.33 on Thursday. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.61 and a quick ratio of 1.24. The company’s 50-day moving average is $65.75 and its 200-day moving average is $73.32. Fomento Económico Mexicano has a fifty-two week low of $58.73 and a fifty-two week high of $89.59. The firm has a market capitalization of $21.59 billion, a PE ratio of 13.12, a PEG ratio of 1.80 and a beta of 0.95.

Institutional Investors Weigh In On Fomento Económico Mexicano

A number of large investors have recently bought and sold shares of the company. MQS Management LLC acquired a new stake in Fomento Económico Mexicano during the second quarter worth about $507,000. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of Fomento Económico Mexicano in the 2nd quarter valued at approximately $8,452,000. LA Financiere DE L Echiquier boosted its stake in shares of Fomento Económico Mexicano by 11.2% in the 2nd quarter. LA Financiere DE L Echiquier now owns 625,001 shares of the company’s stock valued at $42,182,000 after purchasing an additional 62,734 shares in the last quarter. Fifth Third Bancorp boosted its stake in shares of Fomento Económico Mexicano by 61.1% in the 2nd quarter. Fifth Third Bancorp now owns 53,384 shares of the company’s stock valued at $3,603,000 after purchasing an additional 20,242 shares in the last quarter. Finally, Envestnet Asset Management Inc. boosted its stake in shares of Fomento Económico Mexicano by 59.3% in the 2nd quarter. Envestnet Asset Management Inc. now owns 199,930 shares of the company’s stock valued at $13,493,000 after purchasing an additional 74,445 shares in the last quarter. 51.65% of the stock is currently owned by institutional investors and hedge funds.

Fomento Económico Mexicano Company Profile

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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.

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