Royal Bank of Canada raised its position in Ambev S.A. (NYSE:ABEV – Free Report) by 18.1% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 3,700,035 shares of the company’s stock after purchasing an additional 566,949 shares during the period. Royal Bank of Canada’s holdings in Ambev were worth $10,804,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds and other institutional investors have also modified their holdings of ABEV. Integrated Wealth Concepts LLC purchased a new stake in shares of Ambev during the 1st quarter worth $26,000. Millennium Management LLC increased its holdings in Ambev by 62.5% in the first quarter. Millennium Management LLC now owns 2,399,472 shares of the company’s stock valued at $5,591,000 after buying an additional 922,566 shares during the last quarter. Goldman Sachs Group Inc. raised its stake in Ambev by 13.2% in the first quarter. Goldman Sachs Group Inc. now owns 5,000,107 shares of the company’s stock valued at $11,650,000 after buying an additional 582,153 shares in the last quarter. Focus Partners Wealth acquired a new stake in Ambev in the first quarter valued at $33,000. Finally, Acadian Asset Management LLC purchased a new stake in Ambev during the 1st quarter worth about $264,000. 8.13% of the stock is currently owned by institutional investors and hedge funds.
Ambev Stock Performance
NYSE ABEV opened at $3.00 on Friday. The company has a debt-to-equity ratio of 0.02, a current ratio of 1.02 and a quick ratio of 0.76. Ambev S.A. has a 1 year low of $2.10 and a 1 year high of $3.45. The company has a market capitalization of $47.36 billion, a PE ratio of 15.02, a P/E/G ratio of 2.19 and a beta of 0.65. The company has a fifty day moving average of $3.11 and a two-hundred day moving average of $3.05.
Ambev Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Monday, January 11th. Investors of record on Wednesday, September 23rd will be given a $0.0092 dividend. The ex-dividend date of this dividend is Wednesday, September 23rd. This represents a $0.04 dividend on an annualized basis and a dividend yield of 1.2%. Ambev’s dividend payout ratio is 15.00%.
Wall Street Analyst Weigh In
Several research firms have recently issued reports on ABEV. Barclays upped their price objective on Ambev from $3.00 to $3.50 and gave the stock an “equal weight” rating in a research report on Wednesday, May 6th. UBS Group boosted their target price on Ambev from $2.65 to $2.90 and gave the stock a “sell” rating in a research note on Thursday, May 14th. Scotiabank downgraded Ambev from a “sector outperform” rating to a “sector perform” rating in a report on Wednesday, July 15th. Wall Street Zen raised Ambev from a “hold” rating to a “buy” rating in a report on Saturday, August 1st. Finally, Weiss Ratings reiterated a “hold (c+)” rating on shares of Ambev in a research note on Monday, August 3rd. Five investment analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Reduce” and an average price target of $3.09.
Check Out Our Latest Analysis on Ambev
Insider Transactions at Ambev
In related news, Director Ricardo Manuel Frangat Moreira sold 468,040 shares of the firm’s stock in a transaction that occurred on Thursday, July 30th. The stock was sold at an average price of $3.08, for a total transaction of $1,441,563.20. Following the transaction, the director owned 3,000,000 shares in the company, valued at $9,240,000. This trade represents a 13.50% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website.
Ambev Profile
Ambev (NYSE: ABEV) is a Brazilian-based beverage company that produces, distributes and markets a broad portfolio of alcoholic and non-alcoholic drinks. The company’s core business centers on brewing and selling beer, alongside a range of soft drinks, bottled water, energy drinks and other malt-based beverages. Headquartered in São Paulo, Ambev operates an integrated value chain that covers manufacturing, packaging, logistics and commercial sales to retail, on-premise and institutional customers.
The company traces its origins to the 1999 merger of two historic Brazilian breweries, and later became part of the broader global brewing group through subsequent industry consolidations.
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