PNC Financial Services Group Inc. lowered its stake in Ambev SA (NYSE:ABEV) by 22.3% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 18,163 shares of the company’s stock after selling 5,216 shares during the period. PNC Financial Services Group Inc.’s holdings in Ambev SA were worth $107,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently modified their holdings of ABEV. Glovista Investments LLC bought a new position in shares of Ambev SA during the first quarter valued at $13,854,000. Scotia Capital Inc. boosted its position in shares of Ambev SA by 60.5% in the first quarter. Scotia Capital Inc. now owns 140,250 shares of the company’s stock valued at $727,000 after buying an additional 52,850 shares in the last quarter. BB&T Securities LLC boosted its position in shares of Ambev SA by 8.0% in the first quarter. BB&T Securities LLC now owns 247,472 shares of the company’s stock valued at $1,281,000 after buying an additional 18,293 shares in the last quarter. Investec Asset Management North America Inc. boosted its position in shares of Ambev SA by 1.2% in the first quarter. Investec Asset Management North America Inc. now owns 3,326,839 shares of the company’s stock valued at $17,233,000 after buying an additional 39,661 shares in the last quarter. Finally, Investec Asset Management LTD boosted its position in shares of Ambev SA by 13.7% in the first quarter. Investec Asset Management LTD now owns 14,621,876 shares of the company’s stock valued at $75,741,000 after buying an additional 1,761,872 shares in the last quarter. Institutional investors and hedge funds own 7.22% of the company’s stock.
Ambev SA (NYSE:ABEV) traded down 0.745% during mid-day trading on Wednesday, hitting $5.995. 2,080,584 shares of the stock traded hands. The stock’s 50 day moving average is $6.03 and its 200-day moving average is $5.68. Ambev SA has a 12 month low of $3.86 and a 12 month high of $6.32. The company has a market cap of $94.11 billion, a price-to-earnings ratio of 26.179 and a beta of 0.82.
Several brokerages have recently weighed in on ABEV. Morgan Stanley cut Ambev SA from an “overweight” rating to an “equal weight” rating and boosted their target price for the stock from $6.00 to $6.40 in a report on Thursday, August 18th. They noted that the move was a valuation call. TheStreet upgraded Ambev SA from a “hold” rating to a “buy” rating in a report on Tuesday, August 9th. Goldman Sachs Group Inc. restated a “buy” rating and set a $6.80 target price on shares of Ambev SA in a report on Monday. Finally, Zacks Investment Research cut Ambev SA from a “buy” rating to a “hold” rating in a report on Monday, July 4th. Four equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. Ambev SA presently has an average rating of “Hold” and an average target price of $6.05.
About Ambev SA
Ambev SA, formerly Inbev Participacoes Societarias SA, is a Brazil-based company engaged in the brewing sector. The Company produces and sells beer, carbonated soft drinks (CSDs) and other non-alcoholic and non-carbonated (NANC) beverages across the Americas. The Company’s activities are divided into three segments: Latin America North, including sell of beer, CSD and NANC drinks in Brazil, as well as operations in Dominican Republic, Saint Vincent, Antigua, Dominica, Guatemala, El Salvador, Nicaragua and Cuba; Latin America South, distributing products in Argentina, Bolivia, Paraguay, Uruguay, Chile, Ecuador, Peru and Colombia, and Canada, represented by Labatt’s operations, which comprises sales in Canada.
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