JPMorgan Chase & Co. Upgrades Ambev SA (ABEV) to Overweight
Ambev SA (NYSE:ABEV) was upgraded by equities researchers at JPMorgan Chase & Co. from a “neutral” rating to an “overweight” rating in a report released on Thursday. The brokerage currently has a $5.60 price objective on the stock. JPMorgan Chase & Co.’s price objective points to a potential upside of 9.37% from the company’s current price.
Other analysts have also recently issued research reports about the company. TheStreet raised Ambev SA from a “hold” rating to a “buy” rating in a research report on Friday, October 28th. Goldman Sachs Group Inc. reaffirmed a “buy” rating and set a $6.80 price target on shares of Ambev SA in a research report on Monday, October 10th. Barclays PLC started coverage on Ambev SA in a research report on Thursday, November 3rd. They set an “equal weight” rating and a $6.00 price target for the company. Finally, Morgan Stanley cut Ambev SA from an “overweight” rating to an “equal weight” rating and lifted their price target for the stock from $6.00 to $6.40 in a research report on Thursday, August 18th. They noted that the move was a valuation call. Three research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Ambev SA currently has an average rating of “Buy” and a consensus price target of $6.16.
Shares of Ambev SA (NYSE:ABEV) opened at 5.12 on Thursday. The stock has a market cap of $80.38 billion, a PE ratio of 21.97 and a beta of 0.77. Ambev SA has a 52-week low of $3.86 and a 52-week high of $6.34. The company’s 50 day moving average price is $5.94 and its 200 day moving average price is $5.78.
The business also recently disclosed a dividend, which will be paid on Monday, December 5th. Stockholders of record on Thursday, November 3rd will be issued a $0.0514 dividend. The ex-dividend date is Tuesday, November 1st. This is a boost from Ambev SA’s previous dividend of $0.04.
Institutional investors have recently modified their holdings of the stock. Bank of Montreal Can bought a new position in shares of Ambev SA during the second quarter valued at about $12,934,000. Wellington Management Group LLP raised its position in shares of Ambev SA by 897.1% in the first quarter. Wellington Management Group LLP now owns 5,111,252 shares of the company’s stock valued at $26,477,000 after buying an additional 4,598,645 shares in the last quarter. Envestnet Asset Management Inc. raised its position in shares of Ambev SA by 53.3% in the first quarter. Envestnet Asset Management Inc. now owns 248,975 shares of the company’s stock valued at $1,290,000 after buying an additional 86,558 shares in the last quarter. CIBC World Markets Inc. raised its position in shares of Ambev SA by 50.1% in the second quarter. CIBC World Markets Inc. now owns 47,470 shares of the company’s stock valued at $281,000 after buying an additional 15,840 shares in the last quarter. Finally, Ameriprise Financial Inc. raised its position in shares of Ambev SA by 137.0% in the second quarter. Ameriprise Financial Inc. now owns 16,214,102 shares of the company’s stock valued at $95,826,000 after buying an additional 9,373,557 shares in the last quarter. 7.63% of the stock is owned by institutional investors and hedge funds.
Ambev SA Company Profile
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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