Companhia Brasileira de Distribuicao (NYSE:CBD) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Wednesday.

According to Zacks, “Shares of the company have outperformed the industry over the last six months. In the second quarter, net sales increased 9.0%, driven by strong improvement in Extra Hiper markets and consistent growth at Assai. Strong customer traffic expansion and increase in sales volume, offsetting the effect of the slowdown in food inflation. However, the reported quarter’s growth was lower than the preceding quarter’s growth. Further, higher gross margins and a decline in selling, general and administrative expenses at Multivarejo boosted EBITDA margin. We are encouraged by company’s operating efficiency and productivity projects. Store openings and conversion of Extra Hiper stores to Assai is also boosting sales. The conversions will help accelerate the expansion of GPA’s cash-and-carry banner into new cities and states across Brazil. However, challenging economic scenario in Brazil results in lower demand and consumer confidence.”

Separately, BidaskClub cut Companhia Brasileira de Distribuicao from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, June 14th. Four equities research analysts have rated the stock with a hold rating, one has issued a buy rating and one has given a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average price target of $23.00.

Shares of Companhia Brasileira de Distribuicao (CBD) traded down 1.3949% during mid-day trading on Wednesday, hitting $23.3201. 212,148 shares of the stock were exchanged. The stock’s 50 day moving average is $20.82 and its 200 day moving average is $20.05. Companhia Brasileira de Distribuicao has a 12 month low of $14.08 and a 12 month high of $24.75. The firm has a market cap of $6.20 billion, a P/E ratio of 144.8454 and a beta of 1.85.

TRADEMARK VIOLATION NOTICE: “Companhia Brasileira de Distribuicao (NYSE:CBD) Rating Lowered to Hold at Zacks Investment Research” was reported by The Cerbat Gem and is the sole property of of The Cerbat Gem. If you are viewing this news story on another website, it was stolen and reposted in violation of US & international copyright and trademark legislation. The legal version of this news story can be accessed at https://www.thecerbatgem.com/2017/08/09/companhia-brasileira-de-distribuicao-nysecbd-rating-lowered-to-hold-at-zacks-investment-research.html.

A number of large investors have recently added to or reduced their stakes in the stock. World Asset Management Inc boosted its stake in Companhia Brasileira de Distribuicao by 0.9% in the first quarter. World Asset Management Inc now owns 10,309 shares of the company’s stock worth $198,000 after buying an additional 88 shares during the period. NGAM Advisors L.P. acquired a new stake in Companhia Brasileira de Distribuicao during the second quarter worth approximately $201,000. JPMorgan Chase & Co. acquired a new stake in Companhia Brasileira de Distribuicao during the second quarter worth approximately $204,000. Harel Insurance Investments & Financial Services Ltd. boosted its stake in Companhia Brasileira de Distribuicao by 138.8% in the second quarter. Harel Insurance Investments & Financial Services Ltd. now owns 12,819 shares of the company’s stock worth $241,000 after buying an additional 7,450 shares during the period. Finally, Boston Common Asset Management LLC boosted its stake in Companhia Brasileira de Distribuicao by 0.4% in the first quarter. Boston Common Asset Management LLC now owns 16,050 shares of the company’s stock worth $308,000 after buying an additional 70 shares during the period. Institutional investors own 3.18% of the company’s stock.

About Companhia Brasileira de Distribuicao

Companhia Brasileira de Distribuicao, directly or through its subsidiaries, is engaged in the retail of food, clothing, home appliances, electronics and other items through its chain of hypermarkets, supermarkets, specialized stores and department stores principally under the trade names Pao de Acucar, Minuto Pao de Acucar, Extra Hiper, Extra Super, Minimercado Extra, Assai an the neighborhood shopping mall brand Conviva.

Receive News & Stock Ratings for Companhia Brasileira de Distribuicao Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Companhia Brasileira de Distribuicao and related stocks with our FREE daily email newsletter.