Empowered Funds LLC Purchases Shares of 60,822 Ambev S.A. (NYSE:ABEV)

Empowered Funds LLC purchased a new position in Ambev S.A. (NYSE:ABEV) in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 60,822 shares of the company’s stock, valued at approximately $148,000.

Several other institutional investors have also recently made changes to their positions in ABEV. Private Management Group Inc. purchased a new stake in Ambev during the second quarter valued at approximately $19,149,000. Allspring Global Investments Holdings LLC increased its position in shares of Ambev by 323.2% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 9,913,282 shares of the company’s stock valued at $20,322,000 after purchasing an additional 7,570,842 shares during the last quarter. Renaissance Technologies LLC raised its holdings in Ambev by 27.7% during the 2nd quarter. Renaissance Technologies LLC now owns 34,133,000 shares of the company’s stock valued at $69,973,000 after buying an additional 7,412,395 shares during the period. Marshall Wace LLP raised its holdings in Ambev by 324.8% during the 2nd quarter. Marshall Wace LLP now owns 8,324,037 shares of the company’s stock valued at $17,064,000 after buying an additional 6,364,592 shares during the period. Finally, Kiltearn Partners LLP lifted its position in Ambev by 43.3% in the second quarter. Kiltearn Partners LLP now owns 14,575,900 shares of the company’s stock worth $29,881,000 after buying an additional 4,407,800 shares during the last quarter. Institutional investors own 8.13% of the company’s stock.

Ambev Stock Performance

Shares of ABEV stock opened at $2.19 on Wednesday. Ambev S.A. has a 52-week low of $2.01 and a 52-week high of $3.00. The company has a quick ratio of 0.89, a current ratio of 1.20 and a debt-to-equity ratio of 0.02. The stock has a market cap of $34.50 billion, a PE ratio of 12.17, a price-to-earnings-growth ratio of 6.82 and a beta of 1.06. The business has a 50-day simple moving average of $2.29 and a 200-day simple moving average of $2.24.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. StockNews.com initiated coverage on shares of Ambev in a research report on Friday, October 18th. They issued a “buy” rating on the stock. UBS Group reduced their price target on Ambev from $3.20 to $2.90 and set a “buy” rating on the stock in a report on Wednesday, July 31st. Three equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $2.70.

Ambev Profile

Ambev SA, through its subsidiaries, engages in the production, distribution, and sale of beer, draft beer, carbonated soft drinks, malt and food, other alcoholic beverages, and non-alcoholic and non-carbonated products in Brazil, Central America and Caribbean, Latin America South, and Canada. It offers beer primarily under the Skol, Brahma, Antarctica, Brahva, Budweiser, Bud Light, Beck, Leffe, Hoegaarden, Balboa ICE, Balboa, Atlas Golden Light, Atlas, Bucanero, Cristal, Mayabe, Presidente, Presidente Light, Brahma Light, Bohemia, The One, Corona, Modelo Especial, Stella Artois, Quilmes Clásica, Paceña, Taquiña, Huari, Becker, Cusqueña, Michelob Ultra, Busch, Pilsen, Ouro Fino, Bud 66, Banks, Deputy, Patricia, Labatt Blue, Alexander Keith’s, and Kokanee brands.