Ambev (NYSE:ABEV) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Tuesday.
According to Zacks, “Companhia de Bebidas das Americas (AmBev), based in São Paulo, is engaged in producing, distributing and selling beer, carbonated soft drinks and other non-alcoholic and non-carbonated products in many countries across the Americas. It maintains an agreement with PepsiCo International, Inc. to bottle, sell and distribute Pepsi products in Brazil and in other Latin American countries, including Lipton Ice Tea, Gatorade, H2OH!, Propel and Frutzzz. AmBev conducts its operations through three business units: Latin America North, Latin America South and Canada. Latin America North includes its operations in Brazil, where it operates two divisions: beer sales and carbonated soft drinks and non-alcoholic non-carbonated sales; and its operations in its Hispanic Latin America Operations, excluding Latin America South, operations. Latin America South includes its Quinsa operations in the countries of Argentina, Bolivia, Paraguay, Uruguay and Chile. Canada, represented by Labatt, includes domestic sales in Canada. “
ABEV has been the subject of a number of other research reports. Evercore ISI set a $9.00 price objective on Ambev and gave the company a “buy” rating in a research report on Sunday, October 15th. TheStreet lowered Ambev from a “b” rating to a “c+” rating in a report on Thursday, November 9th. BidaskClub lowered Ambev from a “buy” rating to a “hold” rating in a report on Monday, October 23rd. Barclays reissued an “equal weight” rating on shares of Ambev in a report on Saturday, October 28th. Finally, Credit Suisse Group raised Ambev from a “neutral” rating to an “outperform” rating in a report on Tuesday, September 12th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and two have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $7.83.
Several institutional investors have recently bought and sold shares of ABEV. Smithfield Trust Co. purchased a new position in shares of Ambev in the 3rd quarter worth $105,000. Fort Pitt Capital Group LLC purchased a new position in shares of Ambev in the 3rd quarter worth $119,000. Verition Fund Management LLC purchased a new position in shares of Ambev in the 2nd quarter worth $111,000. St. James Investment Company LLC purchased a new position in shares of Ambev in the 3rd quarter worth $137,000. Finally, Fox Run Management L.L.C. purchased a new position in shares of Ambev in the 3rd quarter worth $145,000. 7.39% of the stock is owned by institutional investors and hedge funds.
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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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