Connor Clark & Lunn Investment Management Ltd. Cuts Position in Ambev S.A. (NYSE:ABEV)

Connor Clark & Lunn Investment Management Ltd. trimmed its holdings in shares of Ambev S.A. (NYSE:ABEV) by 8.7% in the third quarter, HoldingsChannel.com reports. The fund owned 1,232,978 shares of the company’s stock after selling 116,982 shares during the period. Connor Clark & Lunn Investment Management Ltd.’s holdings in Ambev were worth $3,008,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also bought and sold shares of the business. West Family Investments Inc. increased its position in shares of Ambev by 333.4% during the 3rd quarter. West Family Investments Inc. now owns 55,184 shares of the company’s stock valued at $135,000 after purchasing an additional 42,450 shares during the last quarter. OneAscent Financial Services LLC grew its position in Ambev by 41.5% during the third quarter. OneAscent Financial Services LLC now owns 28,417 shares of the company’s stock valued at $69,000 after buying an additional 8,340 shares during the period. Baron Wealth Management LLC increased its holdings in Ambev by 40.1% during the third quarter. Baron Wealth Management LLC now owns 53,737 shares of the company’s stock worth $131,000 after buying an additional 15,375 shares during the last quarter. Natixis Advisors LLC raised its position in Ambev by 72.8% in the third quarter. Natixis Advisors LLC now owns 1,624,633 shares of the company’s stock worth $3,964,000 after acquiring an additional 684,439 shares during the period. Finally, Altrius Capital Management Inc purchased a new position in Ambev in the third quarter valued at about $8,630,000. 8.13% of the stock is currently owned by institutional investors.

Ambev Stock Performance

Shares of ABEV stock opened at $2.19 on Monday. The firm’s 50 day moving average is $2.29 and its 200 day moving average is $2.24. The stock has a market capitalization of $34.50 billion, a P/E ratio of 12.17, a PEG ratio of 6.69 and a beta of 1.06. Ambev S.A. has a 12 month low of $2.01 and a 12 month high of $3.00. The company has a current ratio of 1.20, a quick ratio of 0.89 and a debt-to-equity ratio of 0.02.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on ABEV. UBS Group decreased their price target on shares of Ambev from $3.20 to $2.90 and set a “buy” rating for the company in a research note on Wednesday, July 31st. StockNews.com assumed coverage on Ambev in a research report on Friday, October 18th. They issued a “buy” rating for the company. Three research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat, Ambev has a consensus rating of “Moderate Buy” and an average price target of $2.70.

Ambev Company 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.