Ambev (NYSE:ABEV) Hits New 12-Month Low - Here's What Happened

Ambev S.A. (NYSE:ABEV - Get Free Report) reached a new 52-week low during mid-day trading on Tuesday . The company traded as low as $1.88 and last traded at $1.90, with a volume of 69587984 shares trading hands. The stock had previously closed at $2.06.

Analyst Upgrades and Downgrades

Separately, StockNews.com started coverage on Ambev in a report on Tuesday. They issued a "buy" rating on the stock.

Ambev Price Performance

The company has a market cap of $29.93 billion, a PE ratio of 10.56, a PEG ratio of 6.67 and a beta of 1.05. The company has a debt-to-equity ratio of 0.02, a current ratio of 1.20 and a quick ratio of 0.89. The stock's 50-day moving average is $2.20 and its 200 day moving average is $2.22.

Ambev Cuts Dividend

The firm also recently announced an annual dividend, which will be paid on Thursday, January 9th. Investors of record on Monday, December 23rd will be paid a dividend of $0.0414 per share. The ex-dividend date is Monday, December 23rd. This represents a yield of 1.93%. Ambev's dividend payout ratio (DPR) is 38.89%.

Hedge Funds Weigh In On Ambev

Several hedge funds have recently made changes to their positions in the company. Raymond James & Associates boosted its position in Ambev by 154.0% in the second quarter. Raymond James & Associates now owns 1,805,328 shares of the company's stock valued at $3,701,000 after buying an additional 1,094,629 shares during the last quarter. Bank of New York Mellon Corp increased its holdings in Ambev by 26.5% in the second quarter. Bank of New York Mellon Corp now owns 947,932 shares of the company's stock valued at $1,943,000 after buying an additional 198,462 shares in the last quarter. Allspring Global Investments Holdings LLC raised its position in shares of Ambev by 323.2% in the second quarter. Allspring Global Investments Holdings LLC now owns 9,913,282 shares of the company's stock worth $20,322,000 after acquiring an additional 7,570,842 shares during the period. Atomi Financial Group Inc. increased its stake in shares of Ambev by 49.3% in the 2nd quarter. Atomi Financial Group Inc. now owns 46,272 shares of the company's stock valued at $95,000 after purchasing an additional 15,271 shares in the last quarter. Finally, Cambridge Investment Research Advisors Inc. boosted its position in Ambev by 25.3% during the second quarter. Cambridge Investment Research Advisors Inc. now owns 555,617 shares of the company's stock worth $1,139,000 after purchasing an additional 112,190 shares in the last quarter. 8.13% of the stock is owned by institutional investors and hedge funds.

About Ambev

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.