Allspring Global Investments Holdings LLC Buys 3,322,952 Shares of Ambev S.A. (NYSE:ABEV)

Allspring Global Investments Holdings LLC lifted its position in Ambev S.A. (NYSE:ABEV - Free Report) by 33.5% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 13,236,234 shares of the company's stock after acquiring an additional 3,322,952 shares during the quarter. Allspring Global Investments Holdings LLC owned approximately 0.08% of Ambev worth $32,296,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. HTLF Bank bought a new position in Ambev during the third quarter valued at about $26,000. Lake Street Advisors Group LLC bought a new position in Ambev during the first quarter valued at about $28,000. Riversedge Advisors LLC bought a new position in Ambev during the third quarter valued at about $31,000. Foster Group Inc. bought a new position in Ambev during the third quarter valued at about $33,000. Finally, Traveka Wealth LLC grew its position in Ambev by 53.3% during the third quarter. Traveka Wealth LLC now owns 17,754 shares of the company's stock valued at $43,000 after buying an additional 6,171 shares during the period. Institutional investors own 8.13% of the company's stock.

Analyst Ratings Changes

Several equities analysts recently weighed in on ABEV shares. UBS Group reduced their price target on shares of Ambev from $3.20 to $2.90 and set a "buy" rating for the company in a research report on Wednesday, July 31st. StockNews.com started coverage on shares of Ambev in a research report on Friday, October 18th. They set a "buy" rating for the company. Four equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company's stock. According to data from MarketBeat, Ambev has an average rating of "Hold" and a consensus target price of $2.75.

Ambev Stock Performance

NYSE ABEV traded up $0.02 during trading on Thursday, hitting $2.28. 20,158,322 shares of the company's stock traded hands, compared to its average volume of 18,858,598. Ambev S.A. has a 12-month low of $2.01 and a 12-month high of $3.00. The stock has a market capitalization of $35.84 billion, a price-to-earnings ratio of 11.97, a PEG ratio of 5.34 and a beta of 1.05. The company has a debt-to-equity ratio of 0.02, a quick ratio of 0.78 and a current ratio of 1.11. The business has a 50 day moving average of $2.35 and a 200-day moving average of $2.26.

Ambev (NYSE:ABEV - Get Free Report) last announced its quarterly earnings results on Thursday, August 1st. The company reported $0.03 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $0.03. Ambev had a net margin of 17.93% and a return on equity of 16.94%. The firm had revenue of $3.85 billion for the quarter, compared to the consensus estimate of $3.56 billion. During the same period in the prior year, the firm posted $0.03 earnings per share. As a group, equities research analysts anticipate that Ambev S.A. will post 0.17 earnings per share for the current fiscal year.

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.