Boston Beer (NYSE:SAM) PT Lowered to $315.00

Boston Beer (NYSE:SAM) had its price target lowered by investment analysts at Citigroup from $350.00 to $315.00 in a research note issued on Tuesday, Benzinga reports. The firm currently has a “neutral” rating on the stock. Citigroup’s target price suggests a potential upside of 12.37% from the company’s previous close.

A number of other brokerages have also recently issued reports on SAM. Roth Mkm lifted their price objective on Boston Beer from $406.00 to $422.00 and gave the company a “buy” rating in a research note on Tuesday, January 23rd. Sanford C. Bernstein upgraded Boston Beer from an “underperform” rating to a “market perform” rating and lifted their price objective for the company from $280.00 to $335.00 in a research note on Tuesday, January 16th. Royal Bank of Canada reiterated a “sector perform” rating and set a $337.00 price objective on shares of Boston Beer in a research note on Wednesday, February 28th. Piper Sandler started coverage on Boston Beer in a research note on Friday, March 22nd. They set an “overweight” rating and a $350.00 price objective for the company. Finally, The Goldman Sachs Group reduced their target price on Boston Beer from $257.00 to $250.00 and set a “sell” rating for the company in a report on Tuesday, April 9th. Two analysts have rated the stock with a sell rating, ten have issued a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $334.86.

Boston Beer Stock Performance

Shares of SAM opened at $280.34 on Tuesday. The stock’s 50-day simple moving average is $313.04 and its 200 day simple moving average is $337.51. The stock has a market capitalization of $3.37 billion, a price-to-earnings ratio of 45.22, a price-to-earnings-growth ratio of 1.01 and a beta of 1.02. Boston Beer has a 52-week low of $274.78 and a 52-week high of $395.52.

Boston Beer (NYSE:SAM) last announced its quarterly earnings data on Tuesday, February 27th. The company reported ($1.49) EPS for the quarter, missing the consensus estimate of ($0.22) by ($1.27). Boston Beer had a net margin of 3.61% and a return on equity of 8.13%. The firm had revenue of $393.72 million for the quarter, compared to the consensus estimate of $413.57 million. During the same quarter last year, the company posted ($0.93) earnings per share. Boston Beer’s revenue for the quarter was down 12.0% compared to the same quarter last year. On average, research analysts forecast that Boston Beer will post 9.98 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider Carolyn L. O’boyle sold 102 shares of Boston Beer stock in a transaction that occurred on Thursday, February 1st. The shares were sold at an average price of $350.72, for a total transaction of $35,773.44. Following the sale, the insider now owns 2,630 shares of the company’s stock, valued at approximately $922,393.60. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other Boston Beer news, insider Carolyn L. O’boyle sold 101 shares of the business’s stock in a transaction on Monday, April 1st. The shares were sold at an average price of $303.49, for a total value of $30,652.49. Following the completion of the transaction, the insider now owns 7,029 shares in the company, valued at $2,133,231.21. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Carolyn L. O’boyle sold 102 shares of the business’s stock in a transaction on Thursday, February 1st. The stock was sold at an average price of $350.72, for a total transaction of $35,773.44. Following the completion of the transaction, the insider now owns 2,630 shares of the company’s stock, valued at approximately $922,393.60. The disclosure for this sale can be found here. Corporate insiders own 24.00% of the company’s stock.

Hedge Funds Weigh In On Boston Beer

A number of institutional investors and hedge funds have recently modified their holdings of the company. Covestor Ltd lifted its position in Boston Beer by 88.4% in the third quarter. Covestor Ltd now owns 81 shares of the company’s stock valued at $32,000 after purchasing an additional 38 shares during the period. Eagle Bay Advisors LLC purchased a new position in Boston Beer in the second quarter valued at about $32,000. Main Street Group LTD purchased a new position in Boston Beer in the fourth quarter valued at about $35,000. Quarry LP purchased a new position in Boston Beer in the fourth quarter valued at about $42,000. Finally, KBC Group NV purchased a new position in Boston Beer in the fourth quarter valued at about $46,000. Institutional investors and hedge funds own 81.13% of the company’s stock.

About Boston Beer

The Boston Beer Company, Inc produces and sells alcohol beverages primarily in the United States. The company's flagship beer is Samuel Adams Boston Lager. It offers various beers, hard ciders, flavored malt beverages, and hard seltzers under the Samuel Adams, Twisted Tea, Truly, Angry Orchard, Dogfish Head, Angel City, and Coney Island brand names.