Boston Beer (NYSE:SAM) Issues Earnings Results

Boston Beer (NYSE:SAM) posted its quarterly earnings data on Thursday. The company reported $1.04 EPS for the quarter, beating the consensus estimate of $0.08 by $0.96, reports. Boston Beer had a net margin of 4.60% and a return on equity of 10.00%. The firm had revenue of $426.05 million during the quarter, compared to analyst estimates of $414.18 million. Boston Beer updated its FY24 guidance to $7.00-11.00 EPS and its FY 2024 guidance to 7.000-11.000 EPS.

Boston Beer Price Performance

Shares of Boston Beer stock opened at $283.20 on Friday. The stock has a market capitalization of $3.40 billion, a P/E ratio of 35.53, a price-to-earnings-growth ratio of 1.18 and a beta of 1.02. Boston Beer has a one year low of $274.78 and a one year high of $395.52. The business’s 50 day simple moving average is $303.71 and its two-hundred day simple moving average is $333.63.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on SAM. UBS Group dropped their price target on Boston Beer from $390.00 to $355.00 and set a “neutral” rating on the stock in a report on Wednesday, February 28th. Sanford C. Bernstein raised shares of Boston Beer from an “underperform” rating to a “market perform” rating and boosted their price target for the stock from $280.00 to $335.00 in a report on Tuesday, January 16th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $337.00 price objective on shares of Boston Beer in a research report on Wednesday, February 28th. Piper Sandler initiated coverage on shares of Boston Beer in a research note on Friday, March 22nd. They issued an “overweight” rating and a $350.00 target price on the stock. Finally, The Goldman Sachs Group lowered their price target on shares of Boston Beer from $257.00 to $250.00 and set a “sell” rating on the stock 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 assigned a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $335.21.

Insider Buying and Selling

In other Boston Beer news, insider Carolyn L. O’boyle sold 101 shares of the firm’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 sale, the insider now owns 7,029 shares of the company’s stock, valued at approximately $2,133,231.21. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, insider Carolyn L. O’boyle sold 102 shares of Boston Beer stock in a transaction on Thursday, February 1st. The shares were sold at an average price of $350.72, for a total value of $35,773.44. Following the sale, the insider now owns 2,630 shares in the company, valued at $922,393.60. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Carolyn L. O’boyle sold 101 shares of the company’s stock in a transaction on Monday, April 1st. The stock was sold at an average price of $303.49, for a total transaction of $30,652.49. Following the completion of the transaction, the insider now owns 7,029 shares of the company’s stock, valued at $2,133,231.21. The disclosure for this sale can be found here. 23.30% of the stock is owned by insiders.

Hedge Funds Weigh In On Boston Beer

Institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. boosted its position in Boston Beer by 2.3% during the 4th quarter. Vanguard Group Inc. now owns 918,502 shares of the company’s stock valued at $317,425,000 after acquiring an additional 21,060 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in Boston Beer by 5.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 142,014 shares of the company’s stock worth $49,080,000 after purchasing an additional 7,615 shares during the period. AQR Capital Management LLC raised its holdings in Boston Beer by 65.9% in the third quarter. AQR Capital Management LLC now owns 115,411 shares of the company’s stock worth $44,433,000 after purchasing an additional 45,864 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position in Boston Beer by 3.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 107,312 shares of the company’s stock valued at $37,086,000 after buying an additional 3,382 shares during the period. Finally, Northern Trust Corp lifted its position in Boston Beer by 1.9% during the third quarter. Northern Trust Corp now owns 70,324 shares of the company’s stock valued at $27,393,000 after buying an additional 1,315 shares during the period. 81.13% of the stock is owned by institutional investors.

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.