Citigroup Lowers Boston Beer (NYSE:SAM) Price Target to $315.00

Boston Beer (NYSE:SAM) had its price objective trimmed by Citigroup from $350.00 to $315.00 in a report released on Tuesday morning, Benzinga reports. The brokerage currently has a neutral rating on the stock.

Several other brokerages have also recently weighed in on SAM. UBS Group decreased their price target on Boston Beer from $390.00 to $355.00 and set a neutral rating on the stock in a research report on Wednesday, February 28th. Piper Sandler assumed coverage on shares of Boston Beer in a research report on Friday, March 22nd. They issued an overweight rating and a $350.00 price objective on the stock. Royal Bank of Canada restated a sector perform rating and issued a $337.00 price objective on shares of Boston Beer in a research report on Wednesday, February 28th. The Goldman Sachs Group decreased their price objective on shares of Boston Beer from $257.00 to $250.00 and set a sell rating on the stock in a research report on Tuesday, April 9th. Finally, Sanford C. Bernstein upgraded shares of Boston Beer from an underperform rating to a market perform rating and upped their price objective for the stock from $280.00 to $335.00 in a research report on Tuesday, January 16th. Two equities research analysts have rated the stock with a sell rating, ten have given a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of Hold and an average target price of $334.86.

Boston Beer Stock Down 2.2 %

NYSE SAM opened at $274.76 on Tuesday. The company has a market cap of $3.30 billion, a PE ratio of 44.32, a price-to-earnings-growth ratio of 1.03 and a beta of 1.02. Boston Beer has a 52 week low of $274.78 and a 52 week high of $395.52. The firm’s 50-day simple moving average is $314.49 and its two-hundred day simple moving average is $337.91.

Boston Beer (NYSE:SAM) last released 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). The business had revenue of $393.72 million for the quarter, compared to analysts’ expectations of $413.57 million. Boston Beer had a net margin of 3.61% and a return on equity of 8.13%. Boston Beer’s revenue for the quarter was down 12.0% compared to the same quarter last year. During the same period last year, the company earned ($0.93) earnings per share. As a group, equities research analysts anticipate that Boston Beer will post 9.98 EPS for the current year.

Insider Activity

In other news, insider Carolyn L. O’boyle sold 102 shares of the stock in a transaction that occurred 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 sale, the insider now owns 2,630 shares of the company’s stock, valued at $922,393.60. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, insider Carolyn L. O’boyle sold 101 shares of the stock in a transaction that occurred 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 sale, the insider now owns 7,029 shares of the company’s stock, valued at $2,133,231.21. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Carolyn L. O’boyle sold 102 shares of the stock in a transaction that occurred 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 directly owns 2,630 shares of the company’s stock, valued at approximately $922,393.60. The disclosure for this sale can be found here. Insiders own 24.00% of the company’s stock.

Institutional Trading of Boston Beer

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SAM. Covestor Ltd lifted its stake in Boston Beer by 88.4% in the third quarter. Covestor Ltd now owns 81 shares of the company’s stock worth $32,000 after acquiring an additional 38 shares during the period. Eagle Bay Advisors LLC purchased a new stake in Boston Beer in the second quarter worth $32,000. Main Street Group LTD purchased a new stake in Boston Beer in the fourth quarter worth $35,000. Quarry LP purchased a new stake in Boston Beer in the fourth quarter worth $42,000. Finally, KBC Group NV purchased a new stake in Boston Beer in the fourth quarter worth $46,000. Hedge funds and other institutional investors own 81.13% of the company’s stock.

Boston Beer Company Profile

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.