Boston Beer (NYSE:SAM) Announces Quarterly Earnings Results, Beats Expectations By $0.96 EPS

Boston Beer (NYSE:SAM) released its quarterly earnings results on Thursday. The company reported $1.04 EPS for the quarter, beating analysts’ consensus estimates of $0.08 by $0.96, reports. The business had revenue of $426.05 million during the quarter, compared to analyst estimates of $414.18 million. Boston Beer had a return on equity of 10.00% and a net margin of 4.60%. 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 Stock Down 1.4 %

Shares of NYSE SAM opened at $283.20 on Friday. The company has a market cap of $3.40 billion, a P/E ratio of 35.53, a P/E/G ratio of 1.16 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 business has a 50-day simple moving average of $303.71 and a two-hundred day simple moving average of $333.44.

Analyst Ratings Changes

A number of research analysts recently weighed in on the stock. Sanford C. Bernstein raised shares of Boston Beer from an “underperform” rating to a “market perform” rating and raised their price target for the company from $280.00 to $335.00 in a research report on Tuesday, January 16th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $337.00 target price on shares of Boston Beer in a report on Wednesday, February 28th. Citigroup dropped their price target on Boston Beer from $350.00 to $315.00 and set a “neutral” rating on the stock in a report on Tuesday, April 16th. Morgan Stanley decreased their target price on Boston Beer from $285.00 to $275.00 and set an “underweight” rating for the company in a research report on Wednesday, February 28th. Finally, Evercore ISI increased their price target on shares of Boston Beer from $310.00 to $325.00 and gave the company an “in-line” rating in a research report on Friday. Two equities research analysts have rated the stock with a sell rating, ten have given a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, Boston Beer has a consensus rating of “Hold” and a consensus price target of $335.21.

Insider Buying and Selling at Boston Beer

In other news, insider Carolyn L. O’boyle sold 102 shares of the business’s stock in a transaction 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 completion of the transaction, the insider now directly owns 2,630 shares in the company, valued at approximately $922,393.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, insider Carolyn L. O’boyle sold 101 shares of the firm’s stock in a transaction that occurred 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 directly owns 7,029 shares of the company’s stock, valued at $2,133,231.21. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Carolyn L. O’boyle sold 102 shares of the business’s 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 transaction, 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 23.30% of the company’s stock.

Institutional Trading of Boston Beer

Several institutional investors and hedge funds have recently made changes to their positions in SAM. Armistice Capital LLC bought a new position in Boston Beer in the fourth quarter valued at $21,499,000. AQR Capital Management LLC increased its position in shares of Boston Beer by 65.9% during the 3rd quarter. AQR Capital Management LLC now owns 115,411 shares of the company’s stock valued at $44,433,000 after purchasing an additional 45,864 shares during the last quarter. Norges Bank purchased a new position in shares of Boston Beer during the 4th quarter valued at about $13,879,000. Assenagon Asset Management S.A. lifted its position in Boston Beer by 1,337.9% in the 3rd quarter. Assenagon Asset Management S.A. now owns 32,727 shares of the company’s stock worth $12,748,000 after buying an additional 30,451 shares during the last quarter. Finally, Los Angeles Capital Management LLC purchased a new stake in Boston Beer in the third quarter worth approximately $10,275,000. 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.