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

Boston Beer (NYSE:SAM) released its earnings results on Thursday. The company reported $1.04 earnings per share (EPS) for the quarter, topping 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 net margin of 4.60% and a return on equity of 10.00%. 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 Performance

SAM opened at $283.20 on Friday. Boston Beer has a one year low of $274.78 and a one year high of $395.52. 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. The business’s 50-day simple moving average is $303.71 and its 200-day simple moving average is $333.63.

Insider Buying and Selling

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 value of $30,652.49. Following the completion of the sale, the insider now directly owns 7,029 shares of the company’s stock, valued at $2,133,231.21. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, insider Carolyn L. O’boyle sold 101 shares of the company’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 sale, the insider now owns 7,029 shares in the company, valued at approximately $2,133,231.21. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Carolyn L. O’boyle sold 102 shares of the 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 sale, 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. 23.30% of the stock is currently owned by company insiders.

Institutional Trading of Boston Beer

A number of hedge funds have recently added to or reduced their stakes in SAM. National Bank of Canada FI raised its position in Boston Beer by 20.5% during the 3rd quarter. National Bank of Canada FI now owns 664 shares of the company’s stock worth $259,000 after buying an additional 113 shares during the last quarter. CWM LLC grew its holdings in Boston Beer by 264.2% during the third quarter. CWM LLC now owns 193 shares of the company’s stock worth $75,000 after acquiring an additional 140 shares during the period. Global Retirement Partners LLC lifted its holdings in Boston Beer by 262.3% in the third quarter. Global Retirement Partners LLC now owns 279 shares of the company’s stock valued at $106,000 after acquiring an additional 202 shares during the period. HGK Asset Management Inc. boosted its position in shares of Boston Beer by 19.3% during the 3rd quarter. HGK Asset Management Inc. now owns 1,597 shares of the company’s stock worth $622,000 after purchasing an additional 258 shares in the last quarter. Finally, Mission Wealth Management LP acquired a new position in shares of Boston Beer during the 3rd quarter worth $227,000. 81.13% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms have recently commented on SAM. Evercore ISI lifted 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. Roth Mkm upped their target price on shares of Boston Beer from $406.00 to $422.00 and gave the company a “buy” rating in a research report on Tuesday, January 23rd. UBS Group decreased their price objective on shares of Boston Beer from $390.00 to $355.00 and set a “neutral” rating on the stock in a report on Wednesday, February 28th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $337.00 target price on shares of Boston Beer in a research report on Wednesday, February 28th. Finally, Morgan Stanley dropped their price objective on shares of Boston Beer from $285.00 to $275.00 and set an “underweight” rating for the company in a report on Wednesday, February 28th. Two research analysts have rated the stock with a sell rating, ten have assigned a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat, Boston Beer presently has a consensus rating of “Hold” and a consensus target price of $335.21.

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.