Boston Beer (NYSE:SAM) Given New $315.00 Price Target at Citigroup

Boston Beer (NYSE:SAM - Free Report) had its price objective decreased by Citigroup from $350.00 to $315.00 in a research note released on Tuesday morning, Benzinga reports. Citigroup currently has a neutral rating on the stock.

A number of other research firms have also weighed in on SAM. Royal Bank of Canada reaffirmed a sector perform rating and issued a $337.00 price objective on shares of Boston Beer in a research note on Wednesday, February 28th. Sanford C. Bernstein raised shares of Boston Beer from an underperform rating to a market perform rating and raised their price objective for the company from $280.00 to $335.00 in a research note on Tuesday, January 16th. The Goldman Sachs Group dropped 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 note on Tuesday, April 9th. Morgan Stanley dropped their price target on shares of Boston Beer from $285.00 to $275.00 and set an underweight rating on the stock in a research report on Wednesday, February 28th. Finally, Piper Sandler assumed coverage on shares of Boston Beer in a research report on Friday, March 22nd. They set an overweight rating and a $350.00 price target on the stock. Two equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of Hold and an average target price of $334.86.

Boston Beer Stock Down 2.2 %

NYSE:SAM traded down $6.06 during trading hours on Tuesday, reaching $274.76. The company had a trading volume of 136,706 shares, compared to its average volume of 139,761. The firm has a market cap of $3.30 billion, a price-to-earnings ratio of 44.32, a P/E/G ratio of 1.03 and a beta of 1.02. The business's 50-day simple moving average is $314.49 and its two-hundred day simple moving average is $337.91. Boston Beer has a twelve month low of $274.78 and a twelve month high of $395.52.

Boston Beer (NYSE:SAM - Get Free Report) last released its quarterly earnings data on Tuesday, February 27th. The company reported ($1.49) earnings per share for the quarter, missing analysts' consensus estimates of ($0.22) by ($1.27). Boston Beer had a net margin of 3.61% and a return on equity of 8.13%. The business had revenue of $393.72 million during the quarter, compared to the consensus estimate of $413.57 million. During the same period last year, the business posted ($0.93) earnings per share. The firm's quarterly revenue was down 12.0% on a year-over-year basis. As a group, equities analysts predict that Boston Beer will post 9.98 earnings per share for the current year.

Insiders Place Their Bets

In other Boston Beer news, insider Carolyn L. O'boyle sold 101 shares of Boston Beer stock in a transaction dated 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 $2,133,231.21. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Boston Beer news, insider Carolyn L. O'boyle sold 101 shares of Boston Beer stock in a transaction dated 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 $2,133,231.21. The sale 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 Boston Beer stock in a transaction dated 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. Insiders own 24.00% of the company's stock.

Hedge Funds Weigh In On Boston Beer

Several large investors have recently modified their holdings of SAM. Southeastern Asset Management Inc. TN purchased a new position in shares of Boston Beer in the first quarter worth about $35,680,000. Loomis Sayles & Co. L P purchased a new position in shares of Boston Beer in the first quarter worth about $38,859,000. Armistice Capital LLC purchased a new position in Boston Beer during the fourth quarter valued at approximately $21,499,000. Millennium Management LLC purchased a new position in Boston Beer during the second quarter valued at approximately $18,690,000. Finally, Wellington Management Group LLP grew its stake in Boston Beer by 119.6% during the first quarter. Wellington Management Group LLP now owns 92,524 shares of the company's stock valued at $35,943,000 after acquiring an additional 50,384 shares in the last quarter. Hedge funds and other institutional investors 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.