Boston Beer (NYSE:SAM) Given New $230.00 Price Target at Sanford C. Bernstein

Boston Beer (NYSE:SAM - Free Report) had its price target cut by Sanford C. Bernstein from $270.00 to $230.00 in a report issued on Wednesday,Benzinga reports. They currently have a market perform rating on the stock.

Other equities research analysts have also issued reports about the stock. Berenberg Bank assumed coverage on shares of Boston Beer in a report on Wednesday, April 2nd. They set a "hold" rating and a $281.10 price objective on the stock. Cfra Research raised shares of Boston Beer from a "moderate sell" rating to a "moderate buy" rating in a research note on Thursday, April 24th. UBS Group upped their target price on shares of Boston Beer from $265.00 to $279.00 and gave the stock a "neutral" rating in a research note on Thursday, April 17th. Royal Bank Of Canada reaffirmed a "sector perform" rating and issued a $279.00 target price on shares of Boston Beer in a research note on Tuesday, April 22nd. Finally, Piper Sandler reduced their target price on shares of Boston Beer from $240.00 to $230.00 and set a "neutral" rating for the company in a research note on Thursday, April 17th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and two have given a buy rating to the company. According to MarketBeat, Boston Beer has a consensus rating of "Hold" and an average target price of $272.01.

Boston Beer Stock Up 1.9%

Boston Beer stock traded up $3.75 during mid-day trading on Wednesday, hitting $197.64. 321,203 shares of the company's stock were exchanged, compared to its average volume of 169,371. The company's 50 day simple moving average is $219.39 and its 200-day simple moving average is $237.79. The firm has a market capitalization of $2.20 billion, a P/E ratio of 32.78, a PEG ratio of 1.42 and a beta of 0.99. Boston Beer has a fifty-two week low of $185.34 and a fifty-two week high of $329.55.

Boston Beer (NYSE:SAM - Get Free Report) last announced its quarterly earnings results on Thursday, April 24th. The company reported $2.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.78 by $1.38. Boston Beer had a return on equity of 13.81% and a net margin of 3.30%. The company had revenue of $481.36 million during the quarter, compared to the consensus estimate of $436.27 million. During the same period in the prior year, the company earned $1.04 earnings per share. The company's revenue for the quarter was up 6.5% compared to the same quarter last year. Research analysts expect that Boston Beer will post 9.29 EPS for the current year.

Hedge Funds Weigh In On Boston Beer

Hedge funds and other institutional investors have recently bought and sold shares of the business. Norges Bank acquired a new position in shares of Boston Beer during the 4th quarter worth approximately $30,741,000. Millennium Management LLC increased its holdings in shares of Boston Beer by 97.3% during the 1st quarter. Millennium Management LLC now owns 185,898 shares of the company's stock worth $44,400,000 after acquiring an additional 91,667 shares during the last quarter. Armistice Capital LLC increased its holdings in shares of Boston Beer by 72.7% during the 1st quarter. Armistice Capital LLC now owns 210,553 shares of the company's stock worth $50,288,000 after acquiring an additional 88,624 shares during the last quarter. J. Goldman & Co LP increased its holdings in shares of Boston Beer by 251.8% during the 4th quarter. J. Goldman & Co LP now owns 119,687 shares of the company's stock worth $35,904,000 after acquiring an additional 85,669 shares during the last quarter. Finally, Cooper Creek Partners Management LLC bought a new position in Boston Beer in the 4th quarter valued at about $25,054,000. 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.