Citigroup Lowers Boston Beer (NYSE:SAM) Price Target to $290.00

Boston Beer (NYSE:SAM) had its price objective reduced by investment analysts at Citigroup from $335.00 to $290.00 in a report released on Wednesday,Benzinga reports. The firm presently has a “neutral” rating on the stock. Citigroup’s price target suggests a potential upside of 12.31% from the company’s previous close.

A number of other research analysts also recently commented on the company. Deutsche Bank Aktiengesellschaft lowered their target price on Boston Beer from $281.00 to $277.00 and set a “hold” rating for the company in a research report on Thursday, October 24th. Piper Sandler increased their price objective on shares of Boston Beer from $325.00 to $330.00 and gave the company an “overweight” rating in a research report on Friday, October 25th. UBS Group lifted their price objective on shares of Boston Beer from $300.00 to $309.00 in a research note on Thursday, October 24th. StockNews.com cut shares of Boston Beer from a “buy” rating to a “hold” rating in a research report on Wednesday. Finally, Jefferies Financial Group downgraded shares of Boston Beer from a “buy” rating to a “hold” rating and lowered their price target for the company from $355.00 to $325.00 in a report on Friday, October 25th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, Boston Beer presently has a consensus rating of “Hold” and an average price target of $312.55.

Boston Beer Trading Down 0.3 %

Shares of NYSE:SAM traded down $0.69 during mid-day trading on Wednesday, reaching $258.22. The stock had a trading volume of 88,377 shares, compared to its average volume of 185,188. The business’s 50 day moving average price is $304.24 and its 200 day moving average price is $289.68. Boston Beer has a 1 year low of $253.13 and a 1 year high of $371.65. The company has a market cap of $2.97 billion, a P/E ratio of 37.97, a price-to-earnings-growth ratio of 1.21 and a beta of 1.08.

Institutional Investors Weigh In On Boston Beer

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SAM. First Horizon Advisors Inc. grew its stake in Boston Beer by 105.1% in the 3rd quarter. First Horizon Advisors Inc. now owns 121 shares of the company’s stock worth $35,000 after acquiring an additional 62 shares in the last quarter. Covestor Ltd boosted its holdings in shares of Boston Beer by 36.6% in the third quarter. Covestor Ltd now owns 127 shares of the company’s stock valued at $37,000 after purchasing an additional 34 shares during the period. GAMMA Investing LLC grew its stake in Boston Beer by 59.3% in the fourth quarter. GAMMA Investing LLC now owns 129 shares of the company’s stock worth $39,000 after purchasing an additional 48 shares in the last quarter. True Wealth Design LLC purchased a new position in Boston Beer during the 3rd quarter worth $47,000. Finally, Point72 Asia Singapore Pte. Ltd. bought a new position in shares of Boston Beer during the third quarter valued at approximately $49,000. 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.