Boston Beer (NYSE:SAM) Issues FY24 Earnings Guidance

Boston Beer (NYSE:SAM) updated its FY24 earnings guidance on Thursday. The company provided EPS guidance of $7.00-11.00 for the period, compared to the consensus EPS estimate of $9.89. Boston Beer also updated its FY 2024 guidance to 7.000-11.000 EPS.

Wall Street Analysts Forecast Growth

Several research firms recently commented on SAM. Royal Bank of Canada restated a sector perform rating and issued a $337.00 price target on shares of Boston Beer in a research note on Wednesday, February 28th. UBS Group cut their price objective on shares of Boston Beer from $390.00 to $355.00 and set a neutral rating for the company in a research report on Wednesday, February 28th. Roth Mkm upped their price objective on shares of Boston Beer from $406.00 to $422.00 and gave the stock a buy rating in a research report on Tuesday, January 23rd. The Goldman Sachs Group cut their price objective on shares of Boston Beer from $257.00 to $250.00 and set a sell rating for the company in a research report on Tuesday, April 9th. Finally, Citigroup cut their price objective on shares of Boston Beer from $350.00 to $315.00 and set a neutral rating for the company in a research report on Tuesday, April 16th. Two 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 company’s stock. According to MarketBeat.com, the company currently has a consensus rating of Hold and an average target price of $335.21.

Boston Beer Price Performance

NYSE SAM traded down $4.07 during trading hours on Friday, reaching $283.20. The company’s stock had a trading volume of 403,746 shares, compared to its average volume of 130,997. The firm has a fifty day simple moving average of $303.71 and a 200-day simple moving average of $333.63. The stock has a market cap of $3.41 billion, a P/E ratio of 35.53, a P/E/G ratio of 1.18 and a beta of 1.02. Boston Beer has a 52 week low of $274.78 and a 52 week high of $395.52.

Boston Beer (NYSE:SAM) last issued its quarterly earnings data on Thursday, April 25th. The company reported $1.04 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.08 by $0.96. 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%. On average, research analysts expect that Boston Beer will post 9.9 earnings per share for the current year.

Insider Activity at Boston Beer

In other Boston Beer news, insider Carolyn L. O’boyle sold 101 shares of the stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $303.49, for a total transaction of $30,652.49. Following the completion of the sale, the insider now owns 7,029 shares of the company’s stock, valued at approximately $2,133,231.21. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Boston Beer news, insider Carolyn L. O’boyle sold 101 shares of the stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $303.49, for a total transaction of $30,652.49. Following the completion of the sale, the insider now owns 7,029 shares of the company’s stock, valued at approximately $2,133,231.21. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Carolyn L. O’boyle sold 102 shares of the stock in a transaction that occurred 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 sale, 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. 23.30% of the stock is owned by company insiders.

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.