Boston Beer (NYSE:SAM) Updates FY24 Earnings Guidance

Boston Beer (NYSE:SAM) issued an update on its FY24 earnings guidance on Thursday morning. The company provided earnings per share guidance of $7.00-11.00 for the period, compared to the consensus earnings per share estimate of $9.89.

Boston Beer Price Performance

Shares of SAM stock traded down $6.03 during trading hours on Thursday, reaching $287.27. 206,558 shares of the company’s stock were exchanged, compared to its average volume of 141,049. The company has a market cap of $3.45 billion, a P/E ratio of 47.39, a price-to-earnings-growth ratio of 1.16 and a beta of 1.02. The company’s 50 day moving average is $307.69 and its two-hundred day moving average is $334.76. Boston Beer has a 1 year low of $274.78 and a 1 year high of $395.52.

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

Analyst Ratings Changes

A number of brokerages have recently commented on SAM. Citigroup cut their price objective on Boston Beer from $350.00 to $315.00 and set a neutral rating for the company in a research report on Tuesday, April 16th. Sanford C. Bernstein raised shares of Boston Beer from an underperform rating to a market perform rating and upped their price target for the stock from $280.00 to $335.00 in a research note on Tuesday, January 16th. Morgan Stanley lowered their target price 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. Royal Bank of Canada reissued a sector perform rating and set a $337.00 target price on shares of Boston Beer in a research report on Wednesday, February 28th. Finally, UBS Group decreased their price target on shares of Boston Beer from $390.00 to $355.00 and set a neutral rating for the company in a report on Wednesday, February 28th. Two investment analysts have rated the stock with a sell rating, ten have issued a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, Boston Beer currently has a consensus rating of Hold and an average target price of $334.86.

Insider Buying and Selling

In related news, insider Carolyn L. O’boyle sold 102 shares of the business’s 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 completion of the transaction, the insider now owns 2,630 shares of the company’s stock, valued at $922,393.60. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In related news, insider Carolyn L. O’boyle sold 102 shares of Boston Beer stock in a transaction on Thursday, February 1st. The shares were sold at an average price of $350.72, for a total value of $35,773.44. Following the transaction, the insider now directly owns 2,630 shares of the company’s stock, valued at $922,393.60. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Carolyn L. O’boyle sold 101 shares of Boston Beer stock in a transaction on Monday, April 1st. The stock was sold at an average price of $303.49, for a total transaction of $30,652.49. Following the completion of the transaction, the insider now directly owns 7,029 shares in the company, valued at $2,133,231.21. The disclosure for this sale can be found here. 23.30% of the stock is currently owned by corporate 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.