Boston Beer (NYSE:SAM) Given New $350.00 Price Target at BMO Capital Markets
Boston Beer (NYSE:SAM) had its price objective hoisted by BMO Capital Markets to $350.00 in a research report released on Friday morning, The Fly reports. BMO Capital Markets currently has a market perform rating on the stock.
Several other research firms also recently issued reports on SAM. Macquarie increased their price objective on shares of Boston Beer from $325.00 to $365.00 and gave the company a neutral rating in a report on Friday, May 10th. Credit Suisse Group downgraded shares of Air China from a neutral rating to an underperform rating in a report on Monday, June 10th. Guggenheim increased their price objective on shares of Boston Beer from $372.00 to $421.00 and gave the company a buy rating in a report on Friday, July 12th. Goldman Sachs Group started coverage on shares of Colfax in a research report on Friday, April 5th. They issued a buy rating and a $34.00 target price for the company. Finally, ValuEngine cut shares of Ultrapar Participacoes from a sell rating to a strong sell rating in a research report on Thursday, April 25th. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating and two have assigned a buy rating to the company. Boston Beer presently has an average rating of Hold and a consensus price target of $315.32.
SAM traded up $12.14 during midday trading on Friday, hitting $398.50. 544,762 shares of the company traded hands, compared to its average volume of 145,860. The stock has a market cap of $4.51 billion, a P/E ratio of 53.35, a price-to-earnings-growth ratio of 4.50 and a beta of 0.69. Boston Beer has a 52-week low of $230.93 and a 52-week high of $403.01. The stock’s 50 day moving average price is $366.98.
In related news, VP David L. Grinnell sold 500 shares of the firm’s stock in a transaction dated Tuesday, June 25th. The shares were sold at an average price of $357.50, for a total transaction of $178,750.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO David A. Burwick sold 5,105 shares of the firm’s stock in a transaction dated Tuesday, April 30th. The stock was sold at an average price of $303.57, for a total transaction of $1,549,724.85. The disclosure for this sale can be found here. Insiders sold 7,105 shares of company stock valued at $2,230,975 over the last quarter. Company insiders own 28.40% of the company’s stock.
A number of institutional investors have recently added to or reduced their stakes in the stock. Virginia Retirement Systems ET AL acquired a new stake in Boston Beer during the second quarter worth about $264,000. Quantitative Systematic Strategies LLC acquired a new stake in Boston Beer during the second quarter worth about $655,000. Strs Ohio increased its position in Boston Beer by 9.5% during the second quarter. Strs Ohio now owns 2,300 shares of the company’s stock worth $868,000 after purchasing an additional 200 shares during the last quarter. Arizona State Retirement System increased its position in Boston Beer by 1.6% during the second quarter. Arizona State Retirement System now owns 6,349 shares of the company’s stock worth $2,398,000 after purchasing an additional 97 shares during the last quarter. Finally, NJ State Employees Deferred Compensation Plan acquired a new stake in Boston Beer during the second quarter worth about $567,000. Hedge funds and other institutional investors own 73.77% of the company’s stock.
Boston Beer Company Profile
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, and hard seltzers under the Samuel Adams, Twisted Tea, Angry Orchard Hard Cider, and Truly Hard Seltzer brand names.
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