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 have issued reports on SAM. Sanford C. Bernstein upgraded shares of Boston Beer from an underperform rating to a market perform rating and upped their price target for the company from $280.00 to $335.00 in a research report on Tuesday, January 16th. Morgan Stanley dropped their target price on shares of Boston Beer from $285.00 to $275.00 and set an underweight rating for the company in a report on Wednesday, February 28th. Royal Bank of Canada restated a sector perform rating and set a $337.00 price target on shares of Boston Beer in a report on Wednesday, February 28th. Roth Mkm lifted their price target on shares of Boston Beer from $406.00 to $422.00 and gave the company a buy rating in a report on Tuesday, January 23rd. Finally, Evercore ISI upped their price objective on shares of Boston Beer from $310.00 to $325.00 and gave the stock an in-line rating in a report on Friday. Two analysts have rated the stock with a sell rating, ten have given a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, Boston Beer has an average rating of Hold and a consensus target price of $335.21.

Boston Beer Stock Performance

Shares of Boston Beer stock traded down $4.07 during midday trading on Friday, hitting $283.20. The company had a trading volume of 403,746 shares, compared to its average volume of 130,997. The company has a 50 day moving average of $303.71 and a 200 day moving average of $333.63. The stock has a market capitalization 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 released its earnings results on Thursday, April 25th. The company reported $1.04 EPS for the quarter, topping analysts’ consensus estimates of $0.08 by $0.96. The firm had revenue of $426.05 million for the quarter, compared to analysts’ expectations of $414.18 million. Boston Beer had a return on equity of 10.00% and a net margin of 4.60%. Equities research analysts forecast that Boston Beer will post 9.9 EPS for the current year.

Insider Buying and Selling at Boston Beer

In other news, 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 owns 2,630 shares in the company, valued at $922,393.60. The transaction was disclosed in a filing with the SEC, which is available at this link. In other news, insider Carolyn L. O’boyle sold 102 shares of the company’s stock in a transaction on Thursday, February 1st. The stock was sold at an average price of $350.72, for a total transaction 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 filing with the SEC, which is available at the SEC website. Also, insider Carolyn L. O’boyle sold 101 shares of the stock in a transaction on Monday, April 1st. The shares were sold at an average price of $303.49, for a total value of $30,652.49. Following the sale, 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 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.