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

Boston Beer (NYSE:SAM) had its price target trimmed by Citigroup from $335.00 to $290.00 in a research note published on Wednesday,Benzinga reports. The firm currently has a neutral rating on the stock.

A number of other equities analysts also recently issued reports on SAM. Jefferies Financial Group downgraded shares of Boston Beer from a “buy” rating to a “hold” rating and cut their price target for the company from $355.00 to $325.00 in a report on Friday, October 25th. Deutsche Bank Aktiengesellschaft cut their price target on shares of Boston Beer from $281.00 to $277.00 and set a “hold” rating for the company in a report on Thursday, October 24th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $318.00 price target on shares of Boston Beer in a report on Friday, October 25th. Needham & Company LLC started coverage on shares of Boston Beer in a report on Friday, December 6th. They issued a “hold” rating for the company. Finally, StockNews.com downgraded shares of Boston Beer from a “buy” rating to a “hold” rating in a report on Wednesday. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and two have given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $312.55.

Boston Beer Stock Performance

Shares of Boston Beer stock opened at $255.30 on Wednesday. The company has a market cap of $2.93 billion, a P/E ratio of 37.54, a PEG ratio of 0.81 and a beta of 1.08. Boston Beer has a one year low of $253.13 and a one year high of $371.65. The firm has a fifty day moving average of $303.36 and a two-hundred day moving average of $289.45.

Institutional Investors Weigh In On Boston Beer

Hedge funds have recently modified their holdings of the stock. First Horizon Advisors Inc. boosted its position in shares of Boston Beer by 105.1% in the third quarter. First Horizon Advisors Inc. now owns 121 shares of the company’s stock worth $35,000 after acquiring an additional 62 shares during the last quarter. Covestor Ltd raised its holdings in 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 buying an additional 34 shares during the period. GAMMA Investing LLC raised its holdings in Boston Beer by 59.3% in the fourth quarter. GAMMA Investing LLC now owns 129 shares of the company’s stock valued at $39,000 after buying an additional 48 shares during the period. True Wealth Design LLC purchased a new position in Boston Beer in the third quarter valued at approximately $47,000. Finally, Point72 Asia Singapore Pte. Ltd. purchased a new position in Boston Beer in the third quarter valued at approximately $49,000. 81.13% of the stock is owned by institutional investors and hedge funds.

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, flavored malt beverages, and hard seltzers under the Samuel Adams, Twisted Tea, Truly, Angry Orchard, Dogfish Head, Angel City, and Coney Island brand names.