Boston Beer (NYSE:SAM) Updates FY 2024 Earnings Guidance

Boston Beer (NYSE:SAM) issued an update on its FY 2024 earnings guidance on Thursday morning. The company provided earnings per share guidance of 7.000-11.000 for the period, compared to the consensus earnings per share estimate of 9.910. The company issued revenue guidance of -. Boston Beer also updated its FY24 guidance to $7.00-11.00 EPS.

Boston Beer Stock Performance

Shares of SAM traded down $6.08 during trading hours on Thursday, hitting $287.22. The company had a trading volume of 213,106 shares, compared to its average volume of 141,136. The firm has a fifty day moving average price of $307.69 and a 200-day moving average price of $334.76. The stock has a market capitalization of $3.45 billion, a price-to-earnings ratio of 46.33, a P/E/G ratio of 1.16 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 posted its quarterly earnings results on Tuesday, February 27th. The company reported ($1.49) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.22) by ($1.27). The company had revenue of $393.72 million during the quarter, compared to analysts’ expectations of $413.57 million. Boston Beer had a return on equity of 8.13% and a net margin of 3.61%. Boston Beer’s revenue for the quarter was down 12.0% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.93) EPS. Research analysts anticipate that Boston Beer will post 9.98 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of equities analysts have weighed in on the company. Roth Mkm boosted their target price on Boston Beer from $406.00 to $422.00 and gave the stock a buy rating in a research report on Tuesday, January 23rd. Piper Sandler began coverage on Boston Beer in a research note on Friday, March 22nd. They set an overweight rating and a $350.00 price target for the company. Morgan Stanley reduced 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. Sanford C. Bernstein raised shares of Boston Beer from an underperform rating to a market perform rating and increased their target price for the stock from $280.00 to $335.00 in a report on Tuesday, January 16th. Finally, Citigroup reduced their target price on shares of Boston Beer from $350.00 to $315.00 and set a neutral rating for the company in a report on Tuesday, April 16th. Two equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, Boston Beer currently has a consensus rating of Hold and a consensus price target of $334.86.

Insider Activity

In other news, insider Carolyn L. O’boyle sold 102 shares of the stock in a transaction that occurred 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 completion of the transaction, the insider now directly owns 2,630 shares in the company, valued at approximately $922,393.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, insider Carolyn L. O’boyle sold 101 shares of the firm’s stock in a transaction on Monday, April 1st. The stock was sold at an average price of $303.49, for a total value of $30,652.49. Following the completion of the sale, the insider now directly owns 7,029 shares in the company, valued at $2,133,231.21. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Carolyn L. O’boyle sold 102 shares of the firm’s stock in a transaction on Thursday, February 1st. The stock was sold at an average price of $350.72, for a total value of $35,773.44. Following the completion of the sale, the insider now owns 2,630 shares of the company’s stock, valued at $922,393.60. The disclosure for this sale can be found here. Corporate insiders own 23.30% of the company’s stock.

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.