Boston Beer (SAM)

• Market cap: $3.02B
• 1 day: -0.12%
• 5 days: -1.16%
• 1 month: -17.99%
• 3 months: -14.11%
• 6 months: -12.00%
• Year to date: -16.21%
• 1 year: -29.57%
• 5 years: -34.71%
• 10 years: -18.21%
• Sector: Consumer Staples
• Industry: Malt Beverages

About: Boston Beer is a top player in high-end malt beverages and adjacent categories in the us, with strong positions in craft beer, flavored malt beverages, hard cider, and hard seltzer. The bulk of volume and revenue is concentrated in four brands: Samuel Adams, Angry Orchard, Twisted Tea, and Truly. Beverages are produced using a hybrid model leveraging both in-house capacities and third-party breweries through contract arrangements. While the firm is required to use distributors to reach end markets, including retailers and on-premises operators, it also employs 500 internal sales representatives to educate the market about its products. The firm generates over 95% of sales in the us.

Employees: 2,679

Fund manager confidence

Based on 2024 Q3 regulatory filings by fund managers ($100M+ AUM)

13% more first-time investments, than exits

New positions opened: 54 | Existing positions closed: 48

1% more funds holding

Funds holding: 323 [Q2] → 326 (+3) [Q3]

6% less call options, than puts

Call options by funds: $43.2M | Put options by funds: $45.8M

2.71% less ownership

Funds ownership: 73.33% [Q2] → 70.62% (-2.71%) [Q3]

9% less capital invested

Capital invested by funds: $2.21B [Q2] → $2.01B (-$198M) [Q3]

31% less repeat investments, than reductions

Existing positions increased: 82 | Existing positions reduced: 119

100% less funds holding in top 10

Funds holding in top 10: 2 [Q2] → 0 (-2) [Q3]

Research analyst outlook

6 Wall Street Analysts provided 1 year price targets over the past 3 months

• Low target: $290 15% upside
• Avg. target: $324 28% upside
• High target: $389 54% upside

6 analyst ratings

• positive: 2 33%
• neutral: 4 67%
• negative: 0 0%

UBS Sean King 50% 1-year accuracy 1 / 2 met price target	15% upside $290	Neutral Maintained	16 Jan 2025
Citigroup Filippo Falorni 41% 1-year accuracy 7 / 17 met price target	15% upside $290	Neutral Maintained	15 Jan 2025
RBC Capital Nik Modi 19% 1-year accuracy 7 / 36 met price target	26% upside $318	Sector Perform Reiterated	25 Oct 2024
Piper Sandler Michael Lavery 40% 1-year accuracy 23 / 58 met price target	31% upside $330	Overweight Maintained	25 Oct 2024
Jefferies Kaumil Gajrawala 32% 1-year accuracy 6 / 19 met price target	29% upside $325	Hold Downgraded	25 Oct 2024