Boston Beer (SAM)

• Market cap: $2.72B
• 1 day: 1.16%
• 5 days: 3.00%
• 1 month: -2.61%
• 3 months: -19.80%
• 6 months: -16.13%
• Year to date: -19.80%
• 1 year: -19.65%
• 5 years: -33.69%
• 10 years: -8.73%
• 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: 2,537

Fund manager confidence

Based on 2024 Q4 regulatory filings by fund managers ($100M+ AUM)

49% more first-time investments, than exits

New positions opened: 55 | Existing positions closed: 37

11% more capital invested

Capital invested by funds: $2.01B [Q3] → $2.23B (+$218M) [Q4]

5% more funds holding

Funds holding: 328 [Q3] → 344 (+16) [Q4]

4.71% more ownership

Funds ownership: 70.62% [Q3] → 75.33% (+4.71%) [Q4]

2% less repeat investments, than reductions

Existing positions increased: 108 | Existing positions reduced: 110

40% less call options, than puts

Call options by funds: $20.8M | Put options by funds: $34.7M

Research analyst outlook

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

• Low target: $240 1% downside
• Avg. target: $286 18% upside
• High target: $349 44% upside

5 analyst ratings

• positive: 2 40%
• neutral: 3 60%
• negative: 0 0%

Citigroup Filippo Falorni 45% 1-year accuracy 9 / 20 met price target	16% upside $280	Buy Upgraded	20 Mar 2025
Piper Sandler Michael Lavery 39% 1-year accuracy 22 / 56 met price target	1% downside $240	Neutral Maintained	26 Feb 2025
Roth MKM Bill Kirk 39% 1-year accuracy 7 / 18 met price target	44% upside $349	Buy Reiterated	26 Feb 2025
Morgan Stanley Eric Serotta 100% 1-year accuracy 2 / 2 met price target	12% upside $270	Equal-Weight Maintained	26 Feb 2025
UBS Sean King 50% 1-year accuracy 1 / 2 met price target	20% upside $290	Neutral Maintained	16 Jan 2025