Boston Beer (SAM)

• Market cap: $2.63B
• 1 day: -0.23%
• 5 days: -3.82%
• 1 month: 4.76%
• 3 months: -5.77%
• 6 months: -18.98%
• Year to date: -20.73%
• 1 year: -17.41%
• 5 years: -41.83%
• 10 years: -9.55%
• Sector: Consumer Staples
• Industry: Beverages - Brewers

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 disclosures by fund managers ($100M+ AUM)

46% more first-time investments, than exits

New positions opened: 54 | Existing positions closed: 37

11% more capital invested

Capital invested by funds: $2B [Q3] → $2.23B (+$225M) [Q4]

4.87% more ownership

Funds ownership: 70.25% [Q3] → 75.11% (+4.87%) [Q4]

5% more funds holding

Funds holding: 328 [Q3] → 343 (+15) [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: $230 4% downside
• Avg. target: $283 18% upside
• High target: $349 46% upside

5 analyst ratings

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

UBS Sean King 100% 1-year accuracy 3 / 3 met price target	17% upside $279	Neutral Maintained	17 Apr 2025
Piper Sandler Michael Lavery 37% 1-year accuracy 21 / 57 met price target	4% downside $230	Neutral Maintained	17 Apr 2025
Citigroup Filippo Falorni 45% 1-year accuracy 9 / 20 met price target	19% upside $285	Buy Maintained	14 Apr 2025
Roth MKM Bill Kirk 39% 1-year accuracy 7 / 18 met price target	46% upside $349	Buy Reiterated	26 Feb 2025
Morgan Stanley Eric Serotta 100% 1-year accuracy 2 / 2 met price target	13% upside $270	Equal-Weight Maintained	26 Feb 2025