Boston Beer (SAM)

• Market cap: $3.48B
• 1 day: -1.89%
• 5 days: -3.71%
• 1 month: -2.04%
• 3 months: 12.30%
• 6 months: 2.62%
• Year to date: -10.80%
• 1 year: -12.29%
• 5 years: -19.84%
• 10 years: 3.37%
• 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)

6% more first-time investments, than exits

New positions opened: 54 | Existing positions closed: 51

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

2.57% less ownership

Funds ownership: 72.82% [Q2] → 70.25% (-2.57%) [Q3]

9% less capital invested

Capital invested by funds: $2.2B [Q2] → $2B (-$193M) [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

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

• Low target: $318 5% upside
• Avg. target: $341 12% upside
• High target: $389 28% upside

4 analyst ratings

• positive: 2 50%
• neutral: 2 50%
• negative: 0 0%

RBC Capital Nik Modi 31% 1-year accuracy 11 / 36 met price target	5% upside $318	Sector Perform Reiterated	25 Oct 2024
Piper Sandler Michael Lavery 43% 1-year accuracy 23 / 54 met price target	9% upside $330	Overweight Maintained	25 Oct 2024
Jefferies Kaumil Gajrawala 37% 1-year accuracy 7 / 19 met price target	7% upside $325	Hold Downgraded	25 Oct 2024
Roth MKM Bill Kirk 50% 1-year accuracy 11 / 22 met price target	28% upside $389	Buy Reiterated	23 Oct 2024