Citigroup Cuts Boston Beer (NYSE:SAM) Price Target to $290.00

Boston Beer (NYSE:SAM) had its target price lowered by Citigroup from $335.00 to $290.00 in a report released on Wednesday morning,Benzinga reports. Citigroup currently has a neutral rating on the stock.

A number of other brokerages also recently issued reports on SAM. Deutsche Bank Aktiengesellschaft reduced their price objective on Boston Beer from $281.00 to $277.00 and set a “hold” rating for the company in a research note on Thursday, October 24th. Roth Mkm restated a “buy” rating and set a $389.00 price target on shares of Boston Beer in a research report on Wednesday, October 23rd. StockNews.com lowered shares of Boston Beer from a “buy” rating to a “hold” rating in a research report on Wednesday. Royal Bank of Canada reissued a “sector perform” rating and set a $318.00 target price on shares of Boston Beer in a research report on Friday, October 25th. Finally, Jefferies Financial Group lowered shares of Boston Beer from a “buy” rating to a “hold” rating and decreased their price target for the stock from $355.00 to $325.00 in a research note on Friday, October 25th. One research analyst has rated the stock with a sell rating, nine have given a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $308.40.

Boston Beer Stock Down 0.3 %

SAM stock opened at $251.90 on Wednesday. The firm has a market cap of $2.89 billion, a PE ratio of 37.04, a P/E/G ratio of 0.81 and a beta of 1.08. The business has a 50 day moving average of $301.14 and a 200-day moving average of $288.84. Boston Beer has a 12-month low of $249.21 and a 12-month high of $371.65.

Hedge Funds Weigh In On Boston Beer

Several hedge funds have recently made changes to their positions in the stock. First Horizon Advisors Inc. lifted its holdings in Boston Beer by 105.1% during the 3rd quarter. First Horizon Advisors Inc. now owns 121 shares of the company’s stock worth $35,000 after purchasing an additional 62 shares in the last quarter. Covestor Ltd increased its position in shares of Boston Beer by 36.6% during the third quarter. Covestor Ltd now owns 127 shares of the company’s stock valued at $37,000 after buying an additional 34 shares during the period. GAMMA Investing LLC lifted its holdings in shares of Boston Beer by 59.3% in the fourth quarter. GAMMA Investing LLC now owns 129 shares of the company’s stock worth $39,000 after buying an additional 48 shares in the last quarter. True Wealth Design LLC bought a new position in shares of Boston Beer in the third quarter valued at approximately $47,000. Finally, Point72 Asia Singapore Pte. Ltd. bought a new stake in Boston Beer during the 3rd quarter worth approximately $49,000. 81.13% of the stock is currently owned by hedge funds and other institutional investors.

Boston Beer Company Profile

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.