State Street Corp Increases Stake in The Boston Beer Company, Inc. (NYSE:SAM)

State Street Corp grew its stake in The Boston Beer Company, Inc. (NYSE:SAM) by 7.8% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 292,643 shares of the company’s stock after buying an additional 21,276 shares during the quarter. State Street Corp’s holdings in Boston Beer were worth $84,615,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Covestor Ltd boosted its stake in shares of Boston Beer by 36.6% in the 3rd 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. First Horizon Advisors Inc. boosted its stake in shares of Boston Beer by 105.1% in the 3rd quarter. First Horizon Advisors Inc. now owns 121 shares of the company’s stock valued at $35,000 after buying an additional 62 shares during the period. Great Valley Advisor Group Inc. boosted its stake in shares of Boston Beer by 8.5% in the 3rd quarter. Great Valley Advisor Group Inc. now owns 867 shares of the company’s stock valued at $251,000 after buying an additional 68 shares during the period. Los Angeles Capital Management LLC boosted its stake in shares of Boston Beer by 0.5% in the 2nd quarter. Los Angeles Capital Management LLC now owns 14,729 shares of the company’s stock valued at $4,493,000 after buying an additional 74 shares during the period. Finally, QV Investors Inc. boosted its stake in shares of Boston Beer by 0.4% in the 3rd quarter. QV Investors Inc. now owns 20,650 shares of the company’s stock valued at $5,971,000 after buying an additional 80 shares during the period. Hedge funds and other institutional investors own 81.13% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on SAM shares. Needham & Company LLC started coverage on Boston Beer in a research report on Friday, December 6th. They set a “hold” rating on the stock. Deutsche Bank Aktiengesellschaft cut their target price on Boston Beer from $281.00 to $277.00 and set a “hold” rating on the stock in a research report on Thursday, October 24th. Jefferies Financial Group lowered Boston Beer from a “buy” rating to a “hold” rating and cut their target price for the stock from $355.00 to $325.00 in a research report on Friday, October 25th. Piper Sandler raised their target price on Boston Beer from $325.00 to $330.00 and gave the stock an “overweight” rating in a research report on Friday, October 25th. Finally, 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. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $314.82.

Boston Beer Stock Down 2.4 %

SAM opened at $307.50 on Tuesday. The firm has a market cap of $3.53 billion, a price-to-earnings ratio of 45.22, a price-to-earnings-growth ratio of 1.21 and a beta of 1.07. The Boston Beer Company, Inc. has a 52 week low of $254.40 and a 52 week high of $371.65. The business’s 50 day moving average is $304.10 and its two-hundred day moving average is $290.51.

About Boston Beer

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.