Allspring Global Investments Holdings LLC Sells 15,659 Shares of The Boston Beer Company, Inc. (NYSE:SAM)

Allspring Global Investments Holdings LLC trimmed its stake in The Boston Beer Company, Inc. (NYSE:SAM) by 89.0% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,944 shares of the company’s stock after selling 15,659 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Boston Beer were worth $593,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. grew its holdings in shares of Boston Beer by 2.3% in the 4th quarter. Vanguard Group Inc. now owns 918,502 shares of the company’s stock worth $317,425,000 after purchasing an additional 21,060 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in Boston Beer by 5.7% during the fourth quarter. Dimensional Fund Advisors LP now owns 142,014 shares of the company’s stock worth $49,080,000 after buying an additional 7,615 shares during the last quarter. Bank of New York Mellon Corp increased its holdings in shares of Boston Beer by 8.1% during the second quarter. Bank of New York Mellon Corp now owns 133,486 shares of the company’s stock worth $40,720,000 after buying an additional 9,997 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of Boston Beer by 3.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 107,312 shares of the company’s stock worth $37,086,000 after buying an additional 3,382 shares in the last quarter. Finally, Armistice Capital LLC bought a new position in shares of Boston Beer in the fourth quarter valued at approximately $21,499,000. 81.13% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms recently commented on SAM. Deutsche Bank Aktiengesellschaft increased their price target on Boston Beer from $273.00 to $283.00 and gave the stock a “hold” rating in a research report on Wednesday, July 17th. StockNews.com lowered Boston Beer from a “buy” rating to a “hold” rating in a research note on Wednesday, June 12th. Roth Mkm reduced their price target on shares of Boston Beer from $395.00 to $389.00 and set a “buy” rating on the stock in a research report on Friday, July 26th. Piper Sandler decreased their price objective on shares of Boston Beer from $344.00 to $325.00 and set an “overweight” rating on the stock in a report on Friday, July 26th. Finally, Royal Bank of Canada dropped their target price on shares of Boston Beer from $332.00 to $318.00 and set a “sector perform” rating for the company in a research note on Friday, July 26th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $326.92.

Boston Beer Price Performance

SAM opened at $281.58 on Friday. The firm has a 50 day simple moving average of $280.89 and a 200 day simple moving average of $289.82. The Boston Beer Company, Inc. has a fifty-two week low of $254.40 and a fifty-two week high of $395.52. The company has a market cap of $3.30 billion, a price-to-earnings ratio of 35.33, a price-to-earnings-growth ratio of 1.11 and a beta of 1.06.

Boston Beer (NYSE:SAM) last issued its earnings results on Thursday, July 25th. The company reported $4.39 EPS for the quarter, missing the consensus estimate of $4.99 by ($0.60). Boston Beer had a net margin of 4.39% and a return on equity of 9.69%. The business had revenue of $579.10 million for the quarter, compared to the consensus estimate of $597.33 million. During the same quarter in the previous year, the firm posted $4.72 EPS. The business’s revenue was down 4.0% on a year-over-year basis. As a group, analysts expect that The Boston Beer Company, Inc. will post 9.65 EPS for the current year.

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.