Boston Beer (SAM)

• Market cap: $3.31B
• 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 Q2 SEC filings by fund managers ($100M+ AUM)

100% more funds holding in top 10

Funds holding in top 10: 1 [Q1] → 2 (+1) [Q2]

14% more call options, than puts

Call options by funds: $80.8M | Put options by funds: $71.1M

4% more first-time investments, than exits

New positions opened: 52 | Existing positions closed: 50

1% more funds holding

Funds holding: 321 [Q1] → 323 (+2) [Q2]

2% less capital invested

Capital invested by funds: $2.23B [Q1] → $2.18B (-$51.1M) [Q2]

1.29% less ownership

Funds ownership: 73.45% [Q1] → 72.15% (-1.29%) [Q2]

25% less repeat investments, than reductions

Existing positions increased: 92 | Existing positions reduced: 123

Research analyst outlook

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

• Low target: $283 2% upside
• Avg. target: $329 19% upside
• High target: $389 40% upside

4 analyst ratings

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

Roth MKM Bill Kirk 56% 1-year accuracy 10 / 18 met price target	40% upside $389	Buy Maintained	26 Jul 2024
RBC Capital Nik Modi 57% 1-year accuracy 21 / 37 met price target	15% upside $318	Sector Perform Maintained	26 Jul 2024
Piper Sandler Michael Lavery 56% 1-year accuracy 14 / 25 met price target	17% upside $325	Overweight Maintained	26 Jul 2024
Deutsche Bank Steve Powers 77% 1-year accuracy 10 / 13 met price target	2% upside $283	Hold Maintained	17 Jul 2024