Nordea Investment Management AB has recently reduced its stake in shares of The Boston Beer Company, Inc. by 26.0% during the second quarter, as reported in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm now owns 8,654 shares of the company’s stock after selling 3,037 shares during the quarter. As of the latest filing with the SEC, Nordea Investment Management AB owned 0.07% of Boston Beer, with an estimated worth of $2,685,000.
The Boston Beer Company, listed on the New York Stock Exchange under the ticker symbol SAM, released its quarterly earnings data on Thursday, July 27th. The company reported earnings per share (EPS) of $4.72 for the quarter, surpassing analysts’ consensus estimates of $3.45 by a significant margin of $1.27. This impressive performance was attributed to various factors including efficient management and sound financial strategies.
Boston Beer also demonstrated a return on equity of 7.94% and a net margin of 3.06%. Despite facing some challenges in revenue generation with an overall decline of 2.1% compared to the same quarter last year, the company managed to attain satisfactory results amidst a competitive market environment.
Analysts are optimistic about Boston Beer’s future prospects and predict that it will post EPS of 7.68 for this fiscal year based on current trends and market conditions.
Investors have been keenly observing Boston Beer’s developments due to its prominent position in the alcoholic beverages industry. The company is known for its diverse portfolio that includes popular brands like Samuel Adams beer and Twisted Tea hard iced tea.
It is worth noting that Nordea Investment Management AB’s decision to reduce its stake does not necessarily indicate a loss in confidence or lack of potential within Boston Beer Company; rather, it could be part of their broader investment strategy.
Given the recent positive financial performance and the company’s top position in its industry, it will be interesting to see how Boston Beer capitalizes on new opportunities and navigates potential challenges moving forward.
In conclusion, based on the latest information available, Nordea Investment Management AB has decreased its stake in The Boston Beer Company, Inc., while analysts remain expectant of positive earnings results for the current year. Investors and market participants will closely monitor any developments regarding Boston Beer’s stock performance and future strategic initiatives.
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Recent Activities and Investor Attention Surrounding Boston Beer Company in September 2023
On September 25, 2023, the Boston Beer Company, Inc. (NYSE:SAM) opened at a price of $378.31. This beverage company has seen some activity from hedge funds and institutional investors recently. One notable change is that OLD Mission Capital LLC acquired a new position in Boston Beer during the fourth quarter of the previous year, with shares valued at approximately $25,000. Additionally, Fifth Third Bancorp boosted its position in Boston Beer by 172.2% during the first quarter and now owns 98 shares valued at $32,000.
Eagle Bay Advisors LLC also made a move in the second quarter, buying a new stake in Boston Beer for $32,000. It is interesting to note that Amundi grew its stake in shares of Boston Beer by 75.6% in the fourth quarter and Dark Forest Capital Management LP increased its stake by 302.2% in the first quarter. In total, approximately 64.10% of the company’s stock is currently owned by hedge funds and other institutional investors.
In terms of stock performance, Boston Beer has a 50-day moving average price of $355.51 and a 200-day moving average price of $332.07. The company’s market cap stands at $4.63 billion with a price-to-earnings ratio of 71.79 and a PEG ratio of 1.83. Its beta is recorded as 1.06.
Turning to insider trading activities within the firm, Samuel A. Calagione III sold 12,901 shares on August 10th for an average price of $361.76 per share, totaling approximately $4,667,065.76. Following this transaction, Calagione now holds around 82,050 shares in the company worth about $29,682.,408.
Another insider sale involved John C Geist who sold 3,524 shares on July 28th at an average price of $353.00 per share, netting a total value of $1,243,972.00. Geist now owns 5,573 shares valued at approximately $1,967,269.
In terms of analyst reports, Boston Beer has garnered attention in recent months. Deutsche Bank Aktiengesellschaft decreased its price target on the company from $297.00 to $276.00 in a research note published on July 17th. StockNews.com initiated coverage on Boston Beer with a “hold” rating on August 17th. Roth Mkm upgraded their rating from “neutral” to “buy,” and their price objective for the stock rose from $274.00 to $386.00 in a research note dated May 30th.
Cfra increased their target price from $300.00 to $350.00 and maintained a “hold” rating on July 28th while TD Cowen also raised their target price to $350 and gave the stock a “market perform” rating on July 31st.
With five analysts giving it a sell rating, eight assigning a hold rating, and three issuing a buy rating, Bloomberg.com reports that Boston Beer currently has an average rating of “Hold” with an average price target of approximately $319.64.
In conclusion, as of September 25, 2023, Boston Beer Company continues to attract the attention of investors and analysts alike with its performance in the market and recent activities amongst insiders and hedge funds.
