The Manufacturers Life Insurance Company Has $2.04 Million Stock Holdings in The Boston Beer Company, Inc. (NYSE:SAM)

The Manufacturers Life Insurance Company trimmed its holdings in shares of The Boston Beer Company, Inc. (NYSE:SAM) by 9.7% in the third quarter, Holdings Channel.com reports. The fund owned 7,041 shares of the company’s stock after selling 760 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Boston Beer were worth $2,036,000 at the end of the most recent reporting period.

Other institutional investors have also made changes to their positions in the company. Dimensional Fund Advisors LP increased its holdings in shares of Boston Beer by 17.0% during the second quarter. Dimensional Fund Advisors LP now owns 182,972 shares of the company’s stock worth $55,814,000 after buying an additional 26,538 shares in the last quarter. Bank of New York Mellon Corp grew its position in Boston Beer by 8.1% during the 2nd quarter. Bank of New York Mellon Corp now owns 133,486 shares of the company’s stock worth $40,720,000 after acquiring an additional 9,997 shares during the last quarter. D. E. Shaw & Co. Inc. boosted its stake in Boston Beer by 80.0% in the second quarter. D. E. Shaw & Co. Inc. now owns 114,736 shares of the company’s stock worth $35,000,000 after purchasing an additional 51,003 shares in the last quarter. Armistice Capital LLC increased its stake in shares of Boston Beer by 1.1% in the second quarter. Armistice Capital LLC now owns 97,292 shares of the company’s stock valued at $29,679,000 after buying an additional 1,093 shares in the last quarter. Finally, Mesirow Institutional Investment Management Inc. bought a new position in shares of Boston Beer in the second quarter valued at about $16,014,000. 81.13% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on SAM shares. Deutsche Bank Aktiengesellschaft dropped their price objective on shares of Boston Beer from $281.00 to $277.00 and set a “hold” rating for the company in a research report on Thursday, October 24th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $318.00 price target on shares of Boston Beer in a research note on Friday, October 25th. Piper Sandler boosted their price objective on Boston Beer from $325.00 to $330.00 and gave the stock an “overweight” rating in a report on Friday, October 25th. Needham & Company LLC assumed coverage on shares of Boston Beer in a research note on Friday. They issued a “hold” rating on the stock. Finally, Roth Mkm reissued a “buy” rating and set a $389.00 price target on shares of Boston Beer in a research note on Wednesday, October 23rd. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $314.82.

Boston Beer Stock Up 2.4 %

NYSE SAM opened at $322.47 on Tuesday. The Boston Beer Company, Inc. has a 52 week low of $254.40 and a 52 week high of $371.65. The business has a 50 day moving average price of $300.77 and a 200-day moving average price of $288.54. The company has a market cap of $3.70 billion, a price-to-earnings ratio of 47.42, a P/E/G ratio of 1.21 and a beta of 1.07.

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.