Boston Beer bounces after disclosing buyback boost

Boston Beer

08/10/2024 15:08

** Boston Beer's  SAM.N  shares up 0.8% at $273.43 early
Tues as Sam Adams-owner plans to buy back more stock than
previously targeted
    ** SAM rises as much as 3.1% to $279.61 and could snap
5-session losing streak
    ** Co said in SEC filing late Mon its board on Oct 2
authorized increasing stock repurchase program by $400 mln, from
$1.2 bln to $1.6 bln
    ** With ~11.72 mln shares outstanding, it has ~$3.2 bln
market cap, per LSEG data
    ** Including move on the session, stock down 21% YTD
    ** Co was subject of M&A talk earlier this year, including
potential deal with cannabis producer Green Thumb Industries
 GTII.CD  in Jun

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))