BUFF has been the subject of a number of other research reports. BidaskClub cut shares of Blue Buffalo Pet Products from a sell rating to a strong sell rating in a report on Tuesday, July 11th. Susquehanna Bancshares Inc set a $32.00 target price on shares of Blue Buffalo Pet Products and gave the company a buy rating in a research report on Thursday, May 25th. Imperial Capital started coverage on shares of Blue Buffalo Pet Products in a research report on Wednesday, June 28th. They set an outperform rating and a $30.00 target price for the company. Zacks Investment Research raised shares of Blue Buffalo Pet Products from a sell rating to a hold rating in a research report on Thursday, August 10th. Finally, Robert W. Baird started coverage on shares of Blue Buffalo Pet Products in a research report on Monday, July 24th. They set a neutral rating and a $23.00 price objective for the company. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. The company presently has a consensus rating of Buy and a consensus target price of $28.00.
Shares of Blue Buffalo Pet Products (NASDAQ:BUFF) opened at 26.21 on Friday. The firm has a 50-day moving average of $25.93 and a 200-day moving average of $25.93. Blue Buffalo Pet Products has a one year low of $21.60 and a one year high of $26.39. The company has a market capitalization of $5.17 billion, a P/E ratio of 36.92 and a beta of 1.91.
Blue Buffalo Pet Products (NASDAQ:BUFF) last released its quarterly earnings results on Tuesday, August 8th. The company reported $0.21 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.21. Blue Buffalo Pet Products had a net margin of 12.13% and a return on equity of 98.02%. The business had revenue of $294.80 million for the quarter, compared to the consensus estimate of $301.88 million. During the same period in the prior year, the company posted $0.19 earnings per share. Blue Buffalo Pet Products’s revenue was up 2.8% compared to the same quarter last year. Equities research analysts expect that Blue Buffalo Pet Products will post $0.92 EPS for the current fiscal year.
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Blue Buffalo Pet Products announced that its Board of Directors has authorized a stock buyback program on Tuesday, August 8th that permits the company to repurchase $50.00 million in outstanding shares. This repurchase authorization permits the company to purchase up to 1.2% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s leadership believes its shares are undervalued.
In other news, CFO Michael Nathenson sold 50,000 shares of the stock in a transaction on Monday, August 21st. The stock was sold at an average price of $25.00, for a total value of $1,250,000.00. Following the sale, the chief financial officer now directly owns 50,000 shares of the company’s stock, valued at $1,250,000. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Over the last ninety days, insiders sold 187,072 shares of company stock worth $4,736,802. 7.70% of the stock is owned by insiders.
Several large investors have recently made changes to their positions in the company. Dynamic Technology Lab Private Ltd bought a new position in shares of Blue Buffalo Pet Products during the second quarter valued at $583,000. Public Employees Retirement System of Ohio lifted its holdings in Blue Buffalo Pet Products by 65.5% in the second quarter. Public Employees Retirement System of Ohio now owns 37,066 shares of the company’s stock valued at $845,000 after acquiring an additional 14,670 shares during the period. Koch Industries Inc. lifted its holdings in Blue Buffalo Pet Products by 1,913.6% in the second quarter. Koch Industries Inc. now owns 282,029 shares of the company’s stock valued at $270,000 after acquiring an additional 268,023 shares during the period. California State Teachers Retirement System lifted its holdings in Blue Buffalo Pet Products by 40.8% in the second quarter. California State Teachers Retirement System now owns 166,563 shares of the company’s stock valued at $3,799,000 after acquiring an additional 48,290 shares during the period. Finally, The Manufacturers Life Insurance Company lifted its holdings in Blue Buffalo Pet Products by 9.6% in the second quarter. The Manufacturers Life Insurance Company now owns 6,070 shares of the company’s stock valued at $138,000 after acquiring an additional 533 shares during the period. 88.74% of the stock is currently owned by hedge funds and other institutional investors.
About Blue Buffalo Pet Products
Blue Buffalo Pet Products, Inc (BBPP) is a holding company. The Company operates as a pet food company. The Company, through its subsidiaries, develops, produces, markets and sells pet food under product lines, including BLUE Life Protection Formula, BLUE Wilderness, BLUE Basics, BLUE Freedom and BLUE Natural Veterinary Diet lines.
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