Zacks Investment Research Lowers Blue Buffalo Pet Products, Inc. (NASDAQ:BUFF) to Hold

Zacks Investment Research lowered shares of Blue Buffalo Pet Products, Inc. (NASDAQ:BUFF) from a buy rating to a hold rating in a report issued on Wednesday, October 18th.

According to Zacks, “Blue Buffalo Pet Products, Inc. develops, produces, markets and sells pet food primarily in the United States. The Company’s product lines include BLUE Life Protection Formula, BLUE Wilderness, BLUE Basics, BLUE Freedom and BLUE Naturally Fresh line. It offers dry foods, wet foods as well as treats for puppies, adult dogs, senior dogs and litters for kittens, adult cats and mature cats. Blue Buffalo Pet Products, Inc. is headquartered in Wilton, Connecticut. “

BUFF has been the subject of a number of other reports. TheStreet upgraded shares of Blue Buffalo Pet Products from a c rating to a b- rating in a research report on Friday, August 11th. Barclays PLC reissued a buy rating and issued a $27.00 price objective on shares of Blue Buffalo Pet Products in a report on Friday, August 11th. Susquehanna Bancshares Inc reissued a buy rating and issued a $30.00 price objective (down previously from $32.00) on shares of Blue Buffalo Pet Products in a report on Monday, August 7th. Gabelli initiated coverage on shares of Blue Buffalo Pet Products in a report on Wednesday, September 6th. They issued a buy rating and a $33.00 price objective for the company. Finally, Oppenheimer Holdings, Inc. reaffirmed a buy rating and set a $32.00 target price (up previously from $25.00) on shares of Blue Buffalo Pet Products in a research note on Wednesday, September 27th. Two analysts have rated the stock with a sell rating, five have issued a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company has an average rating of Hold and a consensus price target of $29.55.

Blue Buffalo Pet Products (BUFF) traded up 0.38% on Wednesday, hitting $29.09. 1,023,064 shares of the stock were exchanged. The firm has a market cap of $5.73 billion, a P/E ratio of 40.97 and a beta of 1.94. The company has a 50-day moving average of $27.92 and a 200 day moving average of $27.92. Blue Buffalo Pet Products has a 12 month low of $21.60 and a 12 month high of $29.44.

Blue Buffalo Pet Products (NASDAQ:BUFF) last posted its quarterly earnings data on Tuesday, August 8th. The company reported $0.21 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.21. The company had revenue of $294.80 million during the quarter, compared to analysts’ expectations of $301.88 million. Blue Buffalo Pet Products had a net margin of 12.13% and a return on equity of 98.02%. The firm’s revenue for the quarter was up 2.8% on a year-over-year basis. During the same period in the prior year, the business posted $0.19 earnings per share. Equities research analysts expect that Blue Buffalo Pet Products will post $0.92 earnings per share for the current fiscal year.

TRADEMARK VIOLATION NOTICE: “Zacks Investment Research Lowers Blue Buffalo Pet Products, Inc. (NASDAQ:BUFF) to Hold” was first posted by Dispatch Tribunal and is the property of of Dispatch Tribunal. If you are viewing this piece on another website, it was illegally stolen and reposted in violation of U.S. & international copyright legislation. The original version of this piece can be viewed at https://www.dispatchtribunal.com/2017/10/28/blue-buffalo-pet-products-inc-buff-downgraded-to-hold-at-zacks-investment-research.html.

Blue Buffalo Pet Products announced that its board has authorized a share repurchase program on Tuesday, August 8th that authorizes the company to buyback $50.00 million in outstanding shares. This buyback authorization authorizes the company to buy up to 1.2% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s management believes its shares are undervalued.

In other news, insider William W. Bishop, Jr. sold 21,200 shares of Blue Buffalo Pet Products stock in a transaction on Tuesday, October 24th. The shares were sold at an average price of $28.58, for a total value of $605,896.00. Following the transaction, the insider now directly owns 655,090 shares of the company’s stock, valued at approximately $18,722,472.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Michael Nathenson sold 50,000 shares of Blue Buffalo Pet Products stock in a transaction on Monday, August 21st. The shares were sold at an average price of $25.00, for a total transaction of $1,250,000.00. Following the completion of the transaction, the chief financial officer now directly owns 50,000 shares in the company, valued at $1,250,000. The disclosure for this sale can be found here. In the last three months, insiders have sold 229,927 shares of company stock worth $5,965,929. 7.70% of the stock is owned by corporate insiders.

Large investors have recently bought and sold shares of the stock. FNY Partners Fund LP grew its position in Blue Buffalo Pet Products by 63.7% in the 1st quarter. FNY Partners Fund LP now owns 4,500 shares of the company’s stock valued at $103,000 after buying an additional 1,751 shares during the last quarter. Advisor Group Inc. grew its position in Blue Buffalo Pet Products by 6.5% in the 2nd quarter. Advisor Group Inc. now owns 4,513 shares of the company’s stock valued at $103,000 after buying an additional 277 shares during the last quarter. SG Americas Securities LLC purchased a new position in Blue Buffalo Pet Products in the 2nd quarter valued at $138,000. The Manufacturers Life Insurance Company grew its position in Blue Buffalo Pet Products by 9.6% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 6,070 shares of the company’s stock valued at $138,000 after buying an additional 533 shares during the last quarter. Finally, US Bancorp DE grew its position in Blue Buffalo Pet Products by 38.5% in the 1st quarter. US Bancorp DE now owns 7,193 shares of the company’s stock valued at $165,000 after buying an additional 2,000 shares during the last quarter. Hedge funds and other institutional investors own 88.62% of the company’s stock.

Blue Buffalo Pet Products Company Profile

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.

Get a free copy of the Zacks research report on Blue Buffalo Pet Products (BUFF)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Analyst Recommendations for Blue Buffalo Pet Products (NASDAQ:BUFF)

Receive News & Ratings for Blue Buffalo Pet Products Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Blue Buffalo Pet Products Inc. and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply