Blue Buffalo Pet Products, Inc. (NASDAQ:BUFF) was downgraded by analysts at J P Morgan Chase & Co from an “overweight” rating to a “neutral” rating in a research report issued to clients and investors on Tuesday, October 17th, Marketbeat reports.
BUFF has been the topic of several other research reports. Zacks Investment Research downgraded Blue Buffalo Pet Products from a “hold” rating to a “strong sell” rating in a research note on Tuesday, July 11th. Robert W. Baird restated a “hold” rating and issued a $23.00 price target on shares of Blue Buffalo Pet Products in a research note on Friday, September 1st. Barclays PLC restated a “buy” rating and issued a $27.00 price target on shares of Blue Buffalo Pet Products in a research note on Friday, August 11th. Citigroup Inc. restated a “top pick” rating on shares of Blue Buffalo Pet Products in a research note on Saturday, September 16th. Finally, TheStreet upgraded Blue Buffalo Pet Products from a “c” rating to a “b-” rating in a research note on Friday, August 11th. Two analysts have rated the stock with a sell rating, five have given a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $29.55.
Blue Buffalo Pet Products (NASDAQ BUFF) opened at 29.09 on Tuesday. The firm has a market cap of $5.73 billion, a P/E ratio of 40.97 and a beta of 1.94. The firm’s 50-day moving average price is $27.85 and its 200-day moving average price is $27.85. Blue Buffalo Pet Products has a 52-week low of $21.60 and a 52-week high of $29.44.
Blue Buffalo Pet Products (NASDAQ:BUFF) last announced its earnings results on Tuesday, August 8th. The company reported $0.21 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.21. The firm had revenue of $294.80 million during the quarter, compared to analyst estimates of $301.88 million. Blue Buffalo Pet Products had a return on equity of 98.02% and a net margin of 12.13%. The business’s revenue was up 2.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.19 EPS. Equities research analysts expect that Blue Buffalo Pet Products will post $0.92 EPS for the current year.
Blue Buffalo Pet Products declared that its board has initiated a share 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 stock through open market purchases. Stock repurchase programs are often an indication that the company’s board of directors believes its stock is undervalued.
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In other news, insider William W. Bishop, Jr. sold 21,200 shares of the firm’s stock in a transaction on Tuesday, October 24th. The stock was 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 in the company, valued at approximately $18,722,472.20. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider William W. Bishop, Jr. sold 21,655 shares of the firm’s stock in a transaction on Friday, October 13th. The stock was sold at an average price of $28.78, for a total value of $623,230.90. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 229,927 shares of company stock worth $5,965,929. Company insiders own 7.70% of the company’s stock.
A number of institutional investors have recently made changes to their positions in BUFF. Russell Investments Group Ltd. raised its holdings in Blue Buffalo Pet Products by 812.9% in the 1st quarter. Russell Investments Group Ltd. now owns 50,720 shares of the company’s stock worth $1,166,000 after purchasing an additional 45,164 shares during the period. Great West Life Assurance Co. Can raised its holdings in Blue Buffalo Pet Products by 50.9% in the 1st quarter. Great West Life Assurance Co. Can now owns 10,675 shares of the company’s stock worth $245,000 after purchasing an additional 3,600 shares during the period. US Bancorp DE raised its holdings 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 worth $165,000 after purchasing an additional 2,000 shares during the period. Parametric Portfolio Associates LLC raised its holdings in Blue Buffalo Pet Products by 207.0% in the 1st quarter. Parametric Portfolio Associates LLC now owns 98,343 shares of the company’s stock worth $2,262,000 after purchasing an additional 66,305 shares during the period. Finally, Envestnet Asset Management Inc. raised its holdings in Blue Buffalo Pet Products by 166.6% in the 1st quarter. Envestnet Asset Management Inc. now owns 13,381 shares of the company’s stock worth $308,000 after purchasing an additional 8,362 shares during the period. 88.62% of the stock is currently owned by 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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