Blue Buffalo Pet Products, Inc. (BUFF) Stock Price Up 6.6% After Analyst Upgrade

Shares of Blue Buffalo Pet Products, Inc. (NASDAQ:BUFF) were up 6.6% during mid-day trading on Wednesday after J P Morgan Chase & Co raised their price target on the stock from $25.00 to $26.00. J P Morgan Chase & Co currently has an overweight rating on the stock. Blue Buffalo Pet Products traded as high as $24.03 and last traded at $23.14, with a volume of 8,090,144 shares traded. The stock had previously closed at $21.71.

Several other brokerages also recently issued reports on BUFF. Citigroup Inc. raised Blue Buffalo Pet Products from a “buy” rating to a “top pick” rating in a research report on Tuesday, April 18th. Susquehanna Bancshares Inc reissued a “positive” rating on shares of Blue Buffalo Pet Products in a research report on Thursday, April 20th. Zacks Investment Research cut shares of Blue Buffalo Pet Products from a “buy” rating to a “hold” rating in a research note on Thursday, May 11th. Off Wall Street initiated coverage on shares of Blue Buffalo Pet Products in a research note on Wednesday, June 21st. They set a “sell” rating for the company. Finally, Imperial Capital initiated coverage on shares of Blue Buffalo Pet Products in a research note on Wednesday, June 28th. They set an “outperform” rating and a $30.00 price target for the company. Three investment analysts have rated the stock with a sell rating, three have assigned a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus target price of $27.82.

A number of hedge funds and other institutional investors have recently made changes to their positions in BUFF. Bank of New York Mellon Corp raised its position in shares of Blue Buffalo Pet Products by 50.3% in the second quarter. Bank of New York Mellon Corp now owns 5,235,035 shares of the company’s stock worth $119,411,000 after buying an additional 1,752,086 shares during the last quarter. Neuberger Berman Group LLC raised its stake in Blue Buffalo Pet Products by 11.1% in the first quarter. Neuberger Berman Group LLC now owns 4,914,387 shares of the company’s stock valued at $113,031,000 after buying an additional 489,439 shares in the last quarter. Clearbridge Investments LLC raised its stake in Blue Buffalo Pet Products by 69.8% in the first quarter. Clearbridge Investments LLC now owns 3,523,195 shares of the company’s stock valued at $81,033,000 after buying an additional 1,447,859 shares in the last quarter. William Blair Investment Management LLC raised its stake in Blue Buffalo Pet Products by 9.5% in the first quarter. William Blair Investment Management LLC now owns 2,446,262 shares of the company’s stock valued at $56,264,000 after buying an additional 213,047 shares in the last quarter. Finally, Renaissance Technologies LLC raised its stake in Blue Buffalo Pet Products by 88.5% in the first quarter. Renaissance Technologies LLC now owns 2,226,700 shares of the company’s stock valued at $51,214,000 after buying an additional 1,045,700 shares in the last quarter. Institutional investors and hedge funds own 88.92% of the company’s stock.

The stock has a 50 day moving average of $22.58 and a 200-day moving average of $23.72. The stock has a market cap of $4.55 billion, a price-to-earnings ratio of 34.03 and a beta of 1.95.

Blue Buffalo Pet Products (NASDAQ:BUFF) last announced 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 firm had revenue of $294.80 million during the quarter, compared to analyst estimates of $301.88 million. Blue Buffalo Pet Products had a net margin of 12.13% and a return on equity of 112.54%. The business’s quarterly revenue was up 2.8% on a year-over-year basis. During the same period in the previous year, the business posted $0.19 EPS. Equities research analysts forecast that Blue Buffalo Pet Products, Inc. will post $0.92 earnings per share for the current fiscal year.

Blue Buffalo Pet Products declared that its Board of Directors has approved a stock buyback program on Tuesday, August 8th that authorizes the company to repurchase $50.00 million in shares. This repurchase authorization authorizes the company to purchase up to 1.2% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s management believes its shares are undervalued.

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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.

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