Blue Buffalo Pet Products, Inc. (BUFF) Earns Top Pick Rating from Citigroup Inc.

Citigroup Inc. reissued their top pick rating on shares of Blue Buffalo Pet Products, Inc. (NASDAQ:BUFF) in a research report sent to investors on Saturday morning.

A number of other equities research analysts also recently issued reports on BUFF. J P Morgan Chase & Co increased their price target on shares of Blue Buffalo Pet Products from $25.00 to $26.00 and gave the stock an overweight rating in a report on Wednesday, August 9th. Oppenheimer Holdings, Inc. reissued an outperform rating and issued a $25.00 price target (down from $29.00) on shares of Blue Buffalo Pet Products in a report on Thursday, August 10th. Zacks Investment Research raised shares of Blue Buffalo Pet Products from a sell rating to a hold rating in a research note on Thursday, August 10th. Susquehanna Bancshares Inc reaffirmed a buy rating and issued a $30.00 target price (down from $32.00) on shares of Blue Buffalo Pet Products in a research note on Monday, August 7th. Finally, Sanford C. Bernstein initiated coverage on shares of Blue Buffalo Pet Products in a research note on Wednesday, September 13th. They issued a market perform rating and a $29.00 target price on the stock. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. The company presently has an average rating of Buy and an average price target of $28.00.

Blue Buffalo Pet Products (NASDAQ:BUFF) opened at 26.11 on Friday. The stock has a 50 day moving average of $25.88 and a 200 day moving average of $25.77. The firm has a market capitalization of $5.15 billion, a PE ratio of 36.77 and a beta of 1.91. Blue Buffalo Pet Products has a 12 month low of $21.60 and a 12 month high of $26.39.

Blue Buffalo Pet Products (NASDAQ:BUFF) last announced its quarterly earnings results on Tuesday, August 8th. The company reported $0.21 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.21. Blue Buffalo Pet Products had a net margin of 12.13% and a return on equity of 98.02%. The firm 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 firm posted $0.19 earnings per share. The company’s revenue for the quarter was up 2.8% on a year-over-year basis. On average, equities analysts predict that Blue Buffalo Pet Products will post $0.92 earnings per share for the current fiscal year.

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Blue Buffalo Pet Products announced that its Board of Directors has authorized a share repurchase plan on Tuesday, August 8th that authorizes the company to repurchase $50.00 million in outstanding shares. This repurchase authorization authorizes the company to repurchase up to 1.2% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.

In other Blue Buffalo Pet Products news, CFO Michael Nathenson sold 50,000 shares of Blue Buffalo Pet Products stock in a transaction that occurred on Thursday, August 17th. The shares were sold at an average price of $25.00, for a total transaction of $1,250,000.00. Following the transaction, 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 Securities & Exchange Commission, which is available at this hyperlink. Insiders sold 187,072 shares of company stock worth $4,736,802 over the last ninety days. 7.70% of the stock is currently owned by insiders.

Several hedge funds have recently bought and sold shares of the business. Principal Financial Group Inc. raised its stake in shares of Blue Buffalo Pet Products by 0.4% during the first quarter. Principal Financial Group Inc. now owns 13,046 shares of the company’s stock worth $300,000 after acquiring an additional 56 shares in the last quarter. NGAM Advisors L.P. raised its stake in shares of Blue Buffalo Pet Products by 0.4% during the second quarter. NGAM Advisors L.P. now owns 27,961 shares of the company’s stock worth $638,000 after acquiring an additional 105 shares in the last quarter. ETRADE Capital Management LLC raised its stake in shares of Blue Buffalo Pet Products by 0.4% during the second quarter. ETRADE Capital Management LLC now owns 32,243 shares of the company’s stock worth $735,000 after acquiring an additional 114 shares in the last quarter. Advisor Group Inc. raised its stake in shares of Blue Buffalo Pet Products by 6.5% during the second quarter. Advisor Group Inc. now owns 4,513 shares of the company’s stock worth $103,000 after acquiring an additional 277 shares in the last quarter. Finally, Argent Capital Management LLC raised its stake in shares of Blue Buffalo Pet Products by 2.5% during the first quarter. Argent Capital Management LLC now owns 20,780 shares of the company’s stock worth $478,000 after acquiring an additional 500 shares in the last quarter. 88.74% of the stock is currently owned by hedge funds and other institutional investors.

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.

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

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