Share Buyback Program Approved by Blue Buffalo Pet Products (NASDAQ:BUFF)
Blue Buffalo Pet Products (NASDAQ:BUFF) declared that its board has authorized a stock repurchase program, which allows the company to repurchase $50.00 million in shares on Tuesday, August 8th, EventVestor reports. This repurchase authorization allows the company to buy up to 1.2% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s leadership believes its shares are undervalued.
Blue Buffalo Pet Products (NASDAQ BUFF) opened at 23.14 on Thursday. Blue Buffalo Pet Products has a 52-week low of $21.55 and a 52-week high of $27.50. The stock has a 50 day moving average of $22.72 and a 200-day moving average of $23.80. The company has a market capitalization 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 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 11.69% and a return on equity of 122.62%. The firm had revenue of $294.80 million during the quarter, compared to analyst estimates of $301.88 million. During the same quarter in the prior year, the firm earned $0.19 EPS. The business’s revenue for the quarter was up 2.8% compared to the same quarter last year. On average, equities research analysts anticipate that Blue Buffalo Pet Products will post $0.92 earnings per share for the current fiscal year.
Several equities analysts have recently weighed in on BUFF shares. Citigroup Inc. upgraded shares of Blue Buffalo Pet Products from a “buy” rating to a “top pick” rating in a research note on Tuesday, April 18th. Susquehanna Bancshares Inc reiterated a “positive” rating on shares of Blue Buffalo Pet Products in a research note on Thursday, April 20th. Zacks Investment Research downgraded 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 started coverage on shares of Blue Buffalo Pet Products in a research note on Wednesday, June 21st. They issued a “sell” rating for the company. Finally, Imperial Capital started coverage on shares of Blue Buffalo Pet Products in a research note on Wednesday, June 28th. They issued an “outperform” rating and a $30.00 target price 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 given a strong buy rating to the stock. Blue Buffalo Pet Products has an average rating of “Hold” and an average target price of $27.82.
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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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