Blue Buffalo Pet Products, Inc. (NASDAQ:BUFF) had its target price hoisted by J P Morgan Chase & Co from $26.00 to $29.00 in a research report issued on Monday. The brokerage currently has an “overweight” rating on the stock. J P Morgan Chase & Co’s price target would suggest a potential upside of 17.60% from the stock’s current price.

Several other equities research analysts have also recently issued reports on BUFF. 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 on the stock. BidaskClub cut shares of Blue Buffalo Pet Products from a “sell” rating to a “strong sell” rating in a research note on Tuesday, July 11th. Oppenheimer Holdings, Inc. reaffirmed an “outperform” rating and set a $25.00 price target (down from $29.00) on shares of Blue Buffalo Pet Products in a research note on Thursday, August 10th. Susquehanna Bancshares Inc reaffirmed a “buy” rating and set a $30.00 price target (down from $32.00) on shares of Blue Buffalo Pet Products in a research note on Monday, August 7th. Finally, 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. Two analysts have rated the stock with a sell rating, three have assigned a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. Blue Buffalo Pet Products has an average rating of “Buy” and a consensus price target of $27.33.

Blue Buffalo Pet Products (NASDAQ BUFF) traded up 1.82% on Monday, reaching $25.11. 545,736 shares of the company’s stock were exchanged. The company has a market capitalization of $4.95 billion, a P/E ratio of 35.37 and a beta of 1.95. The firm has a 50-day moving average price of $22.88 and a 200-day moving average price of $23.69. Blue Buffalo Pet Products has a 1-year low of $21.51 and a 1-year high of $26.72.

Blue Buffalo Pet Products (NASDAQ:BUFF) last issued its quarterly earnings data on Tuesday, August 8th. The company reported $0.21 EPS for the quarter, meeting the Zacks’ consensus estimate of $0.21. The firm had revenue of $294.80 million for 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 was up 2.8% on a year-over-year basis. During the same period in the prior year, the company earned $0.19 EPS. Equities research analysts expect that Blue Buffalo Pet Products will post $0.92 earnings per share for the current year.

Blue Buffalo Pet Products announced that its board has initiated a stock buyback program 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 programs are usually a sign that the company’s board believes its shares are undervalued.

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In related news, CFO Michael Nathenson sold 50,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 17th. The shares were sold at an average price of $25.00, for a total value of $1,250,000.00. Following the sale, 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 filing with the Securities & Exchange Commission, which is available through this hyperlink. 7.70% of the stock is currently owned by company insiders.

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. raised its stake in Blue Buffalo Pet Products by 4.6% in the second quarter. Vanguard Group Inc. now owns 7,072,744 shares of the company’s stock worth $161,330,000 after buying an additional 310,094 shares in the last quarter. Bank of New York Mellon Corp raised its stake in 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 in 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 worth $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 worth $81,033,000 after buying an additional 1,447,859 shares in the last quarter. Finally, FMR LLC raised its stake in Blue Buffalo Pet Products by 360.6% in the second quarter. FMR LLC now owns 3,320,428 shares of the company’s stock worth $75,739,000 after buying an additional 2,599,478 shares in the last quarter. Hedge funds and other institutional investors own 87.11% 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.

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

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