Gabelli began coverage on shares of Blue Buffalo Pet Products, Inc. (NASDAQ:BUFF) in a report published on Wednesday morning, Marketbeat Ratings reports. The brokerage issued a buy rating and a $33.00 target price on the stock.

Other equities research analysts also recently issued reports about the stock. Imperial Capital assumed 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 objective for the company. Oppenheimer Holdings, Inc. restated an outperform rating and set a $25.00 target price (down from $29.00) on shares of Blue Buffalo Pet Products in a research report on Thursday, August 10th. BidaskClub downgraded shares of Blue Buffalo Pet Products from a sell rating to a strong sell rating in a research report on Tuesday, July 11th. Susquehanna Bancshares Inc restated a buy rating and set a $30.00 target price (down from $32.00) on shares of Blue Buffalo Pet Products in a research report on Monday, August 7th. Finally, Zacks Investment Research upgraded shares of Blue Buffalo Pet Products from a sell rating to a hold rating in a research report on Thursday, August 10th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating, seven have given a buy rating and one has given a strong buy rating to the company’s stock. The company presently has a consensus rating of Buy and a consensus price target of $27.90.

Blue Buffalo Pet Products (BUFF) opened at 26.07 on Wednesday. Blue Buffalo Pet Products has a 12-month low of $21.51 and a 12-month high of $26.24. The company has a market capitalization of $5.14 billion, a PE ratio of 36.72 and a beta of 1.91. The stock’s 50 day moving average price is $24.08 and its 200 day moving average price is $23.77.

Blue Buffalo Pet Products (NASDAQ:BUFF) last posted its quarterly earnings data on Tuesday, August 8th. The company reported $0.21 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.21. Blue Buffalo Pet Products had a net margin of 12.13% and a return on equity of 98.02%. The business had revenue of $294.80 million during the quarter, compared to the consensus estimate of $301.88 million. During the same period in the previous year, the firm posted $0.19 earnings per share. The business’s revenue for the quarter was up 2.8% compared to the same quarter last year. On average, equities analysts anticipate that Blue Buffalo Pet Products will post $0.93 EPS for the current fiscal year.

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

In other Blue Buffalo Pet Products news, CFO Michael Nathenson sold 50,000 shares of Blue Buffalo Pet Products stock in a transaction on Monday, August 21st. The shares were sold at an average price of $25.00, for a total value of $1,250,000.00. Following the completion of the transaction, the chief financial officer now 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 can be accessed through this link. Insiders sold 187,072 shares of company stock valued at $4,736,802 in the last ninety days. 7.70% of the stock is owned by corporate insiders.

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Argent Capital Management LLC increased its holdings in Blue Buffalo Pet Products by 2.5% in the first quarter. Argent Capital Management LLC now owns 20,780 shares of the company’s stock valued at $478,000 after buying an additional 500 shares in the last quarter. KBC Group NV increased its holdings in Blue Buffalo Pet Products by 33.6% in the first quarter. KBC Group NV now owns 16,342 shares of the company’s stock valued at $376,000 after buying an additional 4,108 shares in the last quarter. Bank of Nova Scotia purchased a new position in Blue Buffalo Pet Products in the first quarter valued at $2,300,000. Cipher Capital LP purchased a new position in Blue Buffalo Pet Products in the first quarter valued at $983,000. Finally, William Blair Investment Management LLC increased its holdings 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. 88.77% of the stock is 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.

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

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