Brokerages Set Blue Buffalo Pet Products, Inc. (BUFF) Target Price at $29.00
Blue Buffalo Pet Products, Inc. (NASDAQ:BUFF) has been assigned an average rating of “Hold” from the fifteen research firms that are covering the stock, Marketbeat.com reports. Two investment analysts have rated the stock with a sell recommendation, five have issued a hold recommendation, six have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 1-year target price among analysts that have updated their coverage on the stock in the last year is $29.22.
A number of equities analysts have commented on the company. J P Morgan Chase & Co lifted their target price on Blue Buffalo Pet Products from $25.00 to $26.00 and gave the company an “overweight” rating in a research note on Wednesday, August 9th. Oppenheimer Holdings, Inc. restated an “outperform” rating and issued a $25.00 target price (down from $29.00) on shares of Blue Buffalo Pet Products in a research note on Thursday, August 10th. Susquehanna Bancshares Inc set a $34.00 price target on Blue Buffalo Pet Products and gave the company a “buy” rating in a report on Friday. Zacks Investment Research cut Blue Buffalo Pet Products from a “buy” rating to a “hold” rating in a report on Wednesday, October 18th. Finally, Barclays PLC reaffirmed a “buy” rating and set a $27.00 price target on shares of Blue Buffalo Pet Products in a report on Friday, August 11th.
In other Blue Buffalo Pet Products news, insider William W. Bishop, Jr. sold 21,655 shares of Blue Buffalo Pet Products stock in a transaction that occurred on Friday, October 13th. The shares were sold at an average price of $28.78, for a total value of $623,230.90. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Michael Nathenson sold 50,000 shares of Blue Buffalo Pet Products stock in a transaction that occurred on Thursday, August 17th. The stock was sold at an average price of $25.00, for a total transaction of $1,250,000.00. Following the completion of the transaction, the chief financial officer now owns 50,000 shares in the company, valued at approximately $1,250,000. The disclosure for this sale can be found here. In the last three months, insiders have sold 208,727 shares of company stock worth $5,360,033. 7.70% of the stock is owned by corporate insiders.
Institutional investors have recently bought and sold shares of the business. FNY Partners Fund LP grew its position in Blue Buffalo Pet Products by 63.7% in the first quarter. FNY Partners Fund LP now owns 4,500 shares of the company’s stock worth $103,000 after buying an additional 1,751 shares during the last quarter. Advisor Group Inc. grew its position in Blue Buffalo Pet Products by 6.5% in the second quarter. Advisor Group Inc. now owns 4,513 shares of the company’s stock worth $103,000 after buying an additional 277 shares during the last quarter. SG Americas Securities LLC acquired a new position in Blue Buffalo Pet Products in the second quarter worth approximately $138,000. The Manufacturers Life Insurance Company grew its position in Blue Buffalo Pet Products by 9.6% in the second quarter. The Manufacturers Life Insurance Company now owns 6,070 shares of the company’s stock worth $138,000 after buying an additional 533 shares during the last quarter. Finally, US Bancorp DE grew its position in Blue Buffalo Pet Products by 38.5% in the first quarter. US Bancorp DE now owns 7,193 shares of the company’s stock worth $165,000 after buying an additional 2,000 shares during the last quarter. Hedge funds and other institutional investors own 88.74% of the company’s stock.
Blue Buffalo Pet Products (NASDAQ BUFF) traded up 0.95% during mid-day trading on Wednesday, reaching $28.55. The company’s stock had a trading volume of 862,372 shares. The firm has a market capitalization of $5.63 billion, a PE ratio of 40.21 and a beta of 1.94. The stock’s 50-day moving average is $27.76 and its 200-day moving average is $27.76. Blue Buffalo Pet Products has a 12 month low of $21.51 and a 12 month high of $29.44.
Blue Buffalo Pet Products (NASDAQ:BUFF) last issued its earnings results on Tuesday, August 8th. The company reported $0.21 EPS for the quarter, meeting the Zacks’ consensus estimate of $0.21. Blue Buffalo Pet Products had a return on equity of 98.02% and a net margin of 12.13%. The company 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. Blue Buffalo Pet Products’s quarterly revenue was up 2.8% compared to the same quarter last year. On average, equities analysts anticipate that Blue Buffalo Pet Products will post $0.92 EPS for the current year.
Blue Buffalo Pet Products announced that its Board of Directors has approved a stock buyback program on Tuesday, August 8th that permits the company to buyback $50.00 million in outstanding shares. This buyback authorization permits the company to buy up to 1.2% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its shares are undervalued.
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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