Bank of New York Mellon Corp cut its stake in Blue Buffalo Pet Products, Inc. (NASDAQ:BUFF) by 1.9% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,136,921 shares of the company’s stock after selling 98,114 shares during the period. Bank of New York Mellon Corp owned approximately 2.61% of Blue Buffalo Pet Products worth $145,631,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the stock. Advisor Group Inc. lifted its position in Blue Buffalo Pet Products by 6.5% in the 2nd quarter. Advisor Group Inc. now owns 4,513 shares of the company’s stock worth $103,000 after buying an additional 277 shares in the last quarter. Wells Fargo & Company MN lifted its position in Blue Buffalo Pet Products by 50.8% in the 2nd quarter. Wells Fargo & Company MN now owns 2,133,359 shares of the company’s stock worth $48,662,000 after buying an additional 718,438 shares in the last quarter. Alliancebernstein L.P. lifted its position in Blue Buffalo Pet Products by 125.5% in the 2nd quarter. Alliancebernstein L.P. now owns 54,207 shares of the company’s stock worth $1,236,000 after buying an additional 30,170 shares in the last quarter. Schwab Charles Investment Management Inc. lifted its position in Blue Buffalo Pet Products by 19.7% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 415,310 shares of the company’s stock worth $9,474,000 after buying an additional 68,305 shares in the last quarter. Finally, Rhumbline Advisers lifted its position in Blue Buffalo Pet Products by 54.4% in the 2nd quarter. Rhumbline Advisers now owns 105,021 shares of the company’s stock worth $2,396,000 after buying an additional 37,021 shares in the last quarter. 91.16% of the stock is owned by institutional investors and hedge funds.

Shares of Blue Buffalo Pet Products, Inc. (BUFF) opened at $29.50 on Wednesday. Blue Buffalo Pet Products, Inc. has a 52-week low of $21.51 and a 52-week high of $29.84. The company has a debt-to-equity ratio of 1.61, a quick ratio of 3.62 and a current ratio of 4.22. The firm has a market cap of $5,680.20, a PE ratio of 32.69, a P/E/G ratio of 2.20 and a beta of 1.94.

Blue Buffalo Pet Products (NASDAQ:BUFF) last posted its quarterly earnings data on Tuesday, November 7th. The company reported $0.27 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.25 by $0.02. Blue Buffalo Pet Products had a net margin of 14.17% and a return on equity of 86.23%. The business had revenue of $340.85 million during the quarter, compared to analysts’ expectations of $323.05 million. During the same quarter in the prior year, the business posted $0.22 earnings per share. Blue Buffalo Pet Products’s revenue was up 18.4% compared to the same quarter last year. analysts expect that Blue Buffalo Pet Products, Inc. will post 0.91 EPS for the current fiscal year.

Blue Buffalo Pet Products declared that its Board of Directors has initiated a share repurchase plan on Tuesday, August 8th that allows the company to repurchase $50.00 million in shares. This repurchase authorization allows the company to buy up to 1.2% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board of directors believes its shares are undervalued.

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Several research analysts have recently commented on BUFF shares. BidaskClub lowered shares of Blue Buffalo Pet Products from a “sell” rating to a “strong sell” rating in a research note on Monday, July 31st. Susquehanna Bancshares Inc restated a “buy” rating and set a $30.00 price target (down previously from $32.00) on shares of Blue Buffalo Pet Products in a research note on Monday, August 7th. 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 research note on Wednesday, August 9th. Oppenheimer Holdings, Inc. restated an “outperform” rating and set a $25.00 price target (down previously from $29.00) on shares of Blue Buffalo Pet Products in a research note on Thursday, August 10th. Finally, Zacks Investment Research upgraded 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, five have given a hold rating, five have given a buy rating and one has given a strong buy rating to the company. The company has an average rating of “Hold” and a consensus price target of $29.80.

In other news, CEO William W. Bishop, Jr. sold 3,180 shares of the stock in a transaction dated Tuesday, November 14th. The shares were sold at an average price of $28.02, for a total value of $89,103.60. Following the completion of the transaction, the chief executive officer now owns 648,730 shares of the company’s stock, valued at $18,177,414.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider William W. Bishop, Jr. sold 21,655 shares of the stock in a transaction dated Friday, October 13th. The stock was sold at an average price of $28.78, for a total transaction of $623,230.90. The disclosure for this sale can be found here. Insiders sold 133,107 shares of company stock valued at $3,555,032 in the last three months. Company insiders own 7.70% of the company’s stock.

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.

Institutional Ownership by Quarter for Blue Buffalo Pet Products (NASDAQ:BUFF)

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