Blue Buffalo Pet Products, Inc. (BUFF) Earns Top Pick Rating from Citigroup Inc.
Blue Buffalo Pet Products, Inc. (NASDAQ:BUFF)‘s stock had its “top pick” rating restated by research analysts at Citigroup Inc. in a research note issued to investors on Saturday.
A number of other equities research analysts have also recently issued reports on BUFF. Susquehanna Bancshares Inc set a $32.00 price objective on shares of Blue Buffalo Pet Products and gave the company a “buy” rating in a research note on Thursday, May 25th. Off Wall Street initiated coverage on shares of Blue Buffalo Pet Products in a research note on Wednesday, June 21st. They issued a “sell” rating for the company. Imperial Capital initiated 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 price objective for the company. J P Morgan Chase & Co reaffirmed an “overweight” rating and issued a $25.00 price objective (down previously from $28.00) on shares of Blue Buffalo Pet Products in a research note on Wednesday, June 28th. Finally, 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. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. The company has a consensus rating of “Buy” and a consensus target price of $28.00.
Blue Buffalo Pet Products (NASDAQ:BUFF) opened at 25.94 on Friday. The company has a market cap of $5.11 billion, a P/E ratio of 36.54 and a beta of 1.91. Blue Buffalo Pet Products has a 52 week low of $21.60 and a 52 week high of $26.39. The company’s 50-day moving average is $25.83 and its 200-day moving average is $25.33.
Blue Buffalo Pet Products (NASDAQ:BUFF) last announced its quarterly earnings data on Tuesday, August 8th. The company reported $0.21 earnings per share (EPS) for the quarter, meeting the Zacks’ 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 company had revenue of $294.80 million during the quarter, compared to analysts’ expectations of $301.88 million. During the same quarter in the prior year, the company earned $0.19 EPS. The firm’s revenue was up 2.8% on a year-over-year basis. On average, analysts anticipate that Blue Buffalo Pet Products will post $0.92 EPS for the current fiscal year.
Blue Buffalo Pet Products announced that its board has approved a share buyback plan on Tuesday, August 8th that permits the company to buyback $50.00 million in shares. This buyback authorization permits the company to repurchase up to 1.2% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s leadership believes its stock is undervalued.
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In related news, CFO Michael Nathenson sold 50,000 shares of the company’s stock in a transaction on Monday, August 21st. The shares were sold at an average price of $25.00, for a total transaction of $1,250,000.00. Following the completion of the sale, the chief financial officer now directly owns 50,000 shares in the company, valued at approximately $1,250,000. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders have sold a total of 187,072 shares of company stock valued at $4,736,802 over the last quarter. 7.70% of the stock is currently owned by company insiders.
Large investors have recently bought and sold shares of the stock. FNY Partners Fund LP raised its holdings in Blue Buffalo Pet Products by 63.7% in the 1st quarter. FNY Partners Fund LP now owns 4,500 shares of the company’s stock worth $103,000 after purchasing an additional 1,751 shares in the last quarter. Advisor Group Inc. raised its holdings 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 purchasing an additional 277 shares in the last quarter. SG Americas Securities LLC bought a new position in Blue Buffalo Pet Products in the 2nd quarter worth $138,000. The Manufacturers Life Insurance Company raised its holdings in Blue Buffalo Pet Products by 9.6% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 6,070 shares of the company’s stock worth $138,000 after purchasing an additional 533 shares in the last quarter. Finally, US Bancorp DE raised its holdings in Blue Buffalo Pet Products by 38.5% in the 1st quarter. US Bancorp DE now owns 7,193 shares of the company’s stock worth $165,000 after purchasing an additional 2,000 shares in the last quarter. Institutional investors own 88.77% 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.
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