Blue Buffalo Pet Products, Inc. (NASDAQ:BUFF) insider William W. Bishop, Jr. sold 21,200 shares of the firm’s stock in a transaction that occurred on Tuesday, October 24th. The stock was sold at an average price of $28.58, for a total transaction of $605,896.00. Following the sale, the insider now directly owns 655,090 shares in the company, valued at approximately $18,722,472.20. The sale was disclosed in a document filed with the SEC, which is available through the SEC website.

Blue Buffalo Pet Products, Inc. (NASDAQ:BUFF) traded up 1.08% during midday trading on Wednesday, reaching $29.08. 1,286,200 shares of the company were exchanged. Blue Buffalo Pet Products, Inc. has a 52-week low of $21.51 and a 52-week high of $29.44. The company has a market capitalization of $5.73 billion, a price-to-earnings ratio of 40.96 and a beta of 1.94. The company has a 50 day moving average of $27.81 and a 200-day moving average of $27.81.

Blue Buffalo Pet Products (NASDAQ:BUFF) last announced its quarterly earnings data on Tuesday, August 8th. The company reported $0.21 earnings per share for the quarter, hitting 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 firm had revenue of $294.80 million for the quarter, compared to analyst estimates of $301.88 million. During the same quarter in the prior year, the company posted $0.19 earnings per share. Blue Buffalo Pet Products’s quarterly revenue was up 2.8% on a year-over-year basis. On average, equities research analysts anticipate that Blue Buffalo Pet Products, Inc. will post $0.92 earnings per share for the current fiscal year.

Blue Buffalo Pet Products declared that its Board of Directors has authorized a share buyback program on Tuesday, August 8th that allows the company to buyback $50.00 million in outstanding shares. This buyback authorization allows the company to buy up to 1.2% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s board of directors believes its stock is undervalued.

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A number of hedge funds have recently made changes to their positions in BUFF. FNY Partners Fund LP grew its holdings in Blue Buffalo Pet Products by 63.7% during the first quarter. FNY Partners Fund LP now owns 4,500 shares of the company’s stock worth $103,000 after acquiring an additional 1,751 shares during the period. Advisor Group Inc. grew its holdings in Blue Buffalo Pet Products by 6.5% during the second quarter. Advisor Group Inc. now owns 4,513 shares of the company’s stock worth $103,000 after acquiring an additional 277 shares during the period. SG Americas Securities LLC acquired a new position in Blue Buffalo Pet Products during the second quarter worth $138,000. The Manufacturers Life Insurance Company grew its holdings in Blue Buffalo Pet Products by 9.6% during the second quarter. The Manufacturers Life Insurance Company now owns 6,070 shares of the company’s stock worth $138,000 after acquiring an additional 533 shares during the period. Finally, First Mercantile Trust Co. grew its holdings in Blue Buffalo Pet Products by 29.0% during the second quarter. First Mercantile Trust Co. now owns 7,539 shares of the company’s stock worth $172,000 after acquiring an additional 1,693 shares during the period. 88.62% of the stock is currently owned by hedge funds and other institutional investors.

A number of brokerages have recently commented on BUFF. J P Morgan Chase & Co cut shares of Blue Buffalo Pet Products from an “overweight” rating to a “neutral” rating in a research note on Tuesday, October 17th. Zacks Investment Research raised shares of Blue Buffalo Pet Products from a “hold” rating to a “buy” rating and set a $33.00 price objective on the stock in a research note on Tuesday, October 10th. Oppenheimer Holdings, Inc. reaffirmed a “buy” rating and set a $32.00 price objective (up previously from $25.00) on shares of Blue Buffalo Pet Products in a research note on Wednesday, September 27th. Susquehanna Bancshares Inc set a $34.00 price objective on shares of Blue Buffalo Pet Products and gave the stock a “buy” rating in a research note on Friday, October 20th. Finally, Sanford C. Bernstein began coverage on shares of Blue Buffalo Pet Products in a research note on Wednesday, September 13th. They set a “market perform” rating and a $29.00 price objective on the stock. Two research analysts have rated the stock with a sell rating, five have issued a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $29.55.

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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