Investment analysts at Robert W. Baird started coverage on shares of Blue Buffalo Pet Products, Inc. (NASDAQ:BUFF) in a note issued to investors on Monday, July 24th, MarketBeat reports. The firm set a “neutral” rating and a $23.00 price target on the stock. Robert W. Baird’s price target indicates a potential downside of 2.95% from the stock’s previous close.
Several other equities research analysts also recently issued reports on BUFF. BidaskClub downgraded shares of Blue Buffalo Pet Products from a “sell” rating to a “strong sell” rating in a research note on Tuesday, July 11th. Susquehanna Bancshares Inc set a $32.00 price objective on shares of Blue Buffalo Pet Products and gave the stock a “buy” rating in a research note on Thursday, May 25th. Imperial Capital assumed 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 on the stock. Zacks Investment Research downgraded shares of Blue Buffalo Pet Products from a “buy” rating to a “hold” rating in a research note on Thursday, May 11th. Finally, J P Morgan Chase & Co reiterated an “overweight” rating and set a $25.00 price target (down previously from $28.00) on shares of Blue Buffalo Pet Products in a research note on Wednesday, June 28th. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating, six have given a buy rating and one has given a strong buy rating to the company. The stock presently has an average rating of “Buy” and an average price target of $27.00.
Shares of Blue Buffalo Pet Products (NASDAQ:BUFF) opened at 23.70 on Monday. The firm has a 50-day moving average of $22.61 and a 200-day moving average of $23.70. The firm has a market cap of $4.67 billion, a P/E ratio of 33.38 and a beta of 1.95. Blue Buffalo Pet Products has a 12-month low of $21.51 and a 12-month high of $26.74.
Blue Buffalo Pet Products (NASDAQ:BUFF) last announced its quarterly earnings results on Tuesday, August 8th. The company reported $0.21 EPS for the quarter, meeting the 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 for the quarter, compared to the consensus estimate of $301.88 million. During the same quarter last year, the company posted $0.19 earnings per share. The company’s revenue for the quarter was up 2.8% compared to the same quarter last year. On average, equities analysts forecast that Blue Buffalo Pet Products will post $0.92 earnings per share for the current fiscal year.
Blue Buffalo Pet Products declared that its Board of Directors has initiated a share buyback plan on Tuesday, August 8th that authorizes the company to buyback $50.00 million in shares. This buyback authorization authorizes the company to repurchase up to 1.2% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s board believes its shares are undervalued.
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Several hedge funds and other institutional investors have recently modified their holdings of the stock. AQR Capital Management LLC bought a new position in shares of Blue Buffalo Pet Products during the fourth quarter worth about $485,000. Parametrica Management Ltd acquired a new position in Blue Buffalo Pet Products during the first quarter worth about $440,000. Argent Capital Management LLC boosted its position 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 worth $478,000 after buying an additional 500 shares in the last quarter. Russell Investments Group Ltd. acquired a new position in Blue Buffalo Pet Products during the fourth quarter worth about $134,000. Finally, Dimensional Fund Advisors LP boosted its position in Blue Buffalo Pet Products by 67.4% in the fourth quarter. Dimensional Fund Advisors LP now owns 603,176 shares of the company’s stock worth $14,500,000 after buying an additional 242,844 shares in the last quarter. 88.92% 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.
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