Blue Buffalo Pet Products, Inc. (NASDAQ:BUFF) Shares Gap Up After Analyst Upgrade

Shares of Blue Buffalo Pet Products, Inc. (NASDAQ:BUFF) gapped up before the market opened on Thursday after J P Morgan Chase & Co raised their price target on the stock from $25.00 to $26.00. The stock had previously closed at $22.88, but opened at $23.14. J P Morgan Chase & Co currently has an overweight rating on the stock. Blue Buffalo Pet Products shares last traded at $22.52, with a volume of 1,397,546 shares.

BUFF has been the subject of several other reports. Zacks Investment Research downgraded shares of Blue Buffalo Pet Products from a “buy” rating to a “hold” rating in a report on Thursday, May 11th. BidaskClub downgraded shares of Blue Buffalo Pet Products from a “sell” rating to a “strong sell” rating in a report on Monday, July 31st. Susquehanna Bancshares Inc reaffirmed a “buy” rating and set a $30.00 price objective (down from $32.00) on shares of Blue Buffalo Pet Products in a report on Monday. Off Wall Street began coverage on shares of Blue Buffalo Pet Products in a report on Wednesday, June 21st. They set a “sell” rating for the company. Finally, Robert W. Baird began coverage on shares of Blue Buffalo Pet Products in a report on Monday, July 24th. They set a “neutral” rating and a $23.00 price objective for the company. Three equities research analysts have rated the stock with a sell rating, three have issued a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $27.45.

A number of hedge funds have recently modified their holdings of BUFF. Bank of New York Mellon Corp increased its stake in shares of Blue Buffalo Pet Products by 50.3% in the second quarter. Bank of New York Mellon Corp now owns 5,235,035 shares of the company’s stock worth $119,411,000 after buying an additional 1,752,086 shares during the period. Clearbridge Investments LLC increased its stake in shares of Blue Buffalo Pet Products by 69.8% in the first quarter. Clearbridge Investments LLC now owns 3,523,195 shares of the company’s stock worth $81,033,000 after buying an additional 1,447,859 shares during the period. Massachusetts Financial Services Co. MA increased its stake in shares of Blue Buffalo Pet Products by 139.0% in the first quarter. Massachusetts Financial Services Co. MA now owns 2,066,507 shares of the company’s stock worth $47,530,000 after buying an additional 1,202,040 shares during the period. Mackenzie Financial Corp bought a new stake in shares of Blue Buffalo Pet Products during the first quarter worth $24,304,000. Finally, Renaissance Technologies LLC increased its stake in shares of Blue Buffalo Pet Products by 88.5% in the first quarter. Renaissance Technologies LLC now owns 2,226,700 shares of the company’s stock worth $51,214,000 after buying an additional 1,045,700 shares during the period. 88.92% of the stock is owned by hedge funds and other institutional investors.

The company has a market capitalization of $4.44 billion, a PE ratio of 31.739 and a beta of 1.95. The firm’s 50 day moving average price is $22.58 and its 200 day moving average price is $23.72.

Blue Buffalo Pet Products (NASDAQ:BUFF) last posted its quarterly earnings data on Tuesday, August 8th. The company reported $0.21 earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.21. Blue Buffalo Pet Products had a net margin of 12.13% and a return on equity of 112.54%. The business 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 business posted $0.19 earnings per share. Blue Buffalo Pet Products’s revenue was up 2.8% compared to the same quarter last year. On average, analysts predict that Blue Buffalo Pet Products, Inc. will post $0.92 earnings per share for the current year.

Blue Buffalo Pet Products announced that its board has authorized a stock buyback program on Tuesday, August 8th that permits the company to buyback $50.00 million in 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 a sign that the company’s leadership believes its stock is undervalued.

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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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