Fmr LLC Boosts Holdings in Blue Buffalo Pet Products, Inc. (BUFF)

Fmr LLC raised its stake in Blue Buffalo Pet Products, Inc. (NASDAQ:BUFF) by 360.6% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,320,428 shares of the company’s stock after acquiring an additional 2,599,478 shares during the quarter. Fmr LLC owned about 1.69% of Blue Buffalo Pet Products worth $75,739,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Principal Financial Group Inc. increased its position in Blue Buffalo Pet Products by 0.4% in the 1st quarter. Principal Financial Group Inc. now owns 13,046 shares of the company’s stock valued at $300,000 after acquiring an additional 56 shares in the last quarter. NGAM Advisors L.P. increased its position in Blue Buffalo Pet Products by 0.4% in the 2nd quarter. NGAM Advisors L.P. now owns 27,961 shares of the company’s stock valued at $638,000 after acquiring an additional 105 shares in the last quarter. State Board of Administration of Florida Retirement System increased its position in Blue Buffalo Pet Products by 1.4% in the 2nd quarter. State Board of Administration of Florida Retirement System now owns 51,625 shares of the company’s stock valued at $1,178,000 after acquiring an additional 730 shares in the last quarter. Gradient Investments LLC increased its position in Blue Buffalo Pet Products by 6.2% in the 2nd quarter. Gradient Investments LLC now owns 13,925 shares of the company’s stock valued at $318,000 after acquiring an additional 817 shares in the last quarter. Finally, Willingdon Wealth Management increased its position in Blue Buffalo Pet Products by 1.4% in the 2nd quarter. Willingdon Wealth Management now owns 71,937 shares of the company’s stock valued at $1,641,000 after acquiring an additional 999 shares in the last quarter. Hedge funds and other institutional investors own 88.74% of the company’s stock.

Blue Buffalo Pet Products (NASDAQ:BUFF) last released its quarterly earnings data on Tuesday, August 8th. The company reported $0.21 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ 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 during the quarter, compared to the consensus estimate of $301.88 million. During the same quarter in the prior year, the firm posted $0.19 earnings per share. The firm’s revenue was up 2.8% compared to the same quarter last year.

Blue Buffalo Pet Products declared that its board has initiated a stock buyback plan on Tuesday, August 8th that permits the company to repurchase $50.00 million in shares. This repurchase authorization permits the company to buy up to 1.2% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.

Several equities research analysts have weighed in on BUFF shares. Off Wall Street started coverage on shares of Blue Buffalo Pet Products in a research report on Wednesday, June 21st. They issued a “sell” rating for the company. Imperial Capital started coverage on shares of Blue Buffalo Pet Products in a research report on Wednesday, June 28th. They issued an “outperform” rating and a $30.00 price objective for the company. J P Morgan Chase & Co restated 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 report on Wednesday, June 28th. BidaskClub cut shares of Blue Buffalo Pet Products from a “sell” rating to a “strong sell” rating in a research report on Tuesday, July 11th. Finally, Zacks Investment Research cut shares of Blue Buffalo Pet Products from a “hold” rating to a “strong sell” rating in a research report on Tuesday, July 11th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating, eight have given a buy rating and one has given a strong buy rating to the company. Blue Buffalo Pet Products has a consensus rating of “Buy” and an average target price of $29.36.

In other news, CFO Michael Nathenson sold 50,000 shares of the company’s stock in a transaction that occurred on Monday, August 21st. The stock was sold at an average price of $25.00, for a total value of $1,250,000.00. Following the completion of the transaction, the chief financial officer now owns 50,000 shares of the company’s stock, valued at $1,250,000. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Insiders sold 187,072 shares of company stock valued at $4,736,802 in the last ninety days. 7.70% of the stock is currently owned by insiders.

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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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