Blue Buffalo Pet Products, Inc. (NASDAQ:BUFF) Lowered to Strong Sell at BidaskClub

BidaskClub lowered shares of Blue Buffalo Pet Products, Inc. (NASDAQ:BUFF) from a sell rating to a strong sell rating in a research note published on Tuesday, July 11th.

BUFF has been the topic of several other reports. Susquehanna Bancshares Inc set a $32.00 price target on Blue Buffalo Pet Products and gave the stock a buy rating in a research report on Thursday, May 25th. Imperial Capital began coverage on Blue Buffalo Pet Products in a research report on Wednesday, June 28th. They issued an outperform rating and a $30.00 price target on the stock. Citigroup Inc. raised Blue Buffalo Pet Products from a buy rating to a top pick rating in a research report on Tuesday, April 18th. J P Morgan Chase & Co reaffirmed an overweight rating and issued a $25.00 price target (down from $28.00) on shares of Blue Buffalo Pet Products in a research report on Wednesday, June 28th. Finally, Off Wall Street began coverage on Blue Buffalo Pet Products in a research report on Wednesday, June 21st. They issued a sell rating on the stock. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. Blue Buffalo Pet Products currently has a consensus rating of Buy and a consensus price target of $27.64.

Blue Buffalo Pet Products (BUFF) traded up 5.10% during trading on Tuesday, hitting $23.70. The stock had a trading volume of 2,561,578 shares. The company’s 50-day moving average is $22.58 and its 200 day moving average is $23.71. Blue Buffalo Pet Products has a 52 week low of $21.51 and a 52 week high of $26.74. The firm has a market cap of $4.67 billion, a PE ratio of 33.38 and a beta of 1.95.

Blue Buffalo Pet Products (NASDAQ:BUFF) last issued its quarterly earnings data on Tuesday, August 8th. The company reported $0.21 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $0.21. Blue Buffalo Pet Products had a return on equity of 112.54% and a net margin of 12.13%. The business had revenue of $294.80 million for the quarter, compared to the consensus estimate of $301.88 million. During the same period last year, the business earned $0.19 EPS. The firm’s revenue was up 2.8% compared to the same quarter last year. Equities analysts expect that Blue Buffalo Pet Products will post $0.92 EPS for the current fiscal year.

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

Several hedge funds have recently made changes to their positions in BUFF. FMR LLC raised its stake in shares of Blue Buffalo Pet Products by 360.6% in the second quarter. FMR LLC now owns 3,320,428 shares of the company’s stock valued at $75,739,000 after buying an additional 2,599,478 shares during the last quarter. Bank of New York Mellon Corp raised 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 valued at $119,411,000 after buying an additional 1,752,086 shares during the last quarter. Clearbridge Investments LLC raised 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 valued at $81,033,000 after buying an additional 1,447,859 shares during the last quarter. Massachusetts Financial Services Co. MA raised 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 valued at $47,530,000 after buying an additional 1,202,040 shares during the last quarter. Finally, Mackenzie Financial Corp purchased a new stake in shares of Blue Buffalo Pet Products during the first quarter valued at $24,304,000. 88.92% of the stock is currently 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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