Robert W. Baird Initiates Coverage on Blue Buffalo Pet Products, Inc. (BUFF)

Research analysts at Robert W. Baird assumed coverage on shares of Blue Buffalo Pet Products, Inc. (NASDAQ:BUFF) in a research report issued on Monday, July 24th, Marketbeat.com reports. The firm set a “neutral” rating and a $23.00 price target on the stock. Robert W. Baird’s target price points to a potential downside of 6.73% from the stock’s previous close.

BUFF has been the topic of several other reports. Zacks Investment Research cut Blue Buffalo Pet Products from a “hold” rating to a “strong sell” rating in a research report on Tuesday, July 11th. Susquehanna Bancshares Inc reaffirmed a “positive” rating on shares of Blue Buffalo Pet Products in a research report on Thursday, April 20th. J P Morgan Chase & Co reaffirmed an “overweight” rating and set a $25.00 price objective (down from $28.00) on shares of Blue Buffalo Pet Products in a research report on Wednesday, June 28th. Citigroup Inc. raised Blue Buffalo Pet Products from a “buy” rating to a “top pick” rating in a research report on Tuesday, April 18th. Finally, Off Wall Street initiated coverage on Blue Buffalo Pet Products in a research report on Wednesday, June 21st. They set a “sell” rating on the stock. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. Blue Buffalo Pet Products has a consensus rating of “Buy” and a consensus price target of $27.00.

Shares of Blue Buffalo Pet Products (NASDAQ BUFF) traded up 0.24% during mid-day trading on Monday, hitting $24.66. The stock had a trading volume of 1,684,938 shares. Blue Buffalo Pet Products has a 52 week low of $21.51 and a 52 week high of $26.72. The stock has a 50 day moving average price of $22.88 and a 200 day moving average price of $23.69. The firm has a market cap of $4.86 billion, a PE ratio of 34.73 and a beta of 1.95.

Blue Buffalo Pet Products (NASDAQ:BUFF) last posted its earnings results on Tuesday, August 8th. The company reported $0.21 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.21. The company had revenue of $294.80 million for the quarter, compared to analysts’ expectations of $301.88 million. Blue Buffalo Pet Products had a return on equity of 98.02% and a net margin of 12.13%. Blue Buffalo Pet Products’s quarterly revenue was up 2.8% on a year-over-year basis. During the same period last year, the firm earned $0.19 earnings per share. Equities research analysts expect that Blue Buffalo Pet Products will post $0.92 EPS for the current fiscal year.

Blue Buffalo Pet Products declared that its Board of Directors has authorized a share repurchase program on Tuesday, August 8th that permits the company to repurchase $50.00 million in shares. This repurchase authorization permits the company to repurchase up to 1.2% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s leadership believes its shares are undervalued.

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In related news, CFO Michael Nathenson sold 50,000 shares of the business’s stock in a transaction that occurred on Thursday, August 17th. The shares were 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 directly owns 50,000 shares in the company, valued at approximately $1,250,000. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 7.70% of the stock is owned by insiders.

Institutional investors have recently made changes to their positions in the company. Principal Financial Group Inc. raised its position in shares of Blue Buffalo Pet Products by 0.4% in the first quarter. Principal Financial Group Inc. now owns 13,046 shares of the company’s stock worth $300,000 after buying an additional 56 shares during the last quarter. NGAM Advisors L.P. raised its position in shares of Blue Buffalo Pet Products by 0.4% in the second quarter. NGAM Advisors L.P. now owns 27,961 shares of the company’s stock worth $638,000 after buying an additional 105 shares during the last quarter. ETRADE Capital Management LLC raised its position in shares of Blue Buffalo Pet Products by 0.4% in the second quarter. ETRADE Capital Management LLC now owns 32,243 shares of the company’s stock worth $735,000 after buying an additional 114 shares during the last quarter. Advisor Group Inc. raised its stake in shares of Blue Buffalo Pet Products by 6.5% in the second quarter. Advisor Group Inc. now owns 4,513 shares of the company’s stock worth $103,000 after buying an additional 277 shares in the last quarter. Finally, Argent Capital Management LLC raised its stake in shares of 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. Institutional investors own 87.11% of the company’s stock.

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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