Oppenheimer & Co. Inc. bought a new position in shares of Blue Buffalo Pet Products, Inc. (NASDAQ:BUFF) during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund bought 14,425 shares of the company’s stock, valued at approximately $409,000.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in BUFF. FMR LLC increased its position in Blue Buffalo Pet Products by 360.6% during the 2nd quarter. FMR LLC now owns 3,320,428 shares of the company’s stock worth $75,739,000 after purchasing an additional 2,599,478 shares during the period. Harris Associates L P acquired a new position in Blue Buffalo Pet Products during the 2nd quarter worth approximately $53,476,000. Bank of New York Mellon Corp increased its position in Blue Buffalo Pet Products by 50.3% during the 2nd quarter. Bank of New York Mellon Corp now owns 5,235,035 shares of the company’s stock worth $119,411,000 after purchasing an additional 1,752,086 shares during the period. Marshall Wace North America L.P. increased its position in Blue Buffalo Pet Products by 693.2% during the 2nd quarter. Marshall Wace North America L.P. now owns 995,109 shares of the company’s stock worth $22,887,000 after purchasing an additional 869,657 shares during the period. Finally, Public Employees Retirement Association of Colorado increased its position in Blue Buffalo Pet Products by 28,854.8% during the 3rd quarter. Public Employees Retirement Association of Colorado now owns 850,692 shares of the company’s stock worth $24,117,000 after purchasing an additional 847,754 shares during the period. Institutional investors own 95.26% of the company’s stock.
In related news, insider William W. Bishop, Jr. sold 21,200 shares of the company’s stock in a transaction that occurred on Thursday, November 30th. The stock was sold at an average price of $30.70, for a total value of $650,840.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO William W. Bishop, Jr. sold 3,180 shares of the company’s stock in a transaction that occurred on Tuesday, November 14th. The shares were sold at an average price of $28.02, for a total value of $89,103.60. Following the completion of the sale, the chief executive officer now directly owns 648,730 shares in the company, valued at approximately $18,177,414.60. The disclosure for this sale can be found here. In the last ninety days, insiders sold 104,307 shares of company stock worth $2,917,372. 7.70% of the stock is owned by corporate insiders.
Blue Buffalo Pet Products (NASDAQ:BUFF) last posted its earnings results on Tuesday, November 7th. The company reported $0.27 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.25 by $0.02. Blue Buffalo Pet Products had a return on equity of 86.23% and a net margin of 14.17%. The firm had revenue of $340.85 million for the quarter, compared to analyst estimates of $323.05 million. During the same quarter in the prior year, the company earned $0.22 EPS. Blue Buffalo Pet Products’s revenue was up 18.4% on a year-over-year basis. analysts expect that Blue Buffalo Pet Products, Inc. will post 0.91 earnings per share for the current year.
Blue Buffalo Pet Products announced that its board has initiated a share repurchase plan on Tuesday, August 8th that authorizes the company to repurchase $50.00 million in outstanding shares. This repurchase authorization authorizes the company to reacquire up to 1.2% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board believes its shares are undervalued.
Several equities analysts have issued reports on BUFF shares. J P Morgan Chase & Co boosted their target price on Blue Buffalo Pet Products from $26.00 to $29.00 and gave the stock an “overweight” rating in a research report on Monday, August 21st. Susquehanna Bancshares set a $34.00 target price on Blue Buffalo Pet Products and gave the stock a “buy” rating in a research report on Friday, October 20th. Robert W. Baird reiterated a “hold” rating and set a $23.00 target price on shares of Blue Buffalo Pet Products in a research report on Friday, September 1st. Barclays reiterated a “buy” rating and set a $27.00 target price on shares of Blue Buffalo Pet Products in a research report on Friday, August 11th. Finally, Zacks Investment Research cut Blue Buffalo Pet Products from a “buy” rating to a “hold” rating in a report on Wednesday, October 18th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average target price of $29.80.
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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.
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