Blue Buffalo Pet Products, Inc. (NASDAQ:BUFF) shares traded up 6.6% during mid-day trading on Wednesday after J P Morgan Chase & Co raised their price target on the stock from $25.00 to $26.00. J P Morgan Chase & Co currently has an overweight rating on the stock. Blue Buffalo Pet Products traded as high as $24.03 and last traded at $23.14, with a volume of 8,090,144 shares. The stock had previously closed at $21.71.

Other research analysts have also issued reports about the company. Imperial Capital assumed 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. BidaskClub lowered Blue Buffalo Pet Products from a “sell” rating to a “strong sell” rating in a research report on Tuesday, July 11th. Susquehanna Bancshares Inc restated a “buy” rating on shares of Blue Buffalo Pet Products in a research report on Monday. Zacks Investment Research lowered Blue Buffalo Pet Products from a “buy” rating to a “hold” rating in a research report on Thursday, May 11th. Finally, Off Wall Street assumed coverage on Blue Buffalo Pet Products in a research report on Wednesday, June 21st. They issued a “sell” rating on the stock. Three research analysts have rated the stock with a sell rating, three have assigned a hold rating, six have given a buy rating and one has given a strong buy rating to the company. The company presently has an average rating of “Hold” and an average price target of $28.00.

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. FNY Partners Fund LP raised its position in Blue Buffalo Pet Products by 63.7% in the first quarter. FNY Partners Fund LP now owns 4,500 shares of the company’s stock valued at $103,000 after buying an additional 1,751 shares in the last quarter. Russell Investments Group Ltd. acquired a new position in Blue Buffalo Pet Products during the fourth quarter valued at $134,000. SG Americas Securities LLC acquired a new position in Blue Buffalo Pet Products during the second quarter valued at $138,000. US Bancorp DE raised its position in Blue Buffalo Pet Products by 38.5% in the first quarter. US Bancorp DE now owns 7,193 shares of the company’s stock valued at $165,000 after buying an additional 2,000 shares in the last quarter. Finally, First Mercantile Trust Co. raised its position in Blue Buffalo Pet Products by 29.0% in the second quarter. First Mercantile Trust Co. now owns 7,539 shares of the company’s stock valued at $172,000 after buying an additional 1,693 shares in the last quarter. Hedge funds and other institutional investors own 88.92% of the company’s stock.

The firm has a 50-day moving average of $22.89 and a 200-day moving average of $23.84. The firm has a market cap of $4.55 billion, a PE ratio of 34.03 and a beta of 1.95.

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, hitting the Zacks’ 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 net margin of 11.69% and a return on equity of 122.62%. The business’s revenue was up 2.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.19 EPS. Equities research analysts predict that Blue Buffalo Pet Products, Inc. will post $0.92 EPS for the current year.

Blue Buffalo Pet Products declared that its Board of Directors has authorized a stock buyback plan on Tuesday, August 8th that allows the company to repurchase $50.00 million in outstanding shares. This repurchase authorization allows the company to buy 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.

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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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