Blue Buffalo Pet Products, Inc. (NASDAQ:BUFF) posted its earnings results on Tuesday. The company reported $0.21 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.21, Bloomberg Earnings reports. The firm had revenue of $294.80 million for the quarter, compared to the consensus estimate 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 quarterly revenue was up 2.8% on a year-over-year basis. During the same period in the prior year, the business posted $0.19 earnings per share. Blue Buffalo Pet Products updated its FY17 guidance to $0.91-$0.94 EPS.

Blue Buffalo Pet Products (BUFF) traded up 6.59% during midday trading on Wednesday, hitting $23.14. 8,090,144 shares of the company traded hands. Blue Buffalo Pet Products has a 12-month low of $21.55 and a 12-month high of $27.50. The company has a market capitalization of $4.55 billion, a price-to-earnings ratio of 34.03 and a beta of 1.95. The stock’s 50-day moving average price is $22.72 and its 200 day moving average price is $23.80.

Blue Buffalo Pet Products announced that its board has authorized a stock buyback plan on Tuesday, August 8th that authorizes the company to repurchase $50.00 million in shares. This repurchase authorization authorizes the company to reacquire up to 1.2% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board believes its shares are undervalued.

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A number of hedge funds and other institutional investors have recently made changes to their positions in BUFF. Los Angeles Capital Management & Equity Research Inc. raised its position in shares of Blue Buffalo Pet Products by 804.8% in the second quarter. Los Angeles Capital Management & Equity Research Inc. now owns 160,461 shares of the company’s stock worth $3,660,000 after buying an additional 142,726 shares during the period. Swiss National Bank raised its position in shares of Blue Buffalo Pet Products by 12.4% in the second quarter. Swiss National Bank now owns 163,600 shares of the company’s stock worth $3,732,000 after buying an additional 18,100 shares during the period. Commerce Bank bought a new position in shares of Blue Buffalo Pet Products during the second quarter worth approximately $281,000. Principal Financial Group Inc. raised its position in shares of Blue Buffalo Pet Products by 25.5% in the second quarter. Principal Financial Group Inc. now owns 16,377 shares of the company’s stock worth $374,000 after buying an additional 3,331 shares during the period. Finally, Pacer Advisors Inc. raised its position in shares of Blue Buffalo Pet Products by 16.7% in the second quarter. Pacer Advisors Inc. now owns 18,226 shares of the company’s stock worth $416,000 after buying an additional 2,607 shares during the period. Institutional investors and hedge funds own 88.92% of the company’s stock.

Several equities analysts have commented on the stock. J P Morgan Chase & Co increased their target price on shares of Blue Buffalo Pet Products from $25.00 to $26.00 and gave the stock an “overweight” rating in a research report on Wednesday. Susquehanna Bancshares Inc reissued a “buy” rating and set a $30.00 target price (down from $32.00) on shares of Blue Buffalo Pet Products in a research report on Monday. BidaskClub cut shares of Blue Buffalo Pet Products from a “sell” rating to a “strong sell” rating in a report on Monday, July 31st. Robert W. Baird started coverage on shares of Blue Buffalo Pet Products in a report on Monday, July 24th. They set a “neutral” rating and a $23.00 price target for the company. Finally, Zacks Investment Research cut shares of Blue Buffalo Pet Products from a “hold” rating to a “strong sell” rating in a report on Tuesday, July 11th. Three analysts have rated the stock with a sell rating, three have assigned a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. Blue Buffalo Pet Products presently has a consensus rating of “Hold” and an average target price of $27.82.

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.

Earnings History for Blue Buffalo Pet Products (NASDAQ:BUFF)

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