Blue Buffalo Pet Products, Inc. (NASDAQ:BUFF) was upgraded by investment analysts at TheStreet from a “c” rating to a “b-” rating in a note issued to investors on Friday.

A number of other analysts have also issued reports on BUFF. Citigroup Inc. raised Blue Buffalo Pet Products from a “buy” rating to a “top pick” rating in a report on Tuesday, April 18th. Susquehanna Bancshares Inc reaffirmed a “positive” rating on shares of Blue Buffalo Pet Products in a report on Thursday, April 20th. Zacks Investment Research lowered Blue Buffalo Pet Products from a “buy” rating to a “hold” rating in a report on Thursday, May 11th. Off Wall Street initiated coverage on Blue Buffalo Pet Products in a report on Wednesday, June 21st. They issued a “sell” rating on the stock. Finally, Imperial Capital initiated coverage on Blue Buffalo Pet Products in a report on Wednesday, June 28th. They issued an “outperform” rating and a $30.00 target price 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 assigned a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $27.00.

Blue Buffalo Pet Products (BUFF) opened at 24.05 on Friday. The stock has a market cap of $4.74 billion, a PE ratio of 33.87 and a beta of 1.95. Blue Buffalo Pet Products has a 12-month low of $21.51 and a 12-month high of $26.72. The firm has a 50-day moving average price of $22.66 and a 200-day moving average price of $23.68.

Blue Buffalo Pet Products (NASDAQ:BUFF) last released its earnings results on Tuesday, August 8th. The company reported $0.21 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $0.21. The firm had revenue of $294.80 million for the quarter, compared to analyst estimates of $301.88 million. Blue Buffalo Pet Products had a return on equity of 98.02% and a net margin of 12.13%. The company’s revenue was up 2.8% on a year-over-year basis. During the same quarter last year, the firm posted $0.19 EPS. Analysts forecast that Blue Buffalo Pet Products will post $0.92 EPS for the current fiscal year.

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.

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Hedge funds have recently made changes to their positions in the company. 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. Harris Associates L P purchased a new stake in shares of Blue Buffalo Pet Products during the second quarter valued at $53,476,000. 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. Finally, 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. 87.11% 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.

Analyst Recommendations for Blue Buffalo Pet Products (NASDAQ:BUFF)

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