Blue Buffalo Pet Products Inc. (BUFF) Rating Lowered to Hold at Zacks Investment Research

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Blue Buffalo Pet Products Inc. (NASDAQ:BUFF) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Tuesday.
According to Zacks, “Blue Buffalo Pet Products, Inc. develops, produces, markets and sells pet food primarily in the United States. The Company’s product lines include BLUE Life Protection Formula, BLUE Wilderness, BLUE Basics, BLUE Freedom and BLUE Naturally Fresh line. It offers dry foods, wet foods as well as treats for puppies, adult dogs, senior dogs and litters for kittens, adult cats and mature cats. Blue Buffalo Pet Products, Inc. is headquartered in Wilton, Connecticut. “
Other research analysts also recently issued research reports about the stock. Wedbush raised their price target on shares of Blue Buffalo Pet Products from $20.00 to $22.00 and gave the stock a “neutral” rating in a research note on Wednesday, May 11th. JPMorgan Chase & Co. raised their price target on shares of Blue Buffalo Pet Products from $28.00 to $33.00 and gave the stock an “overweight” rating in a research note on Thursday, August 11th. Deutsche Bank AG raised their price target on shares of Blue Buffalo Pet Products from $28.00 to $30.00 and gave the stock a “buy” rating in a research note on Thursday, August 11th. Citigroup raised their price target on shares of Blue Buffalo Pet Products from $30.00 to $31.00 and gave the stock a “buy” rating in a research note on Thursday, August 11th. Finally, Stephens reaffirmed a “hold” rating on shares of Blue Buffalo Pet Products in a research note on Thursday, June 30th. Three research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. The company currently has an average rating of “Buy” and a consensus target price of $28.67.

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Shares of Blue Buffalo Pet Products (NASDAQ:BUFF) traded up 1.01% on Tuesday, hitting $25.98. 801,326 shares of the stock traded hands. The stock has a market cap of $5.10 billion and a P/E ratio of 47.24. The stock’s 50 day moving average price is $25.87 and its 200 day moving average price is $24.30. Blue Buffalo Pet Products has a 52-week low of $15.19 and a 52-week high of $27.50.
Blue Buffalo Pet Products (NASDAQ:BUFF) last posted its quarterly earnings results on Wednesday, August 10th. The company reported $0.19 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.17 by $0.02. The company earned $286.85 million during the quarter, compared to analysts’ expectations of $281.90 million. The firm’s revenue was up 12.9% on a year-over-year basis. On average, equities analysts expect that Blue Buffalo Pet Products will post $0.76 EPS for the current fiscal year.
In other news, Director L.P. Invus sold 15,014,548 shares of the firm’s stock in a transaction dated Tuesday, July 5th. The shares were sold at an average price of $21.29, for a total value of $319,659,726.92. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Kurt Schmidt sold 150,000 shares of the firm’s stock in a transaction dated Tuesday, July 5th. The shares were sold at an average price of $21.29, for a total transaction of $3,193,500.00. Following the completion of the sale, the chief executive officer now owns 203,571 shares in the company, valued at $4,334,026.59. The disclosure for this sale can be found here.
Several hedge funds have recently added to or reduced their stakes in BUFF. Hitchwood Capital Management LP boosted its stake in Blue Buffalo Pet Products by 390.0% in the fourth quarter. Hitchwood Capital Management LP now owns 2,450,000 shares of the company’s stock worth $45,840,000 after buying an additional 1,950,000 shares in the last quarter. American Century Companies Inc. purchased a new stake in Blue Buffalo Pet Products during the second quarter worth $38,618,000. TimesSquare Capital Management LLC boosted its stake in Blue Buffalo Pet Products by 1.2% in the first quarter. TimesSquare Capital Management LLC now owns 1,250,300 shares of the company’s stock worth $32,083,000 after buying an additional 14,300 shares in the last quarter. BlackRock Institutional Trust Company N.A. boosted its stake in Blue Buffalo Pet Products by 7.7% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 1,095,026 shares of the company’s stock worth $28,098,000 after buying an additional 78,581 shares in the last quarter. Finally, Primecap Management Co. CA boosted its stake in Blue Buffalo Pet Products by 3.8% in the first quarter. Primecap Management Co. CA now owns 982,400 shares of the company’s stock worth $25,208,000 after buying an additional 35,834 shares in the last quarter.
Blue Buffalo Pet Products, Inc (BBPP) is a holding company. The Company, through its subsidiaries, develops, produces, markets and sells pet food under the BLUE Life Protection Formula, BLUE Wilderness, BLUE Basics, BLUE Freedom and BLUE Natural Veterinary Diet lines. Blue Buffalo Company, Ltd. (Blue), Blue Buffalo Import Mexico, S.
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