Published On: Thu, Sep 8th, 2016

Oppenheimer Holdings Inc. Begins Coverage on Blue Buffalo Pet Products Inc. (BUFF)

Research analysts at Oppenheimer Holdings Inc. assumed coverage on shares of Blue Buffalo Pet Products Inc. (NASDAQ:BUFF) in a research report issued to clients and investors on Thursday. The firm set an “outperform” rating and a $30.00 price target on the stock. Oppenheimer Holdings Inc.’s price target points to a potential upside of 14.20% from the company’s previous close.
Other equities research analysts have also recently issued research reports about the stock. Deutsche Bank AG boosted their target price on shares of Blue Buffalo Pet Products from $28.00 to $30.00 and gave the company a “buy” rating in a report on Thursday, August 11th. Citigroup Inc. boosted their target price on shares of Blue Buffalo Pet Products from $30.00 to $31.00 and gave the company a “buy” rating in a report on Thursday, August 11th. Zacks Investment Research raised shares of Blue Buffalo Pet Products from a “hold” rating to a “buy” rating and set a $27.00 target price on the stock in a report on Wednesday, June 15th. Stephens reissued a “hold” rating on shares of Blue Buffalo Pet Products in a report on Thursday, June 30th. Finally, Wedbush reissued a “neutral” rating and set a $22.00 target price on shares of Blue Buffalo Pet Products in a report on Wednesday, June 1st. Two analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus price target of $28.86.
Blue Buffalo Pet Products (NASDAQ:BUFF) traded up 1.27% during midday trading on Thursday, hitting $26.27. The company had a trading volume of 1,288,140 shares. Blue Buffalo Pet Products has a 52 week low of $15.19 and a 52 week high of $27.50. The firm’s 50 day moving average is $25.90 and its 200-day moving average is $24.51. The firm has a market capitalization of $5.16 billion, a P/E ratio of 47.76 and a beta of 2.37.

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Blue Buffalo Pet Products (NASDAQ:BUFF) last issued its earnings results on Wednesday, August 10th. The company reported $0.19 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.17 by $0.02. The business had revenue of $286.85 million for the quarter, compared to the consensus estimate of $281.90 million. Blue Buffalo Pet Products’s revenue for the quarter was up 12.9% on a year-over-year basis.
In related news, CEO Kurt Schmidt sold 150,000 shares of the company’s stock in a transaction on Tuesday, July 5th. The shares were sold at an average price of $21.29, for a total value of $3,193,500.00. Following the completion of the transaction, the chief executive officer now directly owns 203,571 shares in the company, valued at $4,334,026.59. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director L.P. Invus sold 15,014,548 shares of the company’s stock in a transaction on Tuesday, July 5th. The stock was sold at an average price of $21.29, for a total transaction of $319,659,726.92. The disclosure for this sale can be found here. 10.30% of the stock is currently owned by insiders.
A number of hedge funds and institutional investors recently made changes to their positions in BUFF. Legal & General Group Plc bought a new position in shares of Blue Buffalo Pet Products during the first quarter valued at about $143,000. JPMorgan Chase & Co. bought a new position in shares of Blue Buffalo Pet Products during the first quarter valued at about $153,000. C M Bidwell & Associates Ltd. bought a new position in shares of Blue Buffalo Pet Products during the first quarter valued at about $181,000. Tocqueville Asset Management L.P. bought a new position in shares of Blue Buffalo Pet Products during the second quarter valued at about $222,000. Finally, BlackRock Inc. raised its position in shares of Blue Buffalo Pet Products by 112.9% in the first quarter. BlackRock Inc. now owns 11,760 shares of the company’s stock valued at $302,000 after buying an additional 6,237 shares during the period. Institutional investors own 90.06% of the company’s stock.
Blue Buffalo Pet Products Company Profile
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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