Blue Buffalo Pet Products, Inc. (NASDAQ:BUFF) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Tuesday. The brokerage currently has a $33.00 target price on the stock. Zacks Investment Research‘s price objective would suggest a potential upside of 16.57% from the company’s previous close.

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. “

A number of other brokerages also recently issued reports on BUFF. Oppenheimer Holdings, Inc. reiterated a “buy” rating and set a $32.00 price target (up previously from $25.00) on shares of Blue Buffalo Pet Products in a research report on Wednesday, September 27th. Susquehanna Bancshares Inc increased their price target on Blue Buffalo Pet Products from $30.00 to $32.00 and gave the stock a “positive” rating in a research report on Thursday, September 21st. Sanford C. Bernstein began coverage on Blue Buffalo Pet Products in a research report on Wednesday, September 13th. They set a “market perform” rating and a $29.00 price target on the stock. Citigroup Inc. reiterated a “top pick” rating on shares of Blue Buffalo Pet Products in a research report on Saturday, September 16th. Finally, Robert W. Baird reiterated a “hold” rating and set a $23.00 price target on shares of Blue Buffalo Pet Products in a research report on Friday, September 1st. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating, eight have given a buy rating and one has given a strong buy rating to the company. The company presently has an average rating of “Buy” and a consensus price target of $29.36.

Blue Buffalo Pet Products (NASDAQ BUFF) traded down 2.71% on Tuesday, reaching $28.31. The company had a trading volume of 2,293,685 shares. Blue Buffalo Pet Products has a 1-year low of $21.60 and a 1-year high of $29.44. The stock has a market capitalization of $5.58 billion, a P/E ratio of 39.87 and a beta of 1.94. The stock’s 50 day moving average is $27.47 and its 200-day moving average is $27.47.

Blue Buffalo Pet Products (NASDAQ:BUFF) last issued its quarterly earnings results on Tuesday, August 8th. The company reported $0.21 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.21. The company had revenue of $294.80 million for the quarter, compared to the consensus estimate of $301.88 million. Blue Buffalo Pet Products had a return on equity of 98.02% and a net margin of 12.13%. Blue Buffalo Pet Products’s revenue for the quarter was up 2.8% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.19 earnings per share. On average, equities analysts predict that Blue Buffalo Pet Products will post $0.92 EPS for the current fiscal year.

Blue Buffalo Pet Products declared that its board has authorized a stock repurchase plan on Tuesday, August 8th that permits the company to repurchase $50.00 million in outstanding shares. This repurchase authorization permits the company to buy up to 1.2% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board of directors believes its stock is undervalued.

TRADEMARK VIOLATION WARNING: “Blue Buffalo Pet Products, Inc. (BUFF) Upgraded to “Buy” by Zacks Investment Research” was first published by Daily Political and is the property of of Daily Political. If you are accessing this article on another site, it was copied illegally and republished in violation of U.S. and international trademark and copyright law. The correct version of this article can be viewed at https://www.dailypolitical.com/2017/10/10/blue-buffalo-pet-products-inc-buff-upgraded-to-buy-by-zacks-investment-research.html.

In related news, CFO Michael Nathenson sold 50,000 shares of the stock in a transaction that occurred on Monday, August 28th. The stock was sold at an average price of $25.77, for a total value of $1,288,500.00. Following the completion of the sale, the chief financial officer now owns 50,000 shares of the company’s stock, valued at $1,288,500. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In the last 90 days, insiders sold 187,072 shares of company stock worth $4,736,802. Company insiders own 7.70% of the company’s stock.

Several large investors have recently bought and sold shares of the stock. Principal Financial Group Inc. increased its holdings in shares of Blue Buffalo Pet Products by 0.4% in the first quarter. Principal Financial Group Inc. now owns 13,046 shares of the company’s stock valued at $300,000 after purchasing an additional 56 shares during the last quarter. NGAM Advisors L.P. increased its holdings in shares of Blue Buffalo Pet Products by 0.4% in the second quarter. NGAM Advisors L.P. now owns 27,961 shares of the company’s stock valued at $638,000 after purchasing an additional 105 shares during the last quarter. ETRADE Capital Management LLC increased its holdings in shares of Blue Buffalo Pet Products by 0.4% in the second quarter. ETRADE Capital Management LLC now owns 32,243 shares of the company’s stock valued at $735,000 after purchasing an additional 114 shares during the last quarter. Advisor Group Inc. increased its holdings in shares of Blue Buffalo Pet Products by 6.5% in the second quarter. Advisor Group Inc. now owns 4,513 shares of the company’s stock valued at $103,000 after purchasing an additional 277 shares during the last quarter. Finally, The Manufacturers Life Insurance Company increased its holdings in shares of Blue Buffalo Pet Products by 9.6% in the second quarter. The Manufacturers Life Insurance Company now owns 6,070 shares of the company’s stock valued at $138,000 after purchasing an additional 533 shares during the last quarter. 88.74% of the stock is owned by hedge funds and other 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)

Receive News & Ratings for Blue Buffalo Pet Products Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Blue Buffalo Pet Products Inc. and related companies with MarketBeat.com's FREE daily email newsletter.