Morgan Stanley reduced its stake in shares of Blue Buffalo Pet Products, Inc. (NASDAQ:BUFF) by 48.8% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 345,472 shares of the company’s stock after selling 329,562 shares during the period. Morgan Stanley owned about 0.18% of Blue Buffalo Pet Products worth $7,946,000 as of its most recent filing with the SEC.
Several other institutional investors also recently made changes to their positions in BUFF. Dimensional Fund Advisors LP boosted its position in shares of Blue Buffalo Pet Products by 30.3% in the first quarter. Dimensional Fund Advisors LP now owns 786,099 shares of the company’s stock valued at $18,080,000 after buying an additional 182,923 shares during the last quarter. Geode Capital Management LLC boosted its position in shares of Blue Buffalo Pet Products by 11.6% in the first quarter. Geode Capital Management LLC now owns 756,173 shares of the company’s stock valued at $17,391,000 after buying an additional 78,348 shares during the last quarter. Mackenzie Financial Corp bought a new position in shares of Blue Buffalo Pet Products during the first quarter valued at about $24,304,000. Marshall Wace North America L.P. acquired a new stake in Blue Buffalo Pet Products during the first quarter valued at $2,885,000. Finally, MARSHALL WACE ASIA Ltd acquired a new stake in Blue Buffalo Pet Products during the first quarter valued at $2,885,000. Institutional investors and hedge funds own 87.11% of the company’s stock.
Shares of Blue Buffalo Pet Products, Inc. (BUFF) traded up 0.24% during mid-day trading on Friday, hitting $24.66. The stock had a trading volume of 1,684,938 shares. The firm has a market cap of $4.86 billion, a P/E ratio of 34.73 and a beta of 1.95. Blue Buffalo Pet Products, Inc. has a 12-month low of $21.51 and a 12-month high of $26.72. The company has a 50 day moving average price of $22.88 and a 200 day moving average price of $23.69.
Blue Buffalo Pet Products (NASDAQ:BUFF) last posted its quarterly earnings data on Tuesday, August 8th. The company reported $0.21 EPS for the quarter, hitting the Zacks’ consensus estimate of $0.21. Blue Buffalo Pet Products had a net margin of 12.13% and a return on equity of 98.02%. The company had revenue of $294.80 million during the quarter, compared to the consensus estimate of $301.88 million. During the same period in the prior year, the business posted $0.19 EPS. The company’s quarterly revenue was up 2.8% on a year-over-year basis. Equities analysts forecast that Blue Buffalo Pet Products, Inc. will post $0.92 earnings per share for the current fiscal year.
Blue Buffalo Pet Products declared that its board has authorized a stock buyback plan on Tuesday, August 8th that authorizes the company to repurchase $50.00 million in outstanding shares. This repurchase authorization authorizes the company to repurchase up to 1.2% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s leadership believes its shares are undervalued.
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BUFF has been the subject of several recent analyst reports. BidaskClub cut Blue Buffalo Pet Products from a “sell” rating to a “strong sell” rating in a research note on Tuesday, July 11th. Susquehanna Bancshares Inc set a $32.00 target price on Blue Buffalo Pet Products and gave the company a “buy” rating in a report on Thursday, May 25th. Imperial Capital started 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. Zacks Investment Research raised Blue Buffalo Pet Products from a “sell” rating to a “hold” rating in a report on Thursday, August 10th. Finally, Robert W. Baird began coverage on Blue Buffalo Pet Products in a report on Monday, July 24th. They issued a “neutral” rating and a $23.00 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 an average rating of “Buy” and a consensus price target of $27.00.
In related news, CFO Michael Nathenson sold 50,000 shares of the firm’s stock in a transaction dated Thursday, August 17th. The shares were sold at an average price of $25.00, for a total value of $1,250,000.00. Following the completion of the sale, the chief financial officer now directly owns 50,000 shares in the company, valued at approximately $1,250,000. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 7.70% of the company’s stock.
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.
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