General Mills To Buy Blue Buffalo Pet Food For $8 Billion

Cornelia Mascio
Febbraio 23, 2018

Cheerios cereal maker, General Mills inc is set to buy Blue Buffalo Pet Products Inc for nearly $8billion, the company announced today. Finally, Wells Fargo & Company MN grew its stake in Blue Buffalo Pet Products by 14.8% in the 3rd quarter. Zacks Investment Research upgraded shares of Blue Buffalo Pet Products from a "hold" rating to a "buy" rating and set a $37.00 target price on the stock in a report on Monday, January 15th. BidaskClub downgraded shares of Blue Buffalo Pet Products from a "strong-buy" rating to a "buy" rating in a research report on Thursday, January 25th. Also, insider William W. Bishop, Jr. sold 21,200 shares of Blue Buffalo Pet Products stock in a transaction on Tuesday, February 13th. The shares were sold at an average price of $32.41, for a total transaction of $103,063.80. Following the completion of the transaction, the insider now directly owns 636,010 shares of the company's stock, valued at approximately $20,511,322.50. The disclosure for this sale can be found here. General Mills will finance the transaction with a combination of debt, cash on hand, and around $1 billion in equity. Corporate insiders own 7.70% of the company's stock. Oppenheimer reissued a "buy" rating and issued a $37.00 price target on shares of Blue Buffalo Pet Products in a report on Wednesday, January 24th. The firm has a market cap of $6,787.35, a P/E ratio of 39.06, a PEG ratio of 2.04 and a beta of 1.83. Citigroup boosted their price target on shares of Blue Buffalo Pet Products from $33.00 to $39.00 and gave the company a "buy" rating in a report on Tuesday, January 16th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and nine have given a buy rating to the company's stock. The company presently has an average rating of "Buy" and an average target price of $32.54. Blue Buffalo also rang up $250 million of net revenues in 2017 growing over 75% versus prior year through the e-commerce channel.

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According to Euromonitor International's head of pet care research, Paula Flores, the natural trend is driving growth for niche companies.

Once the deal closes, Blue Buffalo will be run as a new pet operating segment, General Mills said, and it will continue to operate out of its Wilton, Connecticut headquarters.

Want to see what other hedge funds are holding BUFF? 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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