Needham & Company LLC Reiterates Buy Rating for BellRing Brands (NYSE:BRBR)

BellRing Brands (NYSE:BRBR)‘s stock had its “buy” rating reiterated by stock analysts at Needham & Company LLC in a research note issued to investors on Tuesday, Benzinga reports. They currently have a $62.00 price objective on the stock. Needham & Company LLC’s target price points to a potential upside of 6.73% from the company’s current price.

BRBR has been the subject of several other research reports. Stephens reiterated an “equal weight” rating and issued a $51.00 price objective on shares of BellRing Brands in a research report on Tuesday, February 6th. Barclays increased their price objective on shares of BellRing Brands from $56.00 to $62.00 and gave the stock an “overweight” rating in a report on Thursday, February 8th. Citigroup began coverage on shares of BellRing Brands in a research note on Thursday, February 1st. They issued a “buy” rating and a $67.00 target price for the company. Morgan Stanley increased their price target on shares of BellRing Brands from $61.00 to $65.00 and gave the company an “overweight” rating in a research note on Thursday, March 7th. Finally, Stifel Nicolaus upped their price objective on BellRing Brands from $60.00 to $63.00 and gave the stock a “buy” rating in a report on Wednesday, February 7th. Three equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to MarketBeat, BellRing Brands currently has a consensus rating of “Moderate Buy” and a consensus price target of $61.58.

BellRing Brands Stock Performance

Shares of NYSE:BRBR opened at $58.09 on Tuesday. The company’s fifty day moving average is $57.88 and its 200-day moving average is $54.40. BellRing Brands has a 52 week low of $34.58 and a 52 week high of $62.76. The company has a market capitalization of $7.61 billion, a PE ratio of 46.85, a P/E/G ratio of 2.18 and a beta of 0.85.

BellRing Brands (NYSE:BRBR) last released its quarterly earnings results on Monday, May 6th. The company reported $0.45 EPS for the quarter, beating analysts’ consensus estimates of $0.34 by $0.11. The firm had revenue of $494.60 million for the quarter, compared to analyst estimates of $467.22 million. BellRing Brands had a net margin of 9.52% and a negative return on equity of 56.67%. The company’s revenue for the quarter was up 28.3% compared to the same quarter last year. During the same period in the previous year, the business earned $0.24 earnings per share. On average, analysts forecast that BellRing Brands will post 1.67 EPS for the current year.

Hedge Funds Weigh In On BellRing Brands

Several hedge funds have recently added to or reduced their stakes in the stock. Arizona State Retirement System increased its stake in shares of BellRing Brands by 0.8% in the 3rd quarter. Arizona State Retirement System now owns 37,813 shares of the company’s stock valued at $1,559,000 after acquiring an additional 295 shares during the last quarter. Spire Wealth Management increased its stake in BellRing Brands by 40.0% in the fourth quarter. Spire Wealth Management now owns 1,050 shares of the company’s stock valued at $56,000 after purchasing an additional 300 shares in the last quarter. Parallel Advisors LLC increased its stake in BellRing Brands by 153.6% in the fourth quarter. Parallel Advisors LLC now owns 596 shares of the company’s stock valued at $33,000 after purchasing an additional 361 shares in the last quarter. Allworth Financial LP raised its holdings in BellRing Brands by 59.2% in the third quarter. Allworth Financial LP now owns 1,008 shares of the company’s stock worth $42,000 after purchasing an additional 375 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. boosted its position in shares of BellRing Brands by 0.7% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 68,764 shares of the company’s stock worth $2,835,000 after purchasing an additional 494 shares in the last quarter. Institutional investors and hedge funds own 94.97% of the company’s stock.

About BellRing Brands

BellRing Brands, Inc, together with its subsidiaries, provides various nutrition products in the United States. The company offers ready-to-drink (RTD) protein shakes, other RTD beverages, powders, nutrition bars, and other products primarily under the Premier Protein and Dymatize brands. It distributes its products through club, food, drug, mass, eCommerce, specialty, and convenience channels.