Charles River Laboratories International (NYSE:CRL) Downgraded by Evercore ISI

by · The Cerbat Gem

Evercore ISI cut shares of Charles River Laboratories International (NYSE:CRL – Free Report) from an outperform rating to an inline rating in a research note released on Monday morning, MarketBeat.com reports. The firm currently has $190.00 price objective on the medical research company’s stock, down from their previous price objective of $225.00.

CRL has been the subject of a number of other reports. Argus reissued a hold rating on shares of Charles River Laboratories International in a research note on Friday, June 28th. JPMorgan Chase & Co. lowered Charles River Laboratories International from an overweight rating to a neutral rating and dropped their price objective for the stock from $270.00 to $205.00 in a report on Thursday, August 8th. TD Cowen decreased their target price on shares of Charles River Laboratories International from $228.00 to $203.00 and set a hold rating on the stock in a research report on Monday, August 12th. The Goldman Sachs Group lowered their price target on shares of Charles River Laboratories International from $290.00 to $250.00 and set a buy rating on the stock in a research note on Thursday, August 8th. Finally, Baird R W cut shares of Charles River Laboratories International from a strong-buy rating to a hold rating in a research note on Thursday, August 8th. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of Hold and a consensus target price of $217.33.

View Our Latest Report on CRL

Charles River Laboratories International Stock Performance

NYSE:CRL opened at $187.70 on Monday. The firm has a market cap of $9.67 billion, a price-to-earnings ratio of 22.08, a price-to-earnings-growth ratio of 4.09 and a beta of 1.36. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.58 and a quick ratio of 1.21. Charles River Laboratories International has a 1-year low of $161.65 and a 1-year high of $275.00. The firm’s fifty day moving average price is $200.64 and its 200 day moving average price is $217.30.

Charles River Laboratories International (NYSE:CRL – Get Free Report) last issued its earnings results on Wednesday, August 7th. The medical research company reported $2.80 earnings per share for the quarter, beating the consensus estimate of $2.39 by $0.41. Charles River Laboratories International had a net margin of 10.83% and a return on equity of 14.96%. The business had revenue of $1.03 billion for the quarter, compared to the consensus estimate of $1.03 billion. On average, sell-side analysts expect that Charles River Laboratories International will post 10.01 EPS for the current year.

Charles River Laboratories International declared that its board has authorized a stock buyback plan on Wednesday, August 7th that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the medical research company to repurchase up to 9.6% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its stock is undervalued.

Hedge Funds Weigh In On Charles River Laboratories International

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Tortoise Investment Management LLC raised its holdings in shares of Charles River Laboratories International by 77.0% in the second quarter. Tortoise Investment Management LLC now owns 131 shares of the medical research company’s stock worth $27,000 after acquiring an additional 57 shares during the last quarter. Headlands Technologies LLC purchased a new stake in Charles River Laboratories International during the 1st quarter worth about $41,000. Whittier Trust Co. of Nevada Inc. lifted its holdings in Charles River Laboratories International by 219.3% in the 2nd quarter. Whittier Trust Co. of Nevada Inc. now owns 281 shares of the medical research company’s stock valued at $58,000 after purchasing an additional 193 shares in the last quarter. Concord Wealth Partners boosted its stake in shares of Charles River Laboratories International by 362.5% during the 1st quarter. Concord Wealth Partners now owns 259 shares of the medical research company’s stock worth $70,000 after purchasing an additional 203 shares during the last quarter. Finally, Sunbelt Securities Inc. grew its holdings in shares of Charles River Laboratories International by 1,072.7% during the first quarter. Sunbelt Securities Inc. now owns 258 shares of the medical research company’s stock worth $70,000 after buying an additional 236 shares in the last quarter. Institutional investors and hedge funds own 98.91% of the company’s stock.

About Charles River Laboratories International

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Charles River Laboratories International, Inc provides drug discovery, non-clinical development, and safety testing services in the United States, Europe, Canada, the Asia Pacific, and internationally. It operates through three segments: Research Models and Services (RMS), Discovery and Safety Assessment (DSA), and Manufacturing Solutions (Manufacturing).

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