Charles River Laboratories International (NYSE:CRL) Downgraded by Bank of America to Neutral

by · The Cerbat Gem

Bank of America downgraded shares of Charles River Laboratories International (NYSE:CRL – Free Report) from a buy rating to a neutral rating in a report issued on Wednesday, MarketBeat.com reports. The firm currently has $215.00 price target on the medical research company’s stock, down from their prior price target of $250.00.

Other equities analysts have also recently issued research reports about the stock. Mizuho started coverage on shares of Charles River Laboratories International in a research note on Friday, June 7th. They set a neutral rating and a $235.00 target price on the stock. The Goldman Sachs Group dropped their target price on shares of Charles River Laboratories International from $290.00 to $250.00 and set a buy rating on the stock in a report on Thursday, August 8th. Citigroup lowered shares of Charles River Laboratories International from a neutral rating to a sell rating and decreased their target price for the company from $215.00 to $175.00 in a research note on Tuesday, October 1st. JPMorgan Chase & Co. cut shares of Charles River Laboratories International from an overweight rating to a neutral rating and dropped their price target for the stock from $270.00 to $205.00 in a research note on Thursday, August 8th. Finally, Argus reiterated a hold rating on shares of Charles River Laboratories International in a research note on Friday, June 28th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of Hold and a consensus target price of $220.25.

Read Our Latest Stock Analysis on Charles River Laboratories International

Charles River Laboratories International Stock Up 0.6 %

CRL opened at $190.74 on Wednesday. The stock has a market cap of $9.83 billion, a PE ratio of 22.44, a P/E/G ratio of 4.09 and a beta of 1.36. Charles River Laboratories International has a 52 week low of $161.65 and a 52 week high of $275.00. The business’s fifty day simple moving average is $203.92 and its 200 day simple moving average is $219.38. The company has a quick ratio of 1.21, a current ratio of 1.58 and a debt-to-equity ratio of 0.65.

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

Charles River Laboratories International declared that its board has approved a stock buyback program on Wednesday, August 7th that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the medical research company to repurchase up to 9.6% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s management believes its stock is undervalued.

Hedge Funds Weigh In On Charles River Laboratories International

Several institutional investors and hedge funds have recently bought and sold shares of CRL. Vanguard Group Inc. grew its stake in Charles River Laboratories International by 1.1% during the 1st quarter. Vanguard Group Inc. now owns 6,046,467 shares of the medical research company’s stock worth $1,638,290,000 after buying an additional 66,161 shares during the last quarter. Kayne Anderson Rudnick Investment Management LLC lifted its stake in shares of Charles River Laboratories International by 1.7% in the 2nd quarter. Kayne Anderson Rudnick Investment Management LLC now owns 1,908,989 shares of the medical research company’s stock valued at $394,359,000 after purchasing an additional 31,359 shares during the period. Clearbridge Investments LLC raised its position in shares of Charles River Laboratories International by 3.1% in the first quarter. Clearbridge Investments LLC now owns 1,513,138 shares of the medical research company’s stock worth $409,985,000 after acquiring an additional 45,079 shares during the period. Allspring Global Investments Holdings LLC boosted its stake in shares of Charles River Laboratories International by 11.9% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 1,251,618 shares of the medical research company’s stock worth $258,559,000 after acquiring an additional 132,802 shares in the last quarter. Finally, Meritage Group LP grew its position in shares of Charles River Laboratories International by 2.3% during the 1st quarter. Meritage Group LP now owns 1,182,268 shares of the medical research company’s stock valued at $320,336,000 after acquiring an additional 26,892 shares during the period. 98.91% of the stock is owned by hedge funds and other institutional investors.

Charles River Laboratories International Company Profile

(Get Free Report)

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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