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

Bank of America cut shares of Charles River Laboratories International (NYSE:CRL) from a buy rating to a neutral rating in a research note published on Wednesday morning, Marketbeat reports. The firm currently has $215.00 price target on the medical research company’s stock, down from their previous price target of $250.00.

A number of other research firms have also commented on CRL. The Goldman Sachs Group decreased their price objective on shares of Charles River Laboratories International from $290.00 to $250.00 and set a buy rating for the company in a research note on Thursday, August 8th. StockNews.com upgraded Charles River Laboratories International from a hold rating to a buy rating in a report on Tuesday, August 20th. UBS Group reduced their price target on shares of Charles River Laboratories International from $290.00 to $240.00 and set a buy rating for the company in a research report on Thursday, August 8th. Argus reiterated a hold rating on shares of Charles River Laboratories International in a report on Friday, June 28th. Finally, Barclays reduced their price target on Charles River Laboratories International from $230.00 to $210.00 and set an equal weight rating for the company in a report on Thursday, August 8th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of Hold and a consensus target price of $220.25.

Charles River Laboratories International Stock Performance

Shares of NYSE CRL opened at $190.72 on Wednesday. Charles River Laboratories International has a 52-week low of $161.65 and a 52-week high of $275.00. The stock has a market capitalization of $9.82 billion, a price-to-earnings ratio of 22.44, a PEG ratio of 4.09 and a beta of 1.36. The company has a quick ratio of 1.21, a current ratio of 1.58 and a debt-to-equity ratio of 0.65. The stock’s fifty day simple moving average is $204.77 and its 200 day simple moving average is $219.88.

Charles River Laboratories International (NYSE:CRL) last issued its quarterly earnings results on Wednesday, August 7th. The medical research company reported $2.80 earnings per share for the quarter, topping 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 firm had revenue of $1.03 billion for the quarter, compared to analysts’ expectations of $1.03 billion. As a group, sell-side analysts forecast that Charles River Laboratories International will post 10.01 earnings per share for the current fiscal year.

Charles River Laboratories International announced that its Board of Directors has authorized a share buyback program on Wednesday, August 7th that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the medical research company to repurchase up to 9.6% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s management believes its shares are undervalued.

Institutional Investors Weigh In On Charles River Laboratories International

A number of hedge funds have recently bought and sold shares of the company. Tortoise Investment Management LLC lifted its position in shares of Charles River Laboratories International by 77.0% during the 2nd quarter. Tortoise Investment Management LLC now owns 131 shares of the medical research company’s stock worth $27,000 after purchasing an additional 57 shares during the last quarter. Headlands Technologies LLC bought a new stake in shares of Charles River Laboratories International in the first quarter valued at approximately $41,000. Whittier Trust Co. of Nevada Inc. boosted its position in shares of Charles River Laboratories International by 219.3% in the second quarter. Whittier Trust Co. of Nevada Inc. now owns 281 shares of the medical research company’s stock valued at $58,000 after acquiring an additional 193 shares during the period. Concord Wealth Partners grew its stake in shares of Charles River Laboratories International by 362.5% in the first quarter. Concord Wealth Partners now owns 259 shares of the medical research company’s stock worth $70,000 after acquiring an additional 203 shares during the last quarter. Finally, Sunbelt Securities Inc. increased its position in 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 acquiring an additional 236 shares during the period. 98.91% of the stock is currently owned by institutional investors.

Charles River Laboratories International Company Profile

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).