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

Charles River Laboratories International (NYSE:CRL) was downgraded by Bank of America from a “buy” rating to a “neutral” rating in a research report issued to clients and investors on Wednesday, Marketbeat Ratings reports. They presently have a $215.00 target price on the medical research company’s stock, down from their prior target price of $250.00. Bank of America‘s target price points to a potential upside of 13.37% from the stock’s previous close.

Several other brokerages also recently issued reports on CRL. TD Cowen reduced their price objective on Charles River Laboratories International from $228.00 to $203.00 and set a “hold” rating for the company in a research report on Monday, August 12th. The Goldman Sachs Group reduced their price target on Charles River Laboratories International from $290.00 to $250.00 and set a “buy” rating for the company in a research report on Thursday, August 8th. Mizuho started coverage on Charles River Laboratories International in a report on Friday, June 7th. They set a “neutral” rating and a $235.00 price target on the stock. Evercore ISI reduced their price objective on shares of Charles River Laboratories International from $265.00 to $225.00 and set an “outperform” rating for the company in a report on Thursday, August 8th. Finally, Barclays lowered their target price on shares of Charles River Laboratories International from $230.00 to $210.00 and set an “equal weight” rating on the stock in a research note on Thursday, August 8th. One research 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. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $220.25.

Charles River Laboratories International Price Performance

Shares of CRL opened at $189.64 on Wednesday. Charles River Laboratories International has a 12 month low of $161.65 and a 12 month high of $275.00. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.58 and a quick ratio of 1.21. The stock has a fifty day moving average price of $205.42 and a 200 day moving average price of $220.09. The company has a market cap of $9.77 billion, a P/E ratio of 22.31, a PEG ratio of 4.09 and a beta of 1.36.

Charles River Laboratories International (NYSE:CRL) last released its quarterly earnings results on Wednesday, August 7th. The medical research company reported $2.80 EPS for the quarter, topping the consensus estimate of $2.39 by $0.41. The business had revenue of $1.03 billion during the quarter, compared to analyst estimates of $1.03 billion. Charles River Laboratories International had a net margin of 10.83% and a return on equity of 14.96%. On average, research analysts forecast that Charles River Laboratories International will post 10.01 earnings per share for the current year.

Charles River Laboratories International announced that its Board of Directors has approved a share repurchase plan on Wednesday, August 7th that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the medical research company to reacquire up to 9.6% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board believes its shares are undervalued.

Institutional Investors Weigh In On Charles River Laboratories International

Several large investors have recently modified their holdings of CRL. Tortoise Investment Management LLC lifted its holdings in shares of Charles River Laboratories International by 77.0% during the second quarter. Tortoise Investment Management LLC now owns 131 shares of the medical research company’s stock valued at $27,000 after purchasing an additional 57 shares during the last quarter. Headlands Technologies LLC acquired a new stake in Charles River Laboratories International during the 1st quarter worth about $41,000. Whittier Trust Co. of Nevada Inc. lifted its stake in Charles River Laboratories International by 219.3% during 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 buying an additional 193 shares in the last quarter. Concord Wealth Partners boosted its holdings 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 buying an additional 203 shares during the period. Finally, Sunbelt Securities Inc. increased its position in shares of Charles River Laboratories International by 1,072.7% in 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 in the last quarter. 98.91% of the stock is 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).