Charles River Laboratories International, Inc. (NYSE:CRL) Shares Sold by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. cut its stake in shares of Charles River Laboratories International, Inc. (NYSE:CRL) by 2.4% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 11,362 shares of the medical research company’s stock after selling 274 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Charles River Laboratories International were worth $2,238,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in CRL. O Shaughnessy Asset Management LLC purchased a new position in Charles River Laboratories International in the first quarter valued at about $415,000. CreativeOne Wealth LLC acquired a new position in Charles River Laboratories International during the first quarter worth $201,000. Advisors Asset Management Inc. boosted its position in Charles River Laboratories International by 50.4% during the first quarter. Advisors Asset Management Inc. now owns 3,359 shares of the medical research company’s stock worth $910,000 after purchasing an additional 1,126 shares in the last quarter. Silvercrest Asset Management Group LLC boosted its position in Charles River Laboratories International by 12.7% during the first quarter. Silvercrest Asset Management Group LLC now owns 8,116 shares of the medical research company’s stock worth $2,199,000 after purchasing an additional 912 shares in the last quarter. Finally, Tidal Investments LLC grew its holdings in Charles River Laboratories International by 99.8% in the first quarter. Tidal Investments LLC now owns 5,297 shares of the medical research company’s stock valued at $1,435,000 after purchasing an additional 2,646 shares during the last quarter. Hedge funds and other institutional investors own 98.91% of the company’s stock.

Charles River Laboratories International Stock Performance

NYSE CRL opened at $201.16 on Tuesday. The company has a current ratio of 1.48, a quick ratio of 1.14 and a debt-to-equity ratio of 0.61. The company has a market capitalization of $10.29 billion, a PE ratio of 25.18, a price-to-earnings-growth ratio of 5.05 and a beta of 1.38. The business’s 50-day moving average price is $194.94 and its 200 day moving average price is $205.44. Charles River Laboratories International, Inc. has a twelve month low of $176.48 and a twelve month high of $275.00.

Charles River Laboratories International (NYSE:CRL) last released its earnings results on Wednesday, November 6th. The medical research company reported $2.59 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.43 by $0.16. Charles River Laboratories International had a net margin of 10.44% and a return on equity of 14.29%. The business had revenue of $1.01 billion for the quarter, compared to analysts’ expectations of $975.99 million. During the same period last year, the company earned $2.72 earnings per share. The company’s quarterly revenue was down 1.6% on a year-over-year basis. On average, research analysts predict that Charles River Laboratories International, Inc. will post 10.19 earnings per share for the current year.

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

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the company. Bank of America downgraded Charles River Laboratories International from a “buy” rating to a “neutral” rating and cut their price target for the stock from $250.00 to $215.00 in a research note on Wednesday, October 2nd. CLSA downgraded shares of Charles River Laboratories International from a “hold” rating to an “underperform” rating and set a $164.00 price target on the stock. in a report on Monday, November 18th. JPMorgan Chase & Co. cut shares of 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 research note on Thursday, August 8th. Barclays cut their price objective on Charles River Laboratories International from $230.00 to $210.00 and set an “equal weight” rating for the company in a research report on Thursday, August 8th. Finally, Citigroup cut Charles River Laboratories International from a “neutral” rating to a “sell” rating and lowered their target price for the company from $215.00 to $175.00 in a report on Tuesday, October 1st. Three equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and two have issued a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $214.38.

Insider Transactions at Charles River Laboratories International

In related news, Director Richard F. Wallman sold 6,621 shares of the stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $216.12, for a total transaction of $1,430,930.52. Following the completion of the sale, the director now owns 12,386 shares of the company’s stock, valued at approximately $2,676,862.32. This represents a 34.83 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 1.30% of the company’s stock.

About Charles River Laboratories International

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).