PNC Financial Services Group Inc. Decreases Position in Charles River Laboratories International, Inc. (NYSE:CRL)

PNC Financial Services Group Inc. reduced its stake in shares of Charles River Laboratories International, Inc. (NYSE:CRL) by 2.4% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 11,362 shares of the medical research company’s stock after selling 274 shares during the period. PNC Financial Services Group Inc.’s holdings in Charles River Laboratories International were worth $2,238,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Tortoise Investment Management LLC raised its stake 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 period. Wolff Wiese Magana LLC acquired a new position in Charles River Laboratories International in the 3rd quarter worth $32,000. Assetmark Inc. boosted its position in Charles River Laboratories International by 1,153.3% in the 3rd quarter. Assetmark Inc. now owns 188 shares of the medical research company’s stock valued at $37,000 after buying an additional 173 shares during the last quarter. Whittier Trust Co. of Nevada Inc. grew its stake in shares of 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 acquiring an additional 193 shares in the last quarter. Finally, Covestor Ltd increased its position in shares of Charles River Laboratories International by 40.9% during the third quarter. Covestor Ltd now owns 327 shares of the medical research company’s stock worth $65,000 after acquiring an additional 95 shares during the last quarter. 98.91% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, Director Richard F. Wallman sold 6,621 shares of the business’s stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $216.12, for a total transaction of $1,430,930.52. Following the completion of the transaction, the director now directly owns 12,386 shares in the company, valued at approximately $2,676,862.32. The trade was a 34.83 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 1.30% of the stock is owned by insiders.

Analyst Ratings Changes

A number of research analysts recently commented on the company. Redburn Atlantic initiated coverage on Charles River Laboratories International in a report on Monday, October 14th. They issued a “sell” rating and a $151.00 price target for the company. Bank of America downgraded shares of Charles River Laboratories International from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $250.00 to $215.00 in a research report on Wednesday, October 2nd. Citigroup cut shares of Charles River Laboratories International from a “neutral” rating to a “sell” rating and cut their price target for the company from $215.00 to $175.00 in a report on Tuesday, October 1st. StockNews.com lowered shares of Charles River Laboratories International from a “buy” rating to a “hold” rating in a report on Thursday, November 7th. Finally, Robert W. Baird cut their target price on shares of Charles River Laboratories International from $191.00 to $190.00 and set a “neutral” rating on the stock in a research note on Friday, September 20th. Three investment analysts have rated the stock with a sell rating, eleven have given a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, Charles River Laboratories International presently has a consensus rating of “Hold” and a consensus price target of $214.38.

Charles River Laboratories International Trading Up 2.8 %

Shares of NYSE CRL opened at $201.16 on Tuesday. Charles River Laboratories International, Inc. has a 12-month low of $176.48 and a 12-month high of $275.00. The company has a market cap of $10.29 billion, a price-to-earnings ratio of 25.18, a price-to-earnings-growth ratio of 5.05 and a beta of 1.38. 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 stock’s 50 day simple moving average is $194.94 and its 200 day simple moving average is $205.44.

Charles River Laboratories International (NYSE:CRL) last announced its quarterly earnings results on Wednesday, November 6th. The medical research company reported $2.59 earnings per share (EPS) for the quarter, beating 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 company had revenue of $1.01 billion during the quarter, compared to the consensus estimate of $975.99 million. During the same quarter in the previous year, the company posted $2.72 earnings per share. The company’s revenue for the quarter was down 1.6% compared to the same quarter last year. Equities research analysts expect that Charles River Laboratories International, Inc. will post 10.19 EPS for the current year.

Charles River Laboratories International declared that its Board of Directors has initiated a share buyback program on Wednesday, August 7th that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the medical research company to buy up to 9.6% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board believes its stock is undervalued.

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).