Charles River Laboratories International (NYSE:CRL) Posts Earnings Results, Beats Estimates By $0.16 EPS

Charles River Laboratories International (NYSE:CRL) issued its quarterly earnings results on Wednesday. The medical research company reported $2.59 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.43 by $0.16, Briefing.com reports. Charles River Laboratories International had a return on equity of 14.96% and a net margin of 10.83%. The firm had revenue of $1.01 billion for the quarter, compared to analysts’ expectations of $975.99 million. During the same quarter in the previous year, the firm posted $2.72 EPS. The firm’s revenue for the quarter was down 1.6% on a year-over-year basis. Charles River Laboratories International updated its FY 2024 guidance to 10.100-10.300 EPS.

Charles River Laboratories International Trading Up 2.4 %

Shares of CRL stock opened at $215.39 on Friday. Charles River Laboratories International has a fifty-two week low of $166.87 and a fifty-two week high of $275.00. 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 business has a fifty day simple moving average of $193.91 and a 200-day simple moving average of $208.49. The stock has a market cap of $11.12 billion, a P/E ratio of 25.80, a P/E/G ratio of 6.25 and a beta of 1.38.

Analysts Set New Price Targets

CRL has been the subject of several analyst reports. JPMorgan Chase & Co. cut Charles River Laboratories International from an “overweight” rating to a “neutral” rating and cut their price target for the stock from $270.00 to $205.00 in a research note on Thursday, August 8th. Robert W. Baird reduced their target price on shares of Charles River Laboratories International from $191.00 to $190.00 and set a “neutral” rating for the company in a research note on Friday, September 20th. Citigroup downgraded shares of 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. Barclays cut their price target on shares of 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. Finally, The Goldman Sachs Group lowered their price objective on 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. Two equities research analysts have rated the stock with a sell rating, thirteen have given a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, Charles River Laboratories International currently has an average rating of “Hold” and an average target price of $214.93.

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

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).