Charles River Laboratories International, Inc. $CRL Position Lessened by Allspring Global Investments Holdings LLC

Key Points

• Allspring Global Investments cut its Charles River Laboratories stake by 53.4% in the third quarter, selling 1,017,729 shares; it retained 887,518 shares worth about $254.6 million.
• Charles River reported quarterly EPS of $3.09, beating the $2.97 consensus, and revenue of $982.7 million, above estimates. Revenue was nevertheless down 2.2% year over year.
• Analysts’ consensus rating was “Moderate Buy,” with an average price target of $308.17; 13 analysts rated the stock Buy, three Hold, and one Sell.

Allspring Global Investments Holdings LLC decreased its stake in shares of Charles River Laboratories International, Inc. (NYSE:CRL - Free Report) by 53.4% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 887,518 shares of the medical research company's stock after selling 1,017,729 shares during the quarter. Allspring Global Investments Holdings LLC owned about 1.86% of Charles River Laboratories International worth $254,567,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors also recently made changes to their positions in CRL. Physician Wealth Advisors Inc. lifted its holdings in shares of Charles River Laboratories International by 127.9% in the third quarter. Physician Wealth Advisors Inc. now owns 98 shares of the medical research company's stock valued at $29,000 after purchasing an additional 55 shares in the last quarter. Continuum Advisory LLC purchased a new position in Charles River Laboratories International during the 2nd quarter valued at about $30,000. IFP Advisors Inc increased its holdings in shares of Charles River Laboratories International by 182.8% in the third quarter. IFP Advisors Inc now owns 164 shares of the medical research company's stock worth $48,000 after purchasing an additional 106 shares during the period. Compass Wealth Management LLC purchased a new position in shares of Charles River Laboratories International during the third quarter worth about $69,000. Finally, Activest Wealth Management raised its position in shares of Charles River Laboratories International by 25.9% during the 3rd quarter. Activest Wealth Management now owns 277 shares of the medical research company's stock valued at $82,000 after buying an additional 57 shares in the last quarter. 98.91% of the stock is currently owned by institutional investors and hedge funds.

Charles River Laboratories International Price Performance

Shares of CRL opened at $337.91 on Monday. The firm has a market cap of $16.19 billion, a PE ratio of 371.33, a P/E/G ratio of 3.05 and a beta of 1.36. The company has a current ratio of 1.41, a quick ratio of 1.12 and a debt-to-equity ratio of 0.76. The firm has a fifty day simple moving average of $305.71 and a two-hundred day simple moving average of $225.19. Charles River Laboratories International, Inc. has a 1-year low of $146.20 and a 1-year high of $379.63.

Charles River Laboratories International (NYSE:CRL - Get Free Report) last released its quarterly earnings results on Wednesday, November 4th. The medical research company reported $3.09 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.97 by $0.12. Charles River Laboratories International had a return on equity of 16.95% and a net margin of 1.01%. The business had revenue of $982.73 million during the quarter, compared to the consensus estimate of $960.36 million. During the same period in the previous year, the company posted $2.43 EPS. The business's quarterly revenue was down 2.2% compared to the same quarter last year. On average, equities analysts anticipate that Charles River Laboratories International, Inc. will post 11.44 EPS for the current year.

Analyst Upgrades and Downgrades

CRL has been the topic of several research reports. Jefferies Financial Group lifted their price target on shares of Charles River Laboratories International from $305.00 to $340.00 and gave the stock a "buy" rating in a research note on Monday, September 28th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Charles River Laboratories International in a research note on Monday, September 28th. Argus set a $330.00 price target on shares of Charles River Laboratories International in a report on Thursday, September 17th. TD Cowen boosted their price target on shares of Charles River Laboratories International from $300.00 to $325.00 and gave the company a "buy" rating in a research report on Friday, September 25th. Finally, Zacks Research lowered shares of Charles River Laboratories International from a "strong-buy" rating to a "hold" rating in a research note on Monday, November 2nd. Thirteen investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Charles River Laboratories International currently has an average rating of "Moderate Buy" and an average price target of $308.17.

Insider Buying and Selling

In related news, Director James C. Foster sold 33,561 shares of the business's stock in a transaction that occurred on Tuesday, August 25th. The stock was sold at an average price of $300.00, for a total transaction of $10,068,300.00. Following the completion of the transaction, the director directly owned 31,596 shares in the company, valued at approximately $9,478,800. The trade was a 51.51% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Birgit Girshick sold 6,500 shares of the company's stock in a transaction on Tuesday, August 11th. The stock was sold at an average price of $279.90, for a total transaction of $1,819,350.00. Following the completion of the transaction, the chief executive officer directly owned 36,013 shares of the company's stock, valued at $10,080,038.70. This represents a 15.29% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 73,566 shares of company stock valued at $23,149,288 in the last 90 days. Corporate insiders own 1.30% of the company's stock.

About Charles River Laboratories International

Charles River Laboratories International is a contract research organization that supports pharmaceutical and biotechnology companies, as well as academic and government researchers, in developing medicines and advancing scientific research. Its services span the drug development process, from early discovery and preclinical research to manufacturing support.

The company's offerings include research models and related services, drug discovery and safety assessment, and manufacturing solutions.

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