Zacks Investment Research upgraded shares of Dr.Reddy's Laboratories (NYSE:RDY) from a sell rating to a hold rating in a research note released on Tuesday, January 2nd.
According to Zacks, “In second-quarter fiscal 2018, Dr. Reddy’s sales and earnings declined year-over-year decline. The top line declined due to price erosion and increased competitive pressures. the company remains focused on launching new products as well as on improving operational efficiencies and quality management systems. Dr. Reddy’s enjoys a strong position in the generics market. However, the company's North American business is witnessing pricing pressures due to enhanced channel consolidation and increased competitive pressure on sales of some of its key generic products. Consequently, the company’s shares have declined year to date. However, Dr. Reddy’s is undertaking some strategic measures to combat the ongoing challenges.”
Several other equities analysts have also recently issued reports on RDY. Morgan Stanley upgraded Dr.Reddy's Laboratories from an equal weight rating to an overweight rating in a research report on Thursday, September 21st. Jefferies Group decreased their price target on Dr.Reddy's Laboratories from $31.62 to $30.51 and set an underperform rating on the stock in a research note on Wednesday, November 1st. Two analysts have rated the stock with a sell rating, two have issued a hold rating and two have assigned a buy rating to the company. The company has a consensus rating of Hold and an average price target of $30.51.
Dr.Reddy's Laboratories (NYSE RDY) opened at $38.20 on Tuesday. The company has a debt-to-equity ratio of 0.20, a current ratio of 1.46 and a quick ratio of 1.08. Dr.Reddy's Laboratories has a 52-week low of $29.83 and a 52-week high of $46.95. The stock has a market capitalization of $6,340.00, a PE ratio of 36.04 and a beta of 0.39.
Several hedge funds have recently added to or reduced their stakes in the company. Royal Bank of Canada increased its holdings in shares of Dr.Reddy's Laboratories by 34.8% during the 2nd quarter. Royal Bank of Canada now owns 3,460,613 shares of the company’s stock worth $145,831,000 after buying an additional 893,138 shares during the last quarter. Commonwealth Bank of Australia increased its holdings in Dr.Reddy's Laboratories by 5.1% in the 2nd quarter. Commonwealth Bank of Australia now owns 3,452,533 shares of the company’s stock valued at $145,488,000 after purchasing an additional 168,818 shares in the last quarter. State Street Corp increased its holdings in Dr.Reddy's Laboratories by 20.3% in the 2nd quarter. State Street Corp now owns 629,903 shares of the company’s stock valued at $26,545,000 after purchasing an additional 106,321 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in Dr.Reddy's Laboratories by 1.4% in the 3rd quarter. Dimensional Fund Advisors LP now owns 581,938 shares of the company’s stock valued at $20,769,000 after purchasing an additional 8,200 shares in the last quarter. Finally, Northern Trust Corp increased its holdings in Dr.Reddy's Laboratories by 2.7% in the 2nd quarter. Northern Trust Corp now owns 427,419 shares of the company’s stock valued at $18,012,000 after purchasing an additional 11,378 shares in the last quarter. Institutional investors and hedge funds own 13.71% of the company’s stock.
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About Dr.Reddy's Laboratories
Dr. Reddy’s Laboratories Limited is a pharmaceutical company that is engaged in providing medicines. The Company operates in three segments: Global Generics, Pharmaceutical Services and Active Ingredients (PSAI), and Proprietary Products. The Global Generics segment includes manufacturing and marketing prescription and over-the-counter finished pharmaceutical products ready for consumption by the patient, marketed under a brand name (branded formulations) or as generic finished dosages with therapeutic equivalence to branded formulations (generics).
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