Fisher Asset Management LLC Sells 1,175,368 Shares of Dr. Reddy’s Laboratories Ltd $RDY

Fisher Asset Management LLC trimmed its holdings in shares of Dr. Reddy’s Laboratories Ltd (NYSE:RDY) by 69.9% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 506,043 shares of the company’s stock after selling 1,175,368 shares during the quarter. Fisher Asset Management LLC’s holdings in Dr. Reddy’s Laboratories were worth $7,105,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in RDY. Aikya Investment Management Ltd grew its position in Dr. Reddy’s Laboratories by 9.3% during the fourth quarter. Aikya Investment Management Ltd now owns 7,338,525 shares of the company’s stock valued at $103,033,000 after buying an additional 623,518 shares during the period. Caisse de depot et placement du Quebec grew its position in Dr. Reddy’s Laboratories by 167.8% during the third quarter. Caisse de depot et placement du Quebec now owns 566,200 shares of the company’s stock valued at $7,915,000 after buying an additional 354,800 shares during the period. Pinpoint Asset Management Singapore Pte. Ltd. bought a new stake in Dr. Reddy’s Laboratories during the third quarter valued at approximately $4,760,000. Balyasny Asset Management L.P. bought a new stake in Dr. Reddy’s Laboratories during the second quarter valued at approximately $5,024,000. Finally, Bessemer Group Inc. grew its position in Dr. Reddy’s Laboratories by 30.9% during the third quarter. Bessemer Group Inc. now owns 1,350,988 shares of the company’s stock valued at $18,887,000 after buying an additional 318,621 shares during the period. 3.85% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

RDY has been the subject of several recent research reports. Weiss Ratings lowered shares of Dr. Reddy’s Laboratories from a “hold (c+)” rating to a “hold (c)” rating in a research report on Tuesday, May 12th. The Goldman Sachs Group downgraded shares of Dr. Reddy’s Laboratories from a “neutral” rating to a “sell” rating in a report on Thursday, April 23rd. One investment analyst has rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, Dr. Reddy’s Laboratories currently has a consensus rating of “Hold” and a consensus target price of $16.90.

Dr. Reddy’s Laboratories Stock Performance

RDY opened at $13.54 on Friday. The firm has a market cap of $11.30 billion, a P/E ratio of 23.34, a PEG ratio of 1.88 and a beta of 0.27. Dr. Reddy’s Laboratories Ltd has a 1-year low of $12.19 and a 1-year high of $16.17. The company has a 50 day simple moving average of $13.44 and a two-hundred day simple moving average of $13.78. The company has a debt-to-equity ratio of 0.03, a current ratio of 1.80 and a quick ratio of 1.35.

Dr. Reddy’s Laboratories (NYSE:RDY) last posted its quarterly earnings results on Tuesday, May 12th. The company reported $0.06 earnings per share for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.03). The firm had revenue of $852.55 million during the quarter, compared to the consensus estimate of $886.58 million. Dr. Reddy’s Laboratories had a return on equity of 12.16% and a net margin of 12.90%. Equities analysts forecast that Dr. Reddy’s Laboratories Ltd will post 0.53 earnings per share for the current fiscal year.

Dr. Reddy’s Laboratories Company Profile

Dr. Reddy’s Laboratories Ltd. is an India‐based multinational pharmaceutical company that develops, manufactures and markets a wide range of pharmaceutical products and services. Established in 1984 by the late Dr. Kallam Anji Reddy, the company has grown into a diversified healthcare enterprise offering generic and proprietary medicines, active pharmaceutical ingredients (APIs), biosimilars and custom research and manufacturing services (CRAMS). Its portfolio spans therapeutic areas such as oncology, cardiovascular care, dermatology, gastroenterology and pain management.

The company’s core activities include the development and commercialization of cost‐effective generic treatments for branded drugs that have lost patent protection, along with in‐house research into innovative molecule development.