Royal Bank of Canada Buys 434,805 Shares of Dr. Reddy’s Laboratories Ltd $RDY

Royal Bank of Canada raised its stake in shares of Dr. Reddy’s Laboratories Ltd (NYSE:RDY) by 4.6% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 9,984,082 shares of the company’s stock after buying an additional 434,805 shares during the quarter. Royal Bank of Canada’s holdings in Dr. Reddy’s Laboratories were worth $138,293,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Invesco Ltd. lifted its holdings in shares of Dr. Reddy’s Laboratories by 7.6% in the second quarter. Invesco Ltd. now owns 253,342 shares of the company’s stock worth $3,808,000 after buying an additional 17,907 shares in the last quarter. EverSource Wealth Advisors LLC boosted its position in shares of Dr. Reddy’s Laboratories by 71.7% in the second quarter. EverSource Wealth Advisors LLC now owns 3,100 shares of the company’s stock valued at $47,000 after acquiring an additional 1,294 shares during the period. First Trust Advisors LP boosted its position in shares of Dr. Reddy’s Laboratories by 23.3% in the second quarter. First Trust Advisors LP now owns 65,652 shares of the company’s stock valued at $987,000 after acquiring an additional 12,390 shares during the period. Sei Investments Co. grew its stake in Dr. Reddy’s Laboratories by 37.3% during the second quarter. Sei Investments Co. now owns 124,136 shares of the company’s stock valued at $1,866,000 after acquiring an additional 33,747 shares in the last quarter. Finally, Quantinno Capital Management LP grew its stake in Dr. Reddy’s Laboratories by 92.6% during the second quarter. Quantinno Capital Management LP now owns 235,044 shares of the company’s stock valued at $3,533,000 after acquiring an additional 112,988 shares in the last quarter. 3.85% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the stock. Wall Street Zen downgraded shares of Dr. Reddy’s Laboratories from a “hold” rating to a “sell” rating in a research note on Saturday, July 25th. The Goldman Sachs Group cut Dr. Reddy’s Laboratories from a “neutral” rating to a “sell” rating in a research note on Thursday, April 23rd. Finally, Weiss Ratings downgraded Dr. Reddy’s Laboratories from a “hold (c)” rating to a “hold (c-)” rating in a report on Thursday, July 23rd. Two equities research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Dr. Reddy’s Laboratories has an average rating of “Reduce”.

Dr. Reddy’s Laboratories Stock Performance

Shares of RDY stock opened at $11.86 on Friday. The firm has a market capitalization of $9.90 billion, a price-to-earnings ratio of 26.94, a PEG ratio of 2.36 and a beta of 0.25. The stock has a fifty day moving average of $13.35 and a 200 day moving average of $13.58. Dr. Reddy’s Laboratories Ltd has a 52 week low of $11.36 and a 52 week high of $15.67. The company has a quick ratio of 1.39, a current ratio of 1.90 and a debt-to-equity ratio of 0.03.

Dr. Reddy’s Laboratories (NYSE:RDY) last issued its quarterly earnings data on Thursday, July 23rd. The company reported $0.06 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.03). Dr. Reddy’s Laboratories had a net margin of 10.15% and a return on equity of 9.49%. The company had revenue of $850.26 million for the quarter, compared to analysts’ expectations of $850.56 million. As a group, research analysts expect that Dr. Reddy’s Laboratories Ltd will post 0.47 earnings per share for the current 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.