DRDGOLD (NYSE:DRD) Hits New 1-Year High - What's Next?

Key Points

• DRDGOLD Limited's stock price reached a new 52-week high of $29.12, with an average price target of $30.50 set by analysts.
• The company recently increased its annual dividend to $0.2269, up from $0.16, which corresponds to a robust yield of 202.0%.
• Hedge funds are actively adjusting their positions in DRDGOLD, with significant increases in holdings from several key investors, indicating growing institutional interest.

DRDGOLD Limited (NYSE:DRD - Get Free Report)'s stock price reached a new 52-week high during trading on Monday . The stock traded as high as $29.12 and last traded at $28.45, with a volume of 121426 shares changing hands. The stock had previously closed at $28.41.

Analysts Set New Price Targets

Several brokerages have recently weighed in on DRD. HC Wainwright upped their price target on shares of DRDGOLD from $18.75 to $30.50 and gave the stock a "buy" rating in a research report on Tuesday, September 23rd. Wall Street Zen downgraded shares of DRDGOLD from a "strong-buy" rating to a "buy" rating in a research note on Sunday, August 17th. Finally, Zacks Research upgraded DRDGOLD from a "hold" rating to a "strong-buy" rating in a report on Monday, August 25th. One analyst has rated the stock with a Strong Buy rating and one has assigned a Buy rating to the company. According to MarketBeat.com, DRDGOLD has a consensus rating of "Strong Buy" and an average target price of $30.50.

DRDGOLD Stock Performance

The stock has a market cap of $2.42 billion, a PE ratio of 22.19 and a beta of 0.36. The firm has a fifty day moving average price of $18.64 and a 200 day moving average price of $15.98.

DRDGOLD Increases Dividend

The firm also recently declared an annual dividend, which was paid on Monday, September 22nd. Shareholders of record on Friday, September 12th were issued a $0.2269 dividend. This is a boost from DRDGOLD's previous annual dividend of $0.16. This represents a yield of 202.0%. The ex-dividend date of this dividend was Friday, September 12th. DRDGOLD's dividend payout ratio is 29.37%.

Hedge Funds Weigh In On DRDGOLD

Hedge funds and other institutional investors have recently modified their holdings of the stock. Banque Cantonale Vaudoise purchased a new stake in DRDGOLD during the 1st quarter worth approximately $39,000. Brooklyn Investment Group increased its holdings in DRDGOLD by 769.7% in the 1st quarter. Brooklyn Investment Group now owns 4,105 shares of the basic materials company's stock worth $64,000 after buying an additional 3,633 shares during the period. GAMMA Investing LLC raised its position in DRDGOLD by 52.9% during the 1st quarter. GAMMA Investing LLC now owns 4,953 shares of the basic materials company's stock worth $77,000 after buying an additional 1,713 shares during the last quarter. Osaic Holdings Inc. lifted its stake in DRDGOLD by 11.5% during the 2nd quarter. Osaic Holdings Inc. now owns 6,892 shares of the basic materials company's stock valued at $92,000 after acquiring an additional 713 shares during the period. Finally, Kiker Wealth Management LLC purchased a new stake in shares of DRDGOLD in the 2nd quarter valued at $142,000. 14.70% of the stock is owned by hedge funds and other institutional investors.

About DRDGOLD

DRDGOLD Limited, a gold mining company, engages in the surface gold tailings retreatment business in South Africa. It also involved in the exploration, extraction, processing, and smelting activities. The company recovers gold from surface tailings in the Witwatersrand basin in Gauteng province. DRDGOLD Limited was formerly known as Durban Roodepoort Deep Limited and changed its name to DRDGOLD Limited in 2004.

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