Allspring Global Investments Holdings LLC Sells 439,622 Shares of Dr. Reddy's Laboratories Ltd (NYSE:RDY)

Allspring Global Investments Holdings LLC lowered its holdings in Dr. Reddy's Laboratories Ltd (NYSE:RDY - Free Report) by 82.3% in the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 94,682 shares of the company's stock after selling 439,622 shares during the quarter. Allspring Global Investments Holdings LLC's holdings in Dr. Reddy's Laboratories were worth $1,246,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of RDY. Royal Bank of Canada raised its position in shares of Dr. Reddy's Laboratories by 403.1% in the 4th quarter. Royal Bank of Canada now owns 10,037,246 shares of the company's stock worth $158,489,000 after acquiring an additional 8,042,163 shares in the last quarter. Renaissance Technologies LLC raised its position in shares of Dr. Reddy's Laboratories by 382.9% in the 4th quarter. Renaissance Technologies LLC now owns 9,418,428 shares of the company's stock worth $148,717,000 after acquiring an additional 7,467,979 shares in the last quarter. Aikya Investment Management Ltd raised its position in shares of Dr. Reddy's Laboratories by 416.1% in the 4th quarter. Aikya Investment Management Ltd now owns 5,610,503 shares of the company's stock worth $88,590,000 after acquiring an additional 4,523,303 shares in the last quarter. Dimensional Fund Advisors LP raised its position in shares of Dr. Reddy's Laboratories by 405.9% in the 4th quarter. Dimensional Fund Advisors LP now owns 5,361,013 shares of the company's stock worth $84,643,000 after acquiring an additional 4,301,212 shares in the last quarter. Finally, Vanguard Group Inc. raised its position in shares of Dr. Reddy's Laboratories by 397.2% in the 4th quarter. Vanguard Group Inc. now owns 4,896,185 shares of the company's stock worth $77,311,000 after acquiring an additional 3,911,404 shares in the last quarter. Hedge funds and other institutional investors own 3.85% of the company's stock.

Wall Street Analysts Forecast Growth

RDY has been the subject of a number of analyst reports. HSBC raised Dr. Reddy's Laboratories from a "hold" rating to a "buy" rating and raised their price objective for the company from $14.44 to $16.90 in a research report on Thursday, June 5th. Wall Street Zen raised Dr. Reddy's Laboratories from a "hold" rating to a "buy" rating in a research report on Thursday, May 8th. Finally, Hsbc Global Res raised Dr. Reddy's Laboratories from a "hold" rating to a "strong-buy" rating in a research report on Thursday, June 5th. One analyst has rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Dr. Reddy's Laboratories currently has an average rating of "Buy" and an average price target of $16.95.

Dr. Reddy's Laboratories Stock Down 1.1%

RDY stock traded down $0.16 on Friday, reaching $14.51. 1,262,114 shares of the company traded hands, compared to its average volume of 1,526,870. The company has a market cap of $12.11 billion, a P/E ratio of 21.98, a price-to-earnings-growth ratio of 5.13 and a beta of 0.33. The firm has a fifty day simple moving average of $14.80 and a 200-day simple moving average of $14.16. Dr. Reddy's Laboratories Ltd has a one year low of $12.26 and a one year high of $16.89. The company has a debt-to-equity ratio of 0.02, a current ratio of 1.92 and a quick ratio of 1.37.

Dr. Reddy's Laboratories (NYSE:RDY - Get Free Report) last posted its earnings results on Friday, May 9th. The company reported $0.22 EPS for the quarter, topping analysts' consensus estimates of $0.20 by $0.02. The business had revenue of $996.17 million during the quarter, compared to analyst estimates of $83.70 billion. Dr. Reddy's Laboratories had a return on equity of 17.98% and a net margin of 17.38%. Research analysts anticipate that Dr. Reddy's Laboratories Ltd will post 0.8 earnings per share for the current year.

About Dr. Reddy's Laboratories

Dr. Reddy's Laboratories Limited, together with its subsidiaries, operates as an integrated pharmaceutical company worldwide. It operates through Global Generics, Pharmaceutical Services and Active Ingredients (PSAI), and Others segments. The company's Global Generics segment manufactures and markets prescription and over-the-counter finished pharmaceutical products that are marketed under a brand name or as a generic finished dosages with therapeutic equivalence to branded formulations, as well as engages in the biologics business.