Arrowstreet Capital Limited Partnership Buys Shares of 102,643 Dr. Reddy's Laboratories Ltd $RDY

Key Points

• Arrowstreet Capital initiated a position in Dr. Reddy’s Laboratories, purchasing 102,643 shares valued at approximately $1.42 million. Other institutional investors, including Morgan Stanley and Lazard Asset Management, also increased their holdings.
• Dr. Reddy’s shares opened at $12.16, below their 50-day and 200-day moving averages, with a 52-week range of $11.36 to $15.67. The company recently reported quarterly EPS of $0.06, missing the $0.09 consensus estimate, while revenue was roughly in line with expectations.
• Analyst sentiment is cautious: Goldman Sachs and Wall Street Zen downgraded the stock to “sell,” while Weiss Ratings lowered its assessment. MarketBeat reports an average rating of “Reduce.”

Arrowstreet Capital Limited Partnership purchased a new position in Dr. Reddy's Laboratories Ltd (NYSE:RDY - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 102,643 shares of the company's stock, valued at approximately $1,422,000.

A number of other hedge funds have also recently made changes to their positions in the stock. Morgan Stanley raised its holdings in Dr. Reddy's Laboratories by 41.2% in the fourth quarter. Morgan Stanley now owns 8,926,051 shares of the company's stock worth $125,322,000 after purchasing an additional 2,603,897 shares in the last quarter. Aikya Investment Management Ltd boosted its holdings in shares of Dr. Reddy's Laboratories by 9.3% in the 4th 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 in the last quarter. Marshall Wace LLP boosted its holdings in shares of Dr. Reddy's Laboratories by 1,699.4% in the 4th quarter. Marshall Wace LLP now owns 516,256 shares of the company's stock valued at $7,248,000 after buying an additional 487,565 shares in the last quarter. Bessemer Group Inc. grew its position in shares of Dr. Reddy's Laboratories by 28.4% in the 1st quarter. Bessemer Group Inc. now owns 1,823,285 shares of the company's stock worth $25,253,000 after buying an additional 403,219 shares during the last quarter. Finally, Lazard Asset Management LLC grew its position in shares of Dr. Reddy's Laboratories by 51.8% in the 4th quarter. Lazard Asset Management LLC now owns 1,168,562 shares of the company's stock worth $16,407,000 after buying an additional 398,537 shares during the last quarter. 3.85% of the stock is currently owned by hedge funds and other institutional investors.

Dr. Reddy's Laboratories Stock Performance

Shares of Dr. Reddy's Laboratories stock opened at $12.16 on Thursday. The company has a 50 day moving average price of $13.22 and a 200 day moving average price of $13.55. The firm has a market capitalization of $10.15 billion, a P/E ratio of 27.64, a PEG ratio of 2.43 and a beta of 0.29. 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 Ltd has a 52 week low of $11.36 and a 52 week high of $15.67.

Dr. Reddy's Laboratories (NYSE:RDY - Get Free Report) last released its earnings results on Thursday, July 23rd. The company reported $0.06 earnings per share for the quarter, missing the consensus estimate of $0.09 by ($0.03). Dr. Reddy's Laboratories had a return on equity of 9.49% and a net margin of 10.15%.The company had revenue of $850.26 million for the quarter, compared to analysts' expectations of $850.56 million. Sell-side analysts expect that Dr. Reddy's Laboratories Ltd will post 0.47 EPS for the current year.

Analysts Set New Price Targets

Several research firms recently commented on RDY. The Goldman Sachs Group lowered shares of Dr. Reddy's Laboratories from a "neutral" rating to a "sell" rating in a research note on Thursday, April 23rd. 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. Finally, Weiss Ratings lowered shares of Dr. Reddy's Laboratories from a "hold (c)" rating to a "hold (c-)" rating in a report on Thursday, July 23rd. Two analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company has an average rating of "Reduce".

About Dr. Reddy's Laboratories

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source