Connor Clark & Lunn Investment Management Ltd. Has $420,000 Position in Dr. Reddy's Laboratories Ltd $RDY

Key Points

• Connor Clark & Lunn Investment Management Ltd. has reduced its stake in Dr. Reddy's Laboratories by 89.6%, owning 31,814 shares worth approximately $420,000 after selling 273,825 shares in the first quarter.
• Several institutional investors, including Wells Fargo and Envestnet, have significantly increased their holdings in Dr. Reddy's Laboratories, showing a trend of increased interest in the company.
• Analysts have recently upgraded Dr. Reddy's Laboratories, with HSBC raising its rating from "hold" to "strong-buy," suggesting a positive outlook for the stock with an average price target of $16.95.

Connor Clark & Lunn Investment Management Ltd. lowered its holdings in Dr. Reddy's Laboratories Ltd (NYSE:RDY - Free Report) by 89.6% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 31,814 shares of the company's stock after selling 273,825 shares during the period. Connor Clark & Lunn Investment Management Ltd.'s holdings in Dr. Reddy's Laboratories were worth $420,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in the business. Costello Asset Management INC acquired a new stake in shares of Dr. Reddy's Laboratories in the first quarter valued at approximately $26,000. Legacy Advisors LLC bought a new position in Dr. Reddy's Laboratories during the 1st quarter worth $41,000. Tower Research Capital LLC TRC raised its holdings in Dr. Reddy's Laboratories by 623.6% in the 4th quarter. Tower Research Capital LLC TRC now owns 3,032 shares of the company's stock valued at $48,000 after acquiring an additional 2,613 shares in the last quarter. Allworth Financial LP raised its holdings in Dr. Reddy's Laboratories by 28.4% in the 1st quarter. Allworth Financial LP now owns 3,504 shares of the company's stock valued at $49,000 after acquiring an additional 776 shares in the last quarter. Finally, Cullen Frost Bankers Inc. bought a new stake in shares of Dr. Reddy's Laboratories during the 1st quarter valued at $62,000. 3.85% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the company. Wall Street Zen upgraded Dr. Reddy's Laboratories from a "hold" rating to a "buy" rating in a research report on Thursday, May 8th. HSBC raised shares of Dr. Reddy's Laboratories from a "hold" rating to a "buy" rating and raised their target price for the company from $14.44 to $16.90 in a report on Thursday, June 5th. Hsbc Global Res raised shares of Dr. Reddy's Laboratories from a "hold" rating to a "strong-buy" rating in a report on Thursday, June 5th. Finally, Zacks Research upgraded shares of Dr. Reddy's Laboratories from a "strong sell" rating to a "hold" rating in a research report on Friday, August 15th. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $16.95.

Dr. Reddy's Laboratories Price Performance

Shares of RDY stock traded up $0.0950 on Friday, reaching $14.5150. The company had a trading volume of 1,032,160 shares, compared to its average volume of 1,339,768. The business's 50-day moving average is $14.60 and its 200 day moving average is $14.03. Dr. Reddy's Laboratories Ltd has a one year low of $12.26 and a one year high of $16.77. The company has a quick ratio of 1.36, a current ratio of 1.89 and a debt-to-equity ratio of 0.01. The stock has a market capitalization of $12.12 billion, a PE ratio of 21.99, a price-to-earnings-growth ratio of 5.81 and a beta of 0.29.

Dr. Reddy's Laboratories (NYSE:RDY - Get Free Report) last released its quarterly earnings data on Wednesday, July 23rd. The company reported $0.20 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.18 by $0.02. The business had revenue of $988.82 million during the quarter, compared to analysts' expectations of $88.27 billion. Dr. Reddy's Laboratories had a net margin of 16.99% and a return on equity of 17.25%. Equities research analysts forecast that Dr. Reddy's Laboratories Ltd will post 0.8 EPS for the current fiscal 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.