Parallel Advisors LLC Acquires 29,375 Shares of Dr. Reddy's Laboratories Ltd $RDY

Key Points

• Parallel Advisors LLC increased its holdings in Dr. Reddy's Laboratories by 59.9% in the second quarter, bringing its total shares to 78,440 with a value of approximately $1.18 million.
• Multiple hedge funds, including Allworth Financial LP and Bridgewater Advisors Inc., have also boosted their positions in Dr. Reddy's Laboratories recently, reflecting increased institutional interest in the stock.
• Analysts have upgraded Dr. Reddy's rating to a "Moderate Buy" with an average price target of $16.95, indicating positive sentiment surrounding the company's performance.

Parallel Advisors LLC grew its holdings in shares of Dr. Reddy's Laboratories Ltd (NYSE:RDY - Free Report) by 59.9% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 78,440 shares of the company's stock after buying an additional 29,375 shares during the quarter. Parallel Advisors LLC's holdings in Dr. Reddy's Laboratories were worth $1,179,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of the stock. Allworth Financial LP raised its stake in shares of Dr. Reddy's Laboratories by 28.4% during the first quarter. Allworth Financial LP now owns 3,504 shares of the company's stock valued at $49,000 after acquiring an additional 776 shares during the last quarter. Bridgewater Advisors Inc. grew its holdings in Dr. Reddy's Laboratories by 2.8% in the first quarter. Bridgewater Advisors Inc. now owns 31,973 shares of the company's stock worth $446,000 after purchasing an additional 880 shares during the period. Wealth Enhancement Advisory Services LLC grew its holdings in Dr. Reddy's Laboratories by 6.8% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 13,909 shares of the company's stock worth $183,000 after purchasing an additional 883 shares during the period. PNC Financial Services Group Inc. grew its holdings in shares of Dr. Reddy's Laboratories by 2.8% during the first quarter. PNC Financial Services Group Inc. now owns 39,743 shares of the company's stock valued at $524,000 after buying an additional 1,099 shares during the last quarter. Finally, Foster Group Inc. grew its holdings in shares of Dr. Reddy's Laboratories by 8.3% during the first quarter. Foster Group Inc. now owns 14,838 shares of the company's stock valued at $196,000 after buying an additional 1,134 shares during the last quarter. 3.85% of the stock is owned by institutional investors.

Dr. Reddy's Laboratories Stock Performance

Shares of RDY traded up $0.03 during mid-day trading on Friday, hitting $14.86. The stock had a trading volume of 922,413 shares, compared to its average volume of 749,900. Dr. Reddy's Laboratories Ltd has a fifty-two week low of $12.26 and a fifty-two week high of $16.19. The company has a market cap of $12.41 billion, a PE ratio of 22.52, a PEG ratio of 6.01 and a beta of 0.32. 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 company's fifty day simple moving average is $14.34 and its two-hundred day simple moving average is $14.17.

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

Dr. Reddy's Laboratories Increases Dividend

The business also recently announced an annual dividend, which was paid on Wednesday, August 6th. Stockholders of record on Thursday, July 10th were issued a $0.0915 dividend. This represents a dividend yield of 62.4%. The ex-dividend date of this dividend was Friday, July 25th. This is a boost from Dr. Reddy's Laboratories's previous annual dividend of $0.08. Dr. Reddy's Laboratories's payout ratio is currently 10.61%.

Analysts Set New Price Targets

Several analysts have commented on RDY shares. Hsbc Global Res raised shares of Dr. Reddy's Laboratories from a "hold" rating to a "strong-buy" rating in a research report on Thursday, June 5th. HSBC upgraded shares of Dr. Reddy's Laboratories from a "hold" rating to a "buy" rating and increased their price target for the stock from $14.44 to $16.90 in a research note on Thursday, June 5th. Finally, Zacks Research raised shares of Dr. Reddy's Laboratories from a "strong sell" rating to a "hold" rating in a report on Friday, August 15th. One 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 company. According to data from MarketBeat.com, Dr. Reddy's Laboratories has a consensus rating of "Moderate Buy" and a consensus price target of $16.95.

Dr. Reddy's Laboratories Company Profile

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.