Dr. Reddy's Laboratories Ltd $RDY Shares Sold by Bank of America Corp DE

Key Points

• Bank of America reduced its Dr. Reddy’s Laboratories stake by 24.5% in the first quarter, selling 121,693 shares and retaining 375,232 shares valued at approximately $5.2 million.
• Other institutions increased their positions, including Royal Bank of Canada, Aikya Investment Management and Bessemer Group; institutional investors collectively own 3.85% of RDY.
• Analyst sentiment is cautious, with ratings cut to “Sell” and “Hold,” while the company’s latest quarterly earnings missed estimates: $0.06 per share versus the expected $0.09.

Bank of America Corp DE decreased its holdings in shares of Dr. Reddy's Laboratories Ltd (NYSE:RDY - Free Report) by 24.5% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 375,232 shares of the company's stock after selling 121,693 shares during the quarter. Bank of America Corp DE's holdings in Dr. Reddy's Laboratories were worth $5,197,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Aikya Investment Management Ltd increased its holdings in 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 purchasing an additional 623,518 shares during the last quarter. Royal Bank of Canada raised its position in Dr. Reddy's Laboratories by 4.6% in the first quarter. Royal Bank of Canada now owns 9,984,082 shares of the company's stock valued at $138,293,000 after purchasing an additional 434,805 shares during the period. Bessemer Group Inc. boosted its holdings in Dr. Reddy's Laboratories by 28.4% during the 1st quarter. Bessemer Group Inc. now owns 1,823,285 shares of the company's stock valued at $25,253,000 after acquiring an additional 403,219 shares during the period. Arrowstreet Capital Limited Partnership acquired a new position in Dr. Reddy's Laboratories in the 1st quarter valued at about $1,422,000. Finally, Frank Rimerman Advisors LLC grew its position in Dr. Reddy's Laboratories by 185.8% in the 1st quarter. Frank Rimerman Advisors LLC now owns 174,383 shares of the company's stock valued at $2,415,000 after acquiring an additional 113,367 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 topic of several research reports. Weiss Ratings cut shares of Dr. Reddy's Laboratories from a "hold (c)" rating to a "hold (c-)" rating in a research report on Thursday, July 23rd. Wall Street Zen lowered Dr. Reddy's Laboratories from a "hold" rating to a "sell" rating in a research report on Saturday, July 25th. One analyst has rated the stock with a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of "Reduce".

Dr. Reddy's Laboratories Stock Performance

Shares of RDY opened at $12.15 on Friday. The stock has a 50 day moving average price of $12.89 and a 200 day moving average price of $13.40. The company has a quick ratio of 1.39, a current ratio of 1.90 and a debt-to-equity ratio of 0.03. The company has a market capitalization of $10.15 billion, a price-to-earnings ratio of 27.63, a price-to-earnings-growth ratio of 2.56 and a beta of 0.29. 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 quarterly earnings data on Thursday, July 23rd. The company reported $0.06 earnings per share for the quarter, missing analysts' consensus estimates 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 analyst estimates of $850.56 million. Research analysts predict that Dr. Reddy's Laboratories Ltd will post 0.45 EPS for the current fiscal year.

Dr. Reddy's Laboratories Profile

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.

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