Dr. Reddy's Laboratories Ltd $RDY Shares Sold by Northern Trust Corp

Key Points

• Northern Trust Corp sold 277,088 shares of Dr. Reddy's Laboratories, reducing its stake by 19.2% to approximately 1.17 million shares valued at $15.4 million.
• Dr. Reddy's Laboratories increased its annual dividend from $0.08 to $0.0915, reflecting a dividend yield of 62.4%.
• Multiple analysts upgraded Dr. Reddy's Laboratories' stock rating, with HSBC raising the price target from $14.44 to $16.90, indicating positive market sentiment.

Northern Trust Corp decreased its holdings in shares of Dr. Reddy's Laboratories Ltd (NYSE:RDY - Free Report) by 19.2% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm owned 1,168,484 shares of the company's stock after selling 277,088 shares during the period. Northern Trust Corp owned approximately 0.14% of Dr. Reddy's Laboratories worth $15,412,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Royal Bank of Canada raised its stake in Dr. Reddy's Laboratories by 403.1% during the 4th quarter. Royal Bank of Canada now owns 10,037,246 shares of the company's stock valued at $158,489,000 after acquiring an additional 8,042,163 shares during the last quarter. Vanguard Group Inc. raised its stake in shares of Dr. Reddy's Laboratories by 2.2% during the first quarter. Vanguard Group Inc. now owns 5,002,642 shares of the company's stock worth $65,985,000 after purchasing an additional 106,457 shares during the last quarter. BNP Paribas Financial Markets raised its stake in shares of Dr. Reddy's Laboratories by 608.5% during the fourth quarter. BNP Paribas Financial Markets now owns 2,900,970 shares of the company's stock worth $45,806,000 after purchasing an additional 2,491,530 shares during the last quarter. Millennium Management LLC lifted its holdings in shares of Dr. Reddy's Laboratories by 1,676.4% during the fourth quarter. Millennium Management LLC now owns 2,837,632 shares of the company's stock worth $44,806,000 after purchasing an additional 2,677,893 shares during the period. Finally, Bank of America Corp DE grew its position in Dr. Reddy's Laboratories by 123.1% in the 4th quarter. Bank of America Corp DE now owns 1,916,425 shares of the company's stock valued at $30,260,000 after buying an additional 1,057,584 shares during the last quarter. Institutional investors and hedge funds own 3.85% of the company's stock.

Dr. Reddy's Laboratories Stock Down 0.7%

Dr. Reddy's Laboratories stock opened at $14.11 on Wednesday. Dr. Reddy's Laboratories Ltd has a fifty-two week low of $12.26 and a fifty-two week high of $16.41. The firm has a market capitalization of $11.78 billion, a price-to-earnings ratio of 21.37, a price-to-earnings-growth ratio of 5.74 and a beta of 0.32. The stock's fifty day moving average is $14.44 and its two-hundred day moving average is $14.05. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.36 and a current ratio of 1.89.

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

Dr. Reddy's Laboratories Increases Dividend

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

Analysts Set New Price Targets

A number of equities analysts have commented on the stock. Wall Street Zen upgraded shares of 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 increased their price target for the stock from $14.44 to $16.90 in a report on Thursday, June 5th. Zacks Research raised Dr. Reddy's Laboratories from a "strong sell" rating to a "hold" rating in a report on Friday, August 15th. Finally, Hsbc Global Res upgraded 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 Strong Buy rating, two have assigned a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $16.95.

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.

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