Goldman Sachs Group Inc. Has $2.90 Million Stock Position in Dr. Reddy's Laboratories Ltd $RDY

Key Points

• Goldman Sachs Group Inc. has significantly reduced its stock position in Dr. Reddy's Laboratories by 82%, now holding only 220,173 shares after selling over 1 million shares during the first quarter.
• HSBC has upgraded Dr. Reddy's Laboratories from a "hold" rating to a "buy" rating and raised its target price from $14.44 to $16.90, indicating positive sentiment from analysts.
• Dr. Reddy's Laboratories increased its annual dividend to $0.0915 per share, reflecting a boost from the previous dividend amount and a yield of 62.4%.

Goldman Sachs Group Inc. decreased its stake in Dr. Reddy's Laboratories Ltd (NYSE:RDY - Free Report) by 82.0% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 220,173 shares of the company's stock after selling 1,001,652 shares during the period. Goldman Sachs Group Inc.'s holdings in Dr. Reddy's Laboratories were worth $2,904,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Costello Asset Management INC bought a new position in shares of Dr. Reddy's Laboratories in the 1st quarter valued at about $26,000. Legacy Advisors LLC bought a new position in Dr. Reddy's Laboratories during the first quarter worth about $41,000. Allworth Financial LP grew its holdings in Dr. Reddy's Laboratories by 28.4% during the first quarter. Allworth Financial LP now owns 3,504 shares of the company's stock worth $49,000 after purchasing an additional 776 shares during the period. Cullen Frost Bankers Inc. bought a new position in Dr. Reddy's Laboratories during the first quarter worth about $62,000. Finally, Brooklyn Investment Group grew its holdings in Dr. Reddy's Laboratories by 491.9% during the first quarter. Brooklyn Investment Group now owns 6,393 shares of the company's stock worth $84,000 after purchasing an additional 5,313 shares during the period. Institutional investors own 3.85% of the company's stock.

Analyst Ratings Changes

A number of equities analysts recently commented on the company. Zacks Research upgraded Dr. Reddy's Laboratories from a "strong sell" rating to a "hold" rating in a report on Friday, August 15th. Hsbc Global Res upgraded Dr. Reddy's Laboratories from a "hold" rating to a "strong-buy" rating in a report on Thursday, June 5th. Finally, HSBC upgraded Dr. Reddy's Laboratories from a "hold" rating to a "buy" rating and lifted their price target for the stock from $14.44 to $16.90 in a report on Thursday, June 5th. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $16.95.

Dr. Reddy's Laboratories Price Performance

Shares of NYSE RDY traded down $0.05 during midday trading on Tuesday, reaching $14.56. The company's stock had a trading volume of 28,643 shares, compared to its average volume of 1,712,268. 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 Ltd has a fifty-two week low of $12.26 and a fifty-two week high of $16.19. The business's 50 day moving average price is $14.34 and its two-hundred day moving average price is $14.19. The company has a market cap of $12.15 billion, a P/E ratio of 22.05, a P/E/G ratio of 6.01 and a beta of 0.32.

Dr. Reddy's Laboratories (NYSE:RDY - Get Free Report) last released its quarterly earnings results on Wednesday, July 23rd. The company reported $0.20 earnings per share 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 company had revenue of $988.82 million during the quarter, compared to the consensus estimate of $88.27 billion. On average, analysts forecast that Dr. Reddy's Laboratories Ltd will post 0.8 EPS for the current fiscal year.

Dr. Reddy's Laboratories Increases Dividend

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

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.