JPMorgan Chase & Co. Buys 116,924 Shares of Dr. Reddy's Laboratories Ltd $RDY

Key Points

• JPMorgan Chase increased its stake in Dr. Reddy's Laboratories by 2.0% in the third quarter, buying 116,924 shares to hold 6,027,710 shares worth about $84.3 million (roughly 0.72% of the company).
• Analyst action: Weiss Ratings downgraded Dr. Reddy's from a "buy" to a "hold," and the Street consensus is a Hold with a price target of $16.90.
• Recent results and valuation: Q3 EPS was $0.16 (in line with estimates) with revenue of $969.8M, the stock trades near a P/E of 18 and a market cap of about $11.6 billion, with a 1-year range of $12.26–$16.17.

JPMorgan Chase & Co. boosted its stake in Dr. Reddy's Laboratories Ltd (NYSE:RDY - Free Report) by 2.0% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 6,027,710 shares of the company's stock after purchasing an additional 116,924 shares during the quarter. JPMorgan Chase & Co. owned about 0.72% of Dr. Reddy's Laboratories worth $84,267,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the company. EverSource Wealth Advisors LLC increased its holdings in Dr. Reddy's Laboratories by 71.7% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 3,100 shares of the company's stock valued at $47,000 after buying an additional 1,294 shares during the period. Farther Finance Advisors LLC lifted its holdings in shares of Dr. Reddy's Laboratories by 217.4% during the 3rd quarter. Farther Finance Advisors LLC now owns 3,568 shares of the company's stock worth $50,000 after acquiring an additional 2,444 shares during the period. Raymond James Financial Inc. acquired a new stake in shares of Dr. Reddy's Laboratories during the 2nd quarter worth approximately $67,000. Westside Investment Management Inc. increased its stake in Dr. Reddy's Laboratories by 94.8% in the third quarter. Westside Investment Management Inc. now owns 4,595 shares of the company's stock valued at $65,000 after acquiring an additional 2,236 shares during the last quarter. Finally, Allworth Financial LP increased its stake in Dr. Reddy's Laboratories by 37.8% in the second quarter. Allworth Financial LP now owns 4,827 shares of the company's stock valued at $73,000 after acquiring an additional 1,323 shares during the last quarter. Institutional investors own 3.85% of the company's stock.

Analysts Set New Price Targets

Separately, Weiss Ratings cut Dr. Reddy's Laboratories from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Friday, February 13th. One equities research analyst has rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, Dr. Reddy's Laboratories has an average rating of "Hold" and a consensus price target of $16.90.

Dr. Reddy's Laboratories Stock Performance

NYSE:RDY opened at $13.86 on Thursday. The stock's 50-day moving average is $13.95 and its 200-day moving average is $14.06. Dr. Reddy's Laboratories Ltd has a 1-year low of $12.26 and a 1-year high of $16.17. The company has a current ratio of 1.88, a quick ratio of 1.38 and a debt-to-equity ratio of 0.03. The stock has a market cap of $11.57 billion, a P/E ratio of 18.00, a price-to-earnings-growth ratio of 12.89 and a beta of 0.34.

Dr. Reddy's Laboratories (NYSE:RDY - Get Free Report) last posted its earnings results on Wednesday, January 21st. The company reported $0.16 EPS for the quarter, hitting the consensus estimate of $0.16. Dr. Reddy's Laboratories had a net margin of 16.41% and a return on equity of 15.89%. The business had revenue of $969.81 million for the quarter, compared to the consensus estimate of $963.84 million. Equities research analysts anticipate that Dr. Reddy's Laboratories Ltd will post 0.8 earnings per share for the current year.

Dr. Reddy's Laboratories Company 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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