Renaissance Technologies LLC Sells 395,400 Shares of Dr. Reddy's Laboratories Ltd $RDY

Key Points

• Renaissance Technologies reduced its stake in Dr. Reddy's Laboratories by 4.8% in the first quarter, selling 395,400 shares and leaving it with 7.86 million shares valued at about $108.9 million.
• Analysts are cautious on RDY, with recent downgrades from Goldman Sachs, Weiss Ratings, and Wall Street Zen. The stock’s consensus rating now sits at “Reduce”.
• Dr. Reddy’s reported weaker-than-expected quarterly results, posting EPS of $0.06 versus estimates of $0.09 while revenue came in roughly in line at $850.26 million. Shares were trading near $11.78, close to the 52-week low.

Renaissance Technologies LLC decreased its holdings in shares of Dr. Reddy's Laboratories Ltd (NYSE:RDY - Free Report) by 4.8% during the first quarter, according to its most recent filing with the SEC. The firm owned 7,859,728 shares of the company's stock after selling 395,400 shares during the period. Renaissance Technologies LLC owned 0.94% of Dr. Reddy's Laboratories worth $108,857,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Rockefeller Capital Management L.P. lifted its position in shares of Dr. Reddy's Laboratories by 67.0% in the 4th quarter. Rockefeller Capital Management L.P. now owns 2,047 shares of the company's stock worth $29,000 after purchasing an additional 821 shares during the period. Russell Investments Group Ltd. boosted its stake in shares of Dr. Reddy's Laboratories by 803.8% during the fourth quarter. Russell Investments Group Ltd. now owns 3,091 shares of the company's stock valued at $43,000 after purchasing an additional 2,749 shares in the last quarter. Larson Financial Group LLC increased its holdings in Dr. Reddy's Laboratories by 81.5% during the fourth quarter. Larson Financial Group LLC now owns 3,173 shares of the company's stock valued at $45,000 after buying an additional 1,425 shares during the period. EverSource Wealth Advisors LLC increased its holdings in Dr. Reddy's Laboratories by 71.7% during the second 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. Finally, Public Employees Retirement System of Ohio bought a new position in Dr. Reddy's Laboratories in the fourth quarter worth approximately $66,000. Hedge funds and other institutional investors own 3.85% of the company's stock.

Wall Street Analysts Forecast Growth

RDY has been the subject of a number of analyst reports. The Goldman Sachs Group lowered Dr. Reddy's Laboratories from a "neutral" rating to a "sell" rating in a report on Thursday, April 23rd. Weiss Ratings downgraded Dr. Reddy's Laboratories from a "hold (c)" rating to a "hold (c-)" rating in a report on Thursday. Finally, Wall Street Zen lowered Dr. Reddy's Laboratories from a "hold" rating to a "sell" rating in a research report on Saturday. Two equities research analysts have rated the stock with a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the stock has an average rating of "Reduce".

Dr. Reddy's Laboratories Stock Down 0.2%

Shares of Dr. Reddy's Laboratories stock opened at $11.78 on Friday. The company has a quick ratio of 1.34, a current ratio of 1.90 and a debt-to-equity ratio of 0.03. The company has a market cap of $9.83 billion, a P/E ratio of 26.76, a PEG ratio of 2.17 and a beta of 0.25. The firm's 50 day moving average price is $13.49 and its 200-day moving average price is $13.63. 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 posted its earnings results on Tuesday, July 21st. The company reported $0.06 EPS for the quarter, missing analysts' consensus estimates of $0.09 by ($0.03). Dr. Reddy's Laboratories had a net margin of 10.15% and a return on equity of 9.49%. The firm had revenue of $850.26 million for the quarter, compared to analysts' expectations of $850.56 million. On average, sell-side analysts predict that Dr. Reddy's Laboratories Ltd will post 0.47 EPS for the current fiscal year.

About Dr. Reddy's Laboratories

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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