Dr. Reddy's Laboratories Ltd $RDY Shares Sold by Rhumbline Advisers

Key Points

• Rhumbline Advisers has reduced its stake in Dr. Reddy's Laboratories by 20.2%, now holding 343,289 shares worth approximately $4.53 million.
• Dr. Reddy's Laboratories has increased its annual dividend from $0.08 to $0.0915, reflecting a significant dividend yield of 62.4%.
• HSBC has upgraded Dr. Reddy's Laboratories from a "hold" to a "buy" rating, raising its price target to $16.90.

Rhumbline Advisers decreased its position in Dr. Reddy's Laboratories Ltd (NYSE:RDY - Free Report) by 20.2% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 343,289 shares of the company's stock after selling 86,773 shares during the period. Rhumbline Advisers' holdings in Dr. Reddy's Laboratories were worth $4,528,000 as of its most recent SEC filing.

Other institutional investors also recently made changes to their positions in the company. Costello Asset Management INC purchased a new stake in shares of Dr. Reddy's Laboratories in the 1st quarter valued at approximately $26,000. Legacy Advisors LLC bought a new stake in Dr. Reddy's Laboratories in the 1st quarter valued at $41,000. Allworth Financial LP lifted its holdings in shares of Dr. Reddy's Laboratories by 28.4% during the 1st quarter. Allworth Financial LP now owns 3,504 shares of the company's stock worth $49,000 after acquiring an additional 776 shares during the period. Cullen Frost Bankers Inc. acquired a new stake in shares of Dr. Reddy's Laboratories during the 1st quarter worth about $62,000. Finally, Brooklyn Investment Group raised its stake in shares of Dr. Reddy's Laboratories by 491.9% in the first quarter. Brooklyn Investment Group now owns 6,393 shares of the company's stock worth $84,000 after acquiring an additional 5,313 shares during the last quarter. 3.85% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

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

Dr. Reddy's Laboratories Stock Up 0.2%

Shares of NYSE:RDY traded up $0.03 on Friday, hitting $14.86. 922,413 shares of the company traded hands, compared to its average volume of 749,900. The company has a quick ratio of 1.36, a current ratio of 1.89 and a debt-to-equity ratio of 0.01. Dr. Reddy's Laboratories Ltd has a 52 week low of $12.26 and a 52 week high of $16.19. The company has a market cap of $12.41 billion, a PE ratio of 22.52, a PEG ratio of 5.99 and a beta of 0.32. The stock has a 50 day simple moving average of $14.34 and a 200-day simple moving average of $14.17.

Dr. Reddy's Laboratories (NYSE:RDY - Get Free Report) last posted its quarterly earnings data 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. The firm had revenue of $988.82 million for the quarter, compared to analysts' expectations of $88.27 billion. Dr. Reddy's Laboratories had a return on equity of 17.25% and a net margin of 16.99%. As a group, research analysts expect that Dr. Reddy's Laboratories Ltd will post 0.8 earnings per share for the current year.

Dr. Reddy's Laboratories Increases Dividend

The business also recently announced an annual dividend, which was paid on Wednesday, August 6th. Investors of record on Thursday, July 10th were issued a dividend of $0.0915 per share. This represents a yield of 62.4%. This is a positive change from Dr. Reddy's Laboratories's previous annual dividend of $0.08. The ex-dividend date of this dividend was Friday, July 25th. Dr. Reddy's Laboratories's dividend payout ratio is 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.