Rhumbline Advisers Sells 86,773 Shares of Dr. Reddy's Laboratories Ltd $RDY

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 lowered its position in shares of Dr. Reddy's Laboratories Ltd (NYSE:RDY - Free Report) by 20.2% in the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 343,289 shares of the company's stock after selling 86,773 shares during the quarter. Rhumbline Advisers' holdings in Dr. Reddy's Laboratories were worth $4,528,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Acadian Asset Management LLC increased its position in Dr. Reddy's Laboratories by 1.6% during the first quarter. Acadian Asset Management LLC now owns 1,471,523 shares of the company's stock worth $19,404,000 after acquiring an additional 23,582 shares during the period. Ascent Group LLC acquired a new position in shares of Dr. Reddy's Laboratories during the 1st quarter worth approximately $134,000. Millennium Management LLC boosted its stake in shares of Dr. Reddy's Laboratories by 53.1% in the first quarter. Millennium Management LLC now owns 4,344,000 shares of the company's stock valued at $57,297,000 after buying an additional 1,506,368 shares during the period. Advisors Asset Management Inc. raised its holdings in Dr. Reddy's Laboratories by 17.8% in the 1st quarter. Advisors Asset Management Inc. now owns 32,916 shares of the company's stock valued at $434,000 after acquiring an additional 4,969 shares in the last quarter. Finally, Vident Advisory LLC lifted its holdings in shares of Dr. Reddy's Laboratories by 5.7% during the 1st quarter. Vident Advisory LLC now owns 160,027 shares of the company's stock worth $2,111,000 after acquiring an additional 8,696 shares during the period. 3.85% of the stock is currently owned by institutional investors and hedge funds.

Dr. Reddy's Laboratories Stock Down 0.5%

RDY stock opened at $14.65 on Monday. Dr. Reddy's Laboratories Ltd has a 1-year low of $12.26 and a 1-year high of $16.19. The stock's fifty day simple moving average is $14.33 and its two-hundred day simple moving average is $14.12. The company has a current ratio of 1.89, a quick ratio of 1.36 and a debt-to-equity ratio of 0.01. The stock has a market cap of $12.23 billion, a P/E ratio of 22.20, a P/E/G ratio of 5.92 and a beta of 0.32.

Dr. Reddy's Laboratories (NYSE:RDY - Get Free Report) last released its 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 firm had revenue of $988.82 million for the quarter, compared to analysts' expectations of $88.27 billion. Analysts expect that Dr. Reddy's Laboratories Ltd will post 0.8 EPS for the current year.

Dr. Reddy's Laboratories Increases Dividend

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

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the stock. HSBC upgraded shares of Dr. Reddy's Laboratories from a "hold" rating to a "buy" rating and upped their price objective for the stock from $14.44 to $16.90 in a research report on Thursday, June 5th. Hsbc Global Res raised shares of Dr. Reddy's Laboratories from a "hold" rating to a "strong-buy" rating in a research note on Thursday, June 5th. Finally, 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. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, Dr. Reddy's Laboratories has a consensus rating of "Moderate Buy" and a consensus price target 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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