Royal Bank of Canada Has $119.38 Million Holdings in Dr. Reddy's Laboratories Ltd $RDY

Key Points

• The Royal Bank of Canada decreased its stake in Dr. Reddy's Laboratories by 9.8%, selling 986,447 shares and owning approximately 1.08% of the company valued at $119.38 million.
• Other institutional investors have increased their positions in Dr. Reddy's Laboratories, with BNP Paribas Financial Markets significantly boosting its stake by 58% during the same period.
• Dr. Reddy's Laboratories recently raised its annual dividend to $0.0915, up from $0.08, reflecting a yield of 62.4%, with a payout ratio of 10.61%.

Royal Bank of Canada decreased its position in Dr. Reddy's Laboratories Ltd (NYSE:RDY - Free Report) by 9.8% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 9,050,799 shares of the company's stock after selling 986,447 shares during the period. Royal Bank of Canada owned approximately 1.08% of Dr. Reddy's Laboratories worth $119,380,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of RDY. Costello Asset Management INC purchased a new stake in Dr. Reddy's Laboratories in the 1st quarter worth approximately $26,000. Legacy Advisors LLC purchased a new stake in Dr. Reddy's Laboratories in the first quarter worth $41,000. Tower Research Capital LLC TRC increased its stake in shares of Dr. Reddy's Laboratories by 623.6% during the fourth quarter. Tower Research Capital LLC TRC now owns 3,032 shares of the company's stock valued at $48,000 after buying an additional 2,613 shares during the period. Allworth Financial LP grew its stake in Dr. Reddy's Laboratories by 28.4% in the first quarter. Allworth Financial LP now owns 3,504 shares of the company's stock valued at $49,000 after purchasing an additional 776 shares during the last quarter. Finally, Cullen Frost Bankers Inc. purchased a new position in Dr. Reddy's Laboratories in the first quarter valued at about $62,000. Institutional investors own 3.85% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the company. Hsbc Global Res raised Dr. Reddy's Laboratories from a "hold" rating to a "strong-buy" rating in a report on Thursday, June 5th. Zacks Research raised Dr. Reddy's Laboratories from a "strong sell" rating to a "hold" rating in a research note on Friday, August 15th. Finally, HSBC raised Dr. Reddy's Laboratories from a "hold" rating to a "buy" rating and increased their target price for the stock from $14.44 to $16.90 in a research note on Thursday, June 5th. One equities research 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's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $16.95.

Dr. Reddy's Laboratories Stock Down 0.8%

RDY traded down $0.12 on Monday, reaching $14.23. The company's stock had a trading volume of 83,214 shares, compared to its average volume of 1,772,283. The business's 50 day moving average is $14.38 and its 200 day moving average is $14.07. Dr. Reddy's Laboratories Ltd has a 1 year low of $12.26 and a 1 year high of $16.19. The stock has a market cap of $11.88 billion, a price-to-earnings ratio of 21.55, a price-to-earnings-growth ratio of 5.79 and a beta of 0.32. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.89 and a quick ratio of 1.36.

Dr. Reddy's Laboratories (NYSE:RDY - Get Free Report) last posted its earnings results on Wednesday, July 23rd. The company reported $0.20 EPS for the quarter, beating the consensus estimate 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 forecast that Dr. Reddy's Laboratories Ltd will post 0.8 EPS for the current fiscal year.

Dr. Reddy's Laboratories Increases Dividend

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

Dr. Reddy's Laboratories Company Profile

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.