Signaturefd LLC Boosts Holdings in Dr. Reddy's Laboratories Ltd $RDY

Key Points

• Signaturefd LLC increased its stake in Dr. Reddy's Laboratories Ltd by 19.6% during the second quarter, owning 134,649 shares valued at $2,024,000.
• Several brokerages upgraded their ratings on Dr. Reddy's, with HSBC raising their price target from $14.44 to $16.90 and classifying the stock as a "strong-buy."
• Dr. Reddy's Laboratories declared an increased annual dividend, now at $0.0915, representing a yield of 62.4%.

Signaturefd LLC boosted its stake in shares of Dr. Reddy's Laboratories Ltd (NYSE:RDY - Free Report) by 19.6% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 134,649 shares of the company's stock after buying an additional 22,080 shares during the quarter. Signaturefd LLC's holdings in Dr. Reddy's Laboratories were worth $2,024,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Allworth Financial LP lifted its holdings in shares of Dr. Reddy's Laboratories by 28.4% in the 1st 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. Bridgewater Advisors Inc. boosted its position in shares of Dr. Reddy's Laboratories by 2.8% in the first quarter. Bridgewater Advisors Inc. now owns 31,973 shares of the company's stock worth $446,000 after buying an additional 880 shares during the period. Wealth Enhancement Advisory Services LLC grew its position in shares of Dr. Reddy's Laboratories by 6.8% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 13,909 shares of the company's stock worth $183,000 after buying an additional 883 shares in the last quarter. PNC Financial Services Group Inc. grew its position in shares of Dr. Reddy's Laboratories by 2.8% during the 1st quarter. PNC Financial Services Group Inc. now owns 39,743 shares of the company's stock valued at $524,000 after buying an additional 1,099 shares during the last quarter. Finally, Foster Group Inc. boosted its position in shares of Dr. Reddy's Laboratories by 8.3% during the first quarter. Foster Group Inc. now owns 14,838 shares of the company's stock worth $196,000 after buying an additional 1,134 shares during the period. 3.85% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages have recently commented on RDY. Hsbc Global Res raised Dr. Reddy's Laboratories from a "hold" rating to a "strong-buy" rating in a report on Thursday, June 5th. HSBC raised Dr. Reddy's Laboratories from a "hold" rating to a "buy" rating and boosted their price target for the stock from $14.44 to $16.90 in a research report on Thursday, June 5th. Finally, Zacks Research upgraded Dr. Reddy's Laboratories from a "strong sell" rating to a "hold" rating in a report on Friday, August 15th. One investment 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 stock. Based on data from MarketBeat, Dr. Reddy's Laboratories currently has an average rating of "Moderate Buy" and a consensus target price of $16.95.

Dr. Reddy's Laboratories Stock Up 0.3%

RDY stock opened at $14.21 on Friday. Dr. Reddy's Laboratories Ltd has a fifty-two week low of $12.26 and a fifty-two week high of $16.19. The business has a 50-day moving average of $14.31 and a 200-day moving average of $14.23. The stock has a market capitalization of $11.86 billion, a P/E ratio of 21.52, a P/E/G ratio of 5.74 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 quarterly earnings data on Wednesday, July 23rd. The company reported $0.20 EPS for the quarter, topping 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 company had revenue of $988.82 million during the quarter, compared to the consensus estimate of $88.27 billion. On average, sell-side analysts anticipate that Dr. Reddy's Laboratories Ltd will post 0.8 earnings per share for the current fiscal year.

Dr. Reddy's Laboratories Increases Dividend

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

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.