Wellington Management Group LLP Sells 248,105 Shares of Dr. Reddy's Laboratories Ltd $RDY

Key Points

• Wellington Management Group LLP has reduced its stock holdings in Dr. Reddy's Laboratories by 27.7%, now owning approximately 648,060 shares worth $8,548,000.
• Several institutional investors, including Royal Bank of Canada and Millennium Management LLC, have increased their stakes significantly during the fourth quarter, indicating a mixed sentiment on the stock.
• Wall Street analysts have upgraded their ratings on Dr. Reddy's Laboratories, with most giving it a Moderate Buy rating and an average target price of $16.95.

Wellington Management Group LLP lowered its stake in shares of Dr. Reddy's Laboratories Ltd (NYSE:RDY - Free Report) by 27.7% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 648,060 shares of the company's stock after selling 248,105 shares during the quarter. Wellington Management Group LLP owned about 0.08% of Dr. Reddy's Laboratories worth $8,548,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in RDY. Brooklyn Investment Group lifted its stake in shares of Dr. Reddy's Laboratories by 491.9% in the 1st quarter. Brooklyn Investment Group now owns 6,393 shares of the company's stock valued at $84,000 after acquiring an additional 5,313 shares during the last quarter. Corient IA LLC bought a new position in shares of Dr. Reddy's Laboratories in the 1st quarter valued at $330,000. American Century Companies Inc. lifted its stake in shares of Dr. Reddy's Laboratories by 6.0% in the 1st quarter. American Century Companies Inc. now owns 914,473 shares of the company's stock valued at $12,062,000 after acquiring an additional 52,108 shares during the last quarter. Fox Run Management L.L.C. bought a new position in shares of Dr. Reddy's Laboratories in the 1st quarter valued at $143,000. Finally, Vestmark Advisory Solutions Inc. lifted its stake in shares of Dr. Reddy's Laboratories by 127.2% in the 1st quarter. Vestmark Advisory Solutions Inc. now owns 36,180 shares of the company's stock valued at $477,000 after acquiring an additional 20,258 shares during the last quarter. Institutional investors own 3.85% of the company's stock.

Dr. Reddy's Laboratories Trading Up 0.5%

NYSE RDY traded up $0.07 during mid-day trading on Wednesday, reaching $14.19. 671,882 shares of the stock were exchanged, compared to its average volume of 938,938. Dr. Reddy's Laboratories Ltd has a one year low of $12.26 and a one year high of $16.39. The stock has a 50 day simple moving average of $14.41 and a 200-day simple moving average of $14.05. The stock has a market cap of $11.84 billion, a P/E ratio of 21.49, 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 issued its earnings results on Wednesday, July 23rd. The company reported $0.20 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.18 by $0.02. The business had revenue of $988.82 million for the quarter, compared to analyst estimates of $88.27 billion. Dr. Reddy's Laboratories had a net margin of 16.99% and a return on equity of 17.25%. On average, analysts anticipate that Dr. Reddy's Laboratories Ltd will post 0.8 EPS for the current year.

Dr. Reddy's Laboratories Increases Dividend

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

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the stock. HSBC raised shares of Dr. Reddy's Laboratories from a "hold" rating to a "buy" rating and boosted their price objective for the stock from $14.44 to $16.90 in a research note on Thursday, June 5th. Wall Street Zen raised shares of Dr. Reddy's Laboratories from a "hold" rating to a "buy" rating in a research note on Thursday, May 8th. Hsbc Global Res upgraded shares of Dr. Reddy's Laboratories from a "hold" rating to a "strong-buy" rating in a report on Thursday, June 5th. Finally, Zacks Research upgraded shares of Dr. Reddy's Laboratories from a "strong sell" rating to a "hold" rating in a report on Friday, August 15th. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, Dr. Reddy's Laboratories has an average rating of "Moderate Buy" and a consensus target price 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.