Dr. Reddy's Laboratories Ltd $RDY Stake Lowered by Wellington Management Group LLP

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 position in Dr. Reddy's Laboratories Ltd (NYSE:RDY - Free Report) by 27.7% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 648,060 shares of the company's stock after selling 248,105 shares during the quarter. Wellington Management Group LLP owned 0.08% of Dr. Reddy's Laboratories worth $8,548,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Costello Asset Management INC acquired a new position in Dr. Reddy's Laboratories in the first quarter valued at $26,000. Tower Research Capital LLC TRC boosted its holdings in Dr. Reddy's Laboratories by 623.6% in the fourth quarter. Tower Research Capital LLC TRC now owns 3,032 shares of the company's stock valued at $48,000 after acquiring an additional 2,613 shares during the last quarter. Legacy Advisors LLC acquired a new position in Dr. Reddy's Laboratories in the first quarter valued at $41,000. Allworth Financial LP boosted its holdings 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 acquiring an additional 776 shares during the last quarter. Finally, Cullen Frost Bankers Inc. acquired a new position in Dr. Reddy's Laboratories in the first quarter valued at $62,000. Institutional investors and hedge funds own 3.85% of the company's stock.

Dr. Reddy's Laboratories Stock Down 0.1%

Dr. Reddy's Laboratories stock traded down $0.02 during midday trading on Friday, hitting $14.20. The stock had a trading volume of 920,285 shares, compared to its average volume of 1,035,974. 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 $11.85 billion, a P/E ratio of 21.51, a P/E/G ratio of 5.74 and a beta of 0.32. Dr. Reddy's Laboratories Ltd has a 12 month low of $12.26 and a 12 month high of $16.71. The business has a fifty day moving average price of $14.49 and a 200 day moving average price of $14.04.

Dr. Reddy's Laboratories (NYSE:RDY - Get Free Report) last announced its quarterly earnings data on Wednesday, July 23rd. The company reported $0.20 earnings per share for the quarter, beating the consensus estimate of $0.18 by $0.02. The firm had revenue of $988.82 million during the quarter, compared to analyst estimates of $88.27 billion. Dr. Reddy's Laboratories had a return on equity of 17.25% and a net margin of 16.99%. Research analysts predict that Dr. Reddy's Laboratories Ltd will post 0.8 EPS for the current year.

Dr. Reddy's Laboratories Increases Dividend

The company also recently disclosed an annual dividend, which was paid on Wednesday, August 6th. Investors of record on Thursday, July 10th were issued 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 of this dividend was Friday, July 25th. Dr. Reddy's Laboratories's dividend payout ratio is presently 10.61%.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on RDY shares. Hsbc Global Res upgraded Dr. Reddy's Laboratories from a "hold" rating to a "strong-buy" rating in a report on Thursday, June 5th. Zacks Research upgraded Dr. Reddy's Laboratories from a "strong sell" rating to a "hold" rating in a research note on Friday, August 15th. Wall Street Zen upgraded Dr. Reddy's Laboratories from a "hold" rating to a "buy" rating in a research note on Thursday, May 8th. Finally, HSBC upgraded 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. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, the company has a consensus 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.