Dr. Reddy's Laboratories (NYSE:RDY) Shares Gap Up to $70.92

Shares of Dr. Reddy's Laboratories Limited (NYSE:RDY - Get Free Report) gapped up prior to trading on Thursday . The stock had previously closed at $70.92, but opened at $73.40. Dr. Reddy's Laboratories shares last traded at $74.09, with a volume of 42,916 shares.

Analysts Set New Price Targets

Several brokerages have commented on RDY. Jefferies Financial Group cut shares of Dr. Reddy's Laboratories from a "buy" rating to an "underperform" rating in a research note on Thursday, January 11th. StockNews.com upgraded shares of Dr. Reddy's Laboratories from a "buy" rating to a "strong-buy" rating in a research note on Friday, April 5th. Finally, Barclays boosted their price target on shares of Dr. Reddy's Laboratories from $75.00 to $80.00 and gave the stock an "overweight" rating in a research note on Monday, January 29th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Dr. Reddy's Laboratories currently has an average rating of "Hold" and an average target price of $80.00.

Dr. Reddy's Laboratories Stock Performance

The business's fifty day moving average price is $74.21 and its two-hundred day moving average price is $70.35. The company has a debt-to-equity ratio of 0.02, a quick ratio of 1.90 and a current ratio of 2.55. The stock has a market capitalization of $12.35 billion, a P/E ratio of 19.53, a P/E/G ratio of 1.78 and a beta of 0.58.

Dr. Reddy's Laboratories (NYSE:RDY - Get Free Report) last posted its earnings results on Wednesday, January 31st. The company reported $0.99 earnings per share for the quarter, topping analysts' consensus estimates of $0.88 by $0.11. Dr. Reddy's Laboratories had a net margin of 19.26% and a return on equity of 20.97%. The firm had revenue of $867.00 million for the quarter, compared to the consensus estimate of $827.81 million. As a group, sell-side analysts forecast that Dr. Reddy's Laboratories Limited will post 3.96 earnings per share for the current year.

Institutional Trading of Dr. Reddy's Laboratories

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in RDY. SG Americas Securities LLC raised its position in Dr. Reddy's Laboratories by 20.7% in the 3rd quarter. SG Americas Securities LLC now owns 9,675 shares of the company's stock worth $647,000 after purchasing an additional 1,658 shares during the period. Ballentine Partners LLC raised its position in Dr. Reddy's Laboratories by 5.8% in the 3rd quarter. Ballentine Partners LLC now owns 6,825 shares of the company's stock worth $456,000 after purchasing an additional 375 shares during the period. PDS Planning Inc raised its position in Dr. Reddy's Laboratories by 6.8% in the 3rd quarter. PDS Planning Inc now owns 4,930 shares of the company's stock worth $330,000 after purchasing an additional 312 shares during the period. Robeco Institutional Asset Management B.V. raised its position in Dr. Reddy's Laboratories by 15.0% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 1,673,126 shares of the company's stock worth $111,882,000 after purchasing an additional 218,605 shares during the period. Finally, FSC Wealth Advisors LLC purchased a new stake in Dr. Reddy's Laboratories in the 3rd quarter worth about $40,000. 14.02% of the stock is owned by hedge funds and other institutional investors.

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.