Dr. Reddy’s Laboratories Ltd (RDY) Upgraded by Zacks Investment Research to Hold

Zacks Investment Research upgraded shares of Dr. Reddy’s Laboratories Ltd (NYSE:RDY) from a strong sell rating to a hold rating in a report published on Friday.

According to Zacks, “Dr. Reddy’s enjoys a strong position in the generics market. The company is also working with Merck Serono to develop and commercialize a portfolio of biosimilar compounds in oncology, primarily focused on MAbs. Dr. Reddy’s efforts to create a strong position in the biosimilar market are laudable. However, Dr. Reddy’s top-line is under pressure due to continuous price increases, plus supply constraints impacting the North America Generics business. Sales are declining in North America mainly due to stiff competition for valganciclovir, decitabine and azacitidine, coupled with discontinuation of the McNeil business. Sales of these two products are expected to suffer by competition in the coming quarters. The company also faces a fierce rivalry by other generic players. Shares of the company have underperformed the Zacks categorized Medical Generics Drugs industry year to date.”

Separately, Deutsche Bank AG raised shares of Dr. Reddy’s Laboratories from a sell rating to a hold rating in a research report on Monday, May 15th. Three equities research analysts have rated the stock with a sell rating and two have assigned a hold rating to the stock. The company currently has a consensus rating of Sell and a consensus price target of $41.90.

Dr. Reddy’s Laboratories (NYSE:RDY) traded down 0.45% on Friday, reaching $41.67. The company’s stock had a trading volume of 155,066 shares. The stock has a market capitalization of $6.91 billion, a P/E ratio of 37.47 and a beta of 0.35. Dr. Reddy’s Laboratories has a 52 week low of $37.03 and a 52 week high of $54.58. The firm has a 50 day moving average price of $40.51 and a 200 day moving average price of $42.25.

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The company also recently announced a dividend, which will be paid on Monday, July 17th. Shareholders of record on Monday, July 17th will be paid a dividend of $0.29 per share. The ex-dividend date of this dividend is Thursday, July 13th. Dr. Reddy’s Laboratories’s payout ratio is 26.61%.

A number of hedge funds and other institutional investors have recently bought and sold shares of RDY. Sumitomo Life Insurance Co. raised its position in Dr. Reddy’s Laboratories by 40.0% in the first quarter. Sumitomo Life Insurance Co. now owns 4,200 shares of the company’s stock worth $169,000 after buying an additional 1,200 shares during the last quarter. Bank of New York Mellon Corp purchased a new position in Dr. Reddy’s Laboratories during the first quarter worth about $297,000. OLD Mutual Customised Solutions Proprietary Ltd. raised its position in Dr. Reddy’s Laboratories by 41.8% in the first quarter. OLD Mutual Customised Solutions Proprietary Ltd. now owns 7,800 shares of the company’s stock worth $313,000 after buying an additional 2,300 shares during the last quarter. Alliancebernstein L.P. raised its position in Dr. Reddy’s Laboratories by 55.5% in the first quarter. Alliancebernstein L.P. now owns 7,808 shares of the company’s stock worth $313,000 after buying an additional 2,787 shares during the last quarter. Finally, Wetherby Asset Management Inc. raised its position in Dr. Reddy’s Laboratories by 9.1% in the first quarter. Wetherby Asset Management Inc. now owns 8,487 shares of the company’s stock worth $340,000 after buying an additional 711 shares during the last quarter. 15.20% of the stock is owned by hedge funds and other institutional investors.

Dr. Reddy’s Laboratories Company Profile

Dr. Reddy’s Laboratories Limited is a pharmaceutical company that is engaged in providing medicines. The Company operates in three segments: Global Generics, Pharmaceutical Services and Active Ingredients (PSAI), and Proprietary Products. The Global Generics segment includes manufacturing and marketing prescription and over-the-counter finished pharmaceutical products ready for consumption by the patient, marketed under a brand name (branded formulations) or as generic finished dosages with therapeutic equivalence to branded formulations (generics).

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