Dr. Reddy’s Laboratories (NYSE:RDY) Issues Quarterly Earnings Results

Dr. Reddy’s Laboratories (NYSE:RDY) posted its earnings results on Wednesday. The company reported $0.06 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.09 by ($0.03), Zacks reports. Dr. Reddy’s Laboratories had a return on equity of 12.34% and a net margin of 12.90%.

Dr. Reddy’s Laboratories Stock Performance

Shares of NYSE:RDY traded down $0.93 on Wednesday, reaching $11.63. The company’s stock had a trading volume of 754,547 shares, compared to its average volume of 2,300,608. The stock’s 50-day moving average is $13.59 and its two-hundred day moving average is $13.68. The company has a debt-to-equity ratio of 0.03, a current ratio of 1.80 and a quick ratio of 1.34. The stock has a market capitalization of $9.71 billion, a P/E ratio of 20.08, a PEG ratio of 1.89 and a beta of 0.25. Dr. Reddy’s Laboratories has a 52-week low of $11.58 and a 52-week high of $15.67.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Morgan Stanley grew its holdings in Dr. Reddy’s Laboratories by 41.2% during the fourth quarter. Morgan Stanley now owns 8,926,051 shares of the company’s stock worth $125,322,000 after acquiring an additional 2,603,897 shares during the period. Marshall Wace LLP boosted its position in Dr. Reddy’s Laboratories by 1,699.4% during the fourth quarter. Marshall Wace LLP now owns 516,256 shares of the company’s stock worth $7,248,000 after purchasing an additional 487,565 shares in the last quarter. Lazard Asset Management LLC grew its stake in Dr. Reddy’s Laboratories by 51.8% in the 4th quarter. Lazard Asset Management LLC now owns 1,168,562 shares of the company’s stock valued at $16,407,000 after acquiring an additional 398,537 shares during the last quarter. Caisse de depot et placement du Quebec grew its position in shares of Dr. Reddy’s Laboratories by 167.8% in the third quarter. Caisse de depot et placement du Quebec now owns 566,200 shares of the company’s stock valued at $7,915,000 after purchasing an additional 354,800 shares during the last quarter. Finally, Balyasny Asset Management L.P. purchased a new position in Dr. Reddy’s Laboratories during the second quarter worth $5,024,000. 3.85% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

RDY has been the topic of a number of research reports. Weiss Ratings lowered shares of Dr. Reddy’s Laboratories from a “hold (c+)” rating to a “hold (c)” rating in a report on Thursday, June 11th. The Goldman Sachs Group downgraded shares of Dr. Reddy’s Laboratories from a “neutral” rating to a “sell” rating in a research note on Thursday, April 23rd. Two equities research analysts have rated the stock with a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Dr. Reddy’s Laboratories presently has a consensus rating of “Reduce”.

About Dr. Reddy’s Laboratories

Dr. Reddy’s Laboratories Ltd. is an India‐based multinational pharmaceutical company that develops, manufactures and markets a wide range of pharmaceutical products and services. Established in 1984 by the late Dr. Kallam Anji Reddy, the company has grown into a diversified healthcare enterprise offering generic and proprietary medicines, active pharmaceutical ingredients (APIs), biosimilars and custom research and manufacturing services (CRAMS). Its portfolio spans therapeutic areas such as oncology, cardiovascular care, dermatology, gastroenterology and pain management.

The company’s core activities include the development and commercialization of cost‐effective generic treatments for branded drugs that have lost patent protection, along with in‐house research into innovative molecule development.