Zacks Investment Research upgraded shares of Dr.Reddy’s Laboratories (NYSE:RDY) from a hold rating to a buy rating in a report released on Wednesday morning. Zacks Investment Research currently has $37.00 price target on the stock.
According to Zacks, “Dr. Reddy’s enjoys a strong position in the generics market. As of Jun 30, 2018, Dr. Reddy’s had 112 generic filings (109 abbreviated New Drug Applications [ANDAs] and three new drug applications) that are pending for the FDA approval. Of these 109 ANDAs, 61 were Para IV filings and 30 have first-to-file status. Approval of new generics should further bolster the portfolio. The company is also making inroads in the lucrative biosimilars market. In addition, the company’s focus on operational efficiencies helped in significantly improving its margin profile. Shares have outperformed the industry in the last twelve months. However, price erosion in North America Generics market still persists. The European market is also witnessing a decline due to higher price erosion in some of the key molecules. Dr. Reddy’s is undertaking strategic measures to combat these challenges. Estimates have reduced ahead of Q2 earnings release.”
Separately, ValuEngine downgraded shares of Dr.Reddy’s Laboratories from a hold rating to a sell rating in a research report on Thursday, October 4th.
Shares of RDY opened at $33.17 on Wednesday. Dr.Reddy’s Laboratories has a one year low of $28.13 and a one year high of $39.96. The stock has a market capitalization of $5.74 billion, a PE ratio of 32.84 and a beta of 0.13. The company has a quick ratio of 1.19, a current ratio of 1.64 and a debt-to-equity ratio of 0.20.
Dr.Reddy’s Laboratories (NYSE:RDY) last announced its quarterly earnings data on Thursday, July 26th. The company reported $0.40 EPS for the quarter. Dr.Reddy’s Laboratories had a net margin of 9.41% and a return on equity of 11.74%. The company had revenue of $543.00 million during the quarter, compared to the consensus estimate of $542.20 million. On average, research analysts forecast that Dr.Reddy’s Laboratories will post 1.33 earnings per share for the current fiscal year.
Several institutional investors and hedge funds have recently made changes to their positions in the company. Commonwealth Bank of Australia grew its position in shares of Dr.Reddy’s Laboratories by 1.4% in the 2nd quarter. Commonwealth Bank of Australia now owns 1,760,194 shares of the company’s stock valued at $56,674,000 after acquiring an additional 24,262 shares during the period. BlackRock Inc. grew its position in shares of Dr.Reddy’s Laboratories by 10.9% in the 2nd quarter. BlackRock Inc. now owns 1,559,768 shares of the company’s stock valued at $50,225,000 after acquiring an additional 153,920 shares during the period. Advisors Asset Management Inc. grew its position in shares of Dr.Reddy’s Laboratories by 29,814.7% in the 2nd quarter. Advisors Asset Management Inc. now owns 863,638 shares of the company’s stock valued at $119,000 after acquiring an additional 860,751 shares during the period. Dimensional Fund Advisors LP grew its position in shares of Dr.Reddy’s Laboratories by 20.6% in the 2nd quarter. Dimensional Fund Advisors LP now owns 835,827 shares of the company’s stock valued at $26,930,000 after acquiring an additional 142,492 shares during the period. Finally, Renaissance Technologies LLC grew its position in shares of Dr.Reddy’s Laboratories by 3,398.8% in the 2nd quarter. Renaissance Technologies LLC now owns 573,810 shares of the company’s stock valued at $18,477,000 after acquiring an additional 557,410 shares during the period. 12.27% of the stock is owned by institutional investors.
Dr.Reddy’s Laboratories Company Profile
Dr. Reddy's Laboratories Limited operates as an integrated pharmaceutical company worldwide. It operates through three segments: Global Generics, Pharmaceutical Services and Active Ingredients (PSAI), and Proprietary Products. The 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 dosage with therapeutic equivalence to branded formulations.
Featured Article: Asset Allocation, Balancing Your Investments
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Dr.Reddy's Laboratories Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Dr.Reddy's Laboratories and related companies with MarketBeat.com's FREE daily email newsletter.