Royal Bank of Canada Increases Position in Dr. Reddy’s Laboratories Ltd. (RDY)

Royal Bank of Canada raised its position in shares of Dr. Reddy’s Laboratories Ltd. (NYSE:RDY) by 206.9% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 1,855,073 shares of the company’s stock after buying an additional 1,250,644 shares during the period. Royal Bank of Canada owned 1.09% of Dr. Reddy’s Laboratories worth $83,830,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. AXA increased its position in shares of Dr. Reddy’s Laboratories by 18.8% in the first quarter. AXA now owns 9,500 shares of the company’s stock worth $429,000 after buying an additional 1,500 shares in the last quarter. Fox Run Management L.L.C. acquired a new position in shares of Dr. Reddy’s Laboratories during the first quarter worth approximately $493,000. Franklin Resources Inc. increased its position in shares of Dr. Reddy’s Laboratories by 74.7% in the first quarter. Franklin Resources Inc. now owns 15,916 shares of the company’s stock worth $720,000 after buying an additional 6,806 shares in the last quarter. William Blair Investment Management LLC acquired a new position in shares of Dr. Reddy’s Laboratories during the fourth quarter worth approximately $1,061,000. Finally, Eqis Capital Management Inc. increased its position in shares of Dr. Reddy’s Laboratories by 10.0% in the first quarter. Eqis Capital Management Inc. now owns 29,650 shares of the company’s stock worth $1,340,000 after buying an additional 2,694 shares in the last quarter.

Dr. Reddy’s Laboratories Ltd. (NYSE:RDY) traded down 0.23% during midday trading on Wednesday, reaching $44.01. 634,788 shares of the company traded hands. The stock has a market capitalization of $7.51 billion and a price-to-earnings ratio of 25.26. The firm has a 50 day moving average of $49.75 and a 200-day moving average of $46.21. Dr. Reddy’s Laboratories Ltd. has a 12 month low of $40.67 and a 12 month high of $68.00.

Dr. Reddy’s Laboratories (NYSE:RDY) last announced its quarterly earnings data on Tuesday, July 26th. The company reported $0.00 EPS for the quarter. The company had revenue of $479 million for the quarter, compared to analysts’ expectations of $557 million. Analysts forecast that Dr. Reddy’s Laboratories Ltd. will post $1.69 EPS for the current fiscal year.

The business also recently disclosed an annual dividend, which was paid on Monday, July 18th. Investors of record on Monday, July 18th were given a dividend of $0.277 per share. The ex-dividend date was Thursday, July 14th.

RDY has been the topic of a number of research reports. Zacks Investment Research raised shares of Dr. Reddy’s Laboratories from a “sell” rating to a “buy” rating and set a $61.00 target price on the stock in a research note on Tuesday, July 12th. Goldman Sachs Group Inc. started coverage on shares of Dr. Reddy’s Laboratories in a research note on Monday, May 2nd. They issued a “neutral” rating on the stock. HSBC downgraded shares of Dr. Reddy’s Laboratories from a “hold” rating to a “reduce” rating in a research note on Wednesday. Jefferies Group downgraded shares of Dr. Reddy’s Laboratories from a “hold” rating to an “underperform” rating in a research note on Wednesday. Finally, Credit Suisse Group AG downgraded shares of Dr. Reddy’s Laboratories from a “neutral” rating to an “underperform” rating in a research note on Tuesday. Four research analysts have rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the company’s stock. Dr. Reddy’s Laboratories has a consensus rating of “Hold” and a consensus price target of $61.00.

Dr. Reddy’s Laboratories Limited is an integrated global 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. Global Generics segment consists of its business of manufacturing and marketing prescription and over-the-counter (OTC) finished pharmaceutical products, marketed under a brand name (branded formulations) or as generic finished dosages with therapeutic equivalence to branded formulations (generics).