Barclays Boosts Dr. Reddy’s Laboratories (NYSE:RDY) Price Target to $87.00

Dr. Reddy’s Laboratories (NYSE:RDY) had its price objective lifted by Barclays from $81.00 to $87.00 in a research note released on Tuesday, Benzinga reports. The firm currently has an overweight rating on the stock.

Separately, StockNews.com lowered shares of Dr. Reddy’s Laboratories from a strong-buy rating to a buy rating in a research note on Thursday, May 16th.

Dr. Reddy’s Laboratories Price Performance

RDY opened at $82.53 on Tuesday. The company has a debt-to-equity ratio of 0.02, a current ratio of 2.55 and a quick ratio of 1.92. The stock has a market capitalization of $13.77 billion, a P/E ratio of 20.48, a price-to-earnings-growth ratio of 1.78 and a beta of 0.56. The company’s 50 day simple moving average is $74.75 and its 200-day simple moving average is $73.53. Dr. Reddy’s Laboratories has a one year low of $63.72 and a one year high of $82.93.

Dr. Reddy’s Laboratories (NYSE:RDY) last announced its quarterly earnings data on Tuesday, May 7th. The company reported $0.94 EPS for the quarter, beating analysts’ consensus estimates of $0.86 by $0.08. Dr. Reddy’s Laboratories had a return on equity of 20.32% and a net margin of 19.28%. The firm had revenue of $850.00 million for the quarter, compared to analyst estimates of $825.20 million. Sell-side analysts anticipate that Dr. Reddy’s Laboratories will post 4.13 earnings per share for the current fiscal year.

Dr. Reddy’s Laboratories Cuts Dividend

The business also recently disclosed an annual dividend, which was paid on Tuesday, July 30th. Shareholders of record on Monday, July 15th were issued a $0.4069 dividend. The ex-dividend date of this dividend was Tuesday, July 30th. This represents a dividend yield of 0.5%. Dr. Reddy’s Laboratories’s dividend payout ratio is currently 10.17%.

Hedge Funds Weigh In On Dr. Reddy’s Laboratories

A number of large investors have recently made changes to their positions in RDY. QRG Capital Management Inc. grew its position in Dr. Reddy’s Laboratories by 2.3% during the second quarter. QRG Capital Management Inc. now owns 7,910 shares of the company’s stock worth $603,000 after buying an additional 180 shares in the last quarter. Augustine Asset Management Inc. lifted its stake in shares of Dr. Reddy’s Laboratories by 0.4% in the 2nd quarter. Augustine Asset Management Inc. now owns 50,624 shares of the company’s stock valued at $3,857,000 after acquiring an additional 181 shares during the last quarter. Lester Murray Antman dba SimplyRich boosted its stake in shares of Dr. Reddy’s Laboratories by 3.1% during the second quarter. Lester Murray Antman dba SimplyRich now owns 6,178 shares of the company’s stock valued at $470,000 after purchasing an additional 184 shares in the last quarter. Sequoia Financial Advisors LLC grew its holdings in shares of Dr. Reddy’s Laboratories by 1.6% during the first quarter. Sequoia Financial Advisors LLC now owns 14,526 shares of the company’s stock worth $1,065,000 after purchasing an additional 232 shares during the last quarter. Finally, First Trust Direct Indexing L.P. increased its position in Dr. Reddy’s Laboratories by 2.4% in the 1st quarter. First Trust Direct Indexing L.P. now owns 10,634 shares of the company’s stock valued at $780,000 after acquiring an additional 251 shares during the period. Institutional investors own 14.02% of the company’s stock.

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.