Dr. Reddy’s Laboratories (NYSE:RDY) Shares Cross Above Two Hundred Day Moving Average – What’s Next?

Dr. Reddy’s Laboratories Ltd (NYSE:RDY) passed above its two hundred day moving average during trading on Wednesday. The stock has a two hundred day moving average of $12.92 and traded as high as $12.94. Dr. Reddy’s Laboratories shares last traded at $12.7650, with a volume of 3,738,869 shares changing hands.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the stock. BNP Paribas Exane upgraded shares of Dr. Reddy’s Laboratories to an “outperform” rating and set a $14.80 price target for the company in a research report on Monday. Weiss Ratings cut Dr. Reddy’s Laboratories from a “hold (c)” rating to a “hold (c-)” rating in a report on Thursday, July 23rd. Citigroup upgraded Dr. Reddy’s Laboratories from a “sell” rating to a “buy” rating and boosted their price objective for the stock from $1,040.00 to $1,450.00 in a research note on Tuesday, September 29th. Finally, Wall Street Zen raised Dr. Reddy’s Laboratories from a “sell” rating to a “hold” rating in a report on Saturday, August 29th. Two investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $732.40.

Dr. Reddy’s Laboratories Stock Up 1.1%

The company has a market capitalization of $10.89 billion, a PE ratio of 29.65, a price-to-earnings-growth ratio of 2.66 and a beta of 0.29. The company has a quick ratio of 1.39, a current ratio of 1.90 and a debt-to-equity ratio of 0.03. The firm has a 50-day moving average of $12.25 and a two-hundred day moving average of $12.92.

Dr. Reddy’s Laboratories (NYSE:RDY) last released its quarterly earnings results on Thursday, July 23rd. The company reported $0.06 EPS for the quarter, missing the consensus estimate of $0.09 by ($0.03). The firm had revenue of $850.26 million for the quarter, compared to analysts’ expectations of $850.56 million. Dr. Reddy’s Laboratories had a return on equity of 9.49% and a net margin of 10.15%. Equities research analysts predict that Dr. Reddy’s Laboratories Ltd will post 0.45 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Dr. Reddy’s Laboratories

Several hedge funds have recently added to or reduced their stakes in RDY. Royal Bank of Canada boosted its position in shares of Dr. Reddy’s Laboratories by 4.6% in the 1st quarter. Royal Bank of Canada now owns 9,984,082 shares of the company’s stock valued at $138,293,000 after purchasing an additional 434,805 shares during the period. Bessemer Group Inc. raised its stake in shares of Dr. Reddy’s Laboratories by 28.4% during the 1st quarter. Bessemer Group Inc. now owns 1,823,285 shares of the company’s stock worth $25,253,000 after buying an additional 403,219 shares in the last quarter. Nykredit A S purchased a new position in Dr. Reddy’s Laboratories in the second quarter valued at about $2,000,000. Quantinno Capital Management LP grew its stake in Dr. Reddy’s Laboratories by 71.2% in the 1st quarter. Quantinno Capital Management LP now owns 637,094 shares of the company’s stock valued at $8,824,000 after acquiring an additional 264,856 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership acquired a new position in shares of Dr. Reddy’s Laboratories during the 1st quarter worth approximately $1,422,000. 3.85% of the stock is currently owned by hedge funds and other institutional investors.

Dr. Reddy’s Laboratories Company Profile

Dr. Reddy’s Laboratories Limited is a multinational pharmaceutical company headquartered in Hyderabad, India. Founded in 1984 by Dr. Kallam Anji Reddy, the company develops, manufactures and markets medicines intended to make healthcare more accessible.

Its business includes generic pharmaceuticals, branded generics, over-the-counter products, active pharmaceutical ingredients and biosimilars. Dr. Reddy’s portfolio spans therapeutic areas such as gastrointestinal, cardiovascular, diabetes, oncology, pain management, dermatology and central nervous system treatments.