Zacks Investment Research upgraded shares of Dr.Reddy’s Laboratories (NYSE:RDY) from a strong sell rating to a buy rating in a research report released on Friday, Zacks.com reports. They currently have $40.00 price target on the stock.
According to Zacks, “Dr. Reddy’s top and bottom lines grew year over year in fourth-quarter fiscal 2019. This was supported by significant growth in emerging markets and India, pickup in product launches, and improvements in cost structure. Dr. Reddy’s expects to experience price erosion in the North America generics market. The European market is also witnessing high price erosion in some of the key molecules. As of Mar 31, 2019, the company had 110 generic filings (107 abbreviated New Drug Applications and three new drug applications) that are pending FDA approval. Approval of new generics should further bolster the portfolio. The company has started to divest non-core assets to channelize its sources to increase profitability. Estimates have decreased ahead of the Q2 results.”
Several other analysts have also weighed in on the stock. Barclays reiterated a hold rating on shares of Bank of Montreal in a research note on Tuesday, June 11th. Morgan Stanley lifted their price objective on shares of United Technologies from $155.00 to $164.00 and gave the company an overweight rating in a research note on Monday, May 20th. Deutsche Bank reiterated a buy rating and issued a GBX 2,450 ($32.01) price objective on shares of in a research note on Thursday, June 20th. Macquarie raised shares of Dr.Reddy’s Laboratories from a neutral rating to an outperform rating in a research report on Monday, July 1st. Finally, TheStreet downgraded shares of Tribune Publishing from a c- rating to a d+ rating in a research report on Monday, May 20th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and three have issued a buy rating to the company. Dr.Reddy’s Laboratories has a consensus rating of Hold and an average target price of $39.50.
Dr.Reddy’s Laboratories (NYSE:RDY) last released its quarterly earnings data on Friday, May 17th. The company reported $0.38 earnings per share for the quarter. The company had revenue of $581.00 million during the quarter, compared to analyst estimates of $565.46 million. Dr.Reddy’s Laboratories had a net margin of 12.20% and a return on equity of 13.85%. Equities research analysts anticipate that Dr.Reddy’s Laboratories will post 1.69 EPS for the current fiscal year.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Wetherby Asset Management Inc. grew its position in Dr.Reddy’s Laboratories by 8.8% in the 1st quarter. Wetherby Asset Management Inc. now owns 14,382 shares of the company’s stock valued at $583,000 after purchasing an additional 1,163 shares during the period. Amundi Pioneer Asset Management Inc. grew its position in Dr.Reddy’s Laboratories by 122.5% in the 4th quarter. Amundi Pioneer Asset Management Inc. now owns 31,237 shares of the company’s stock valued at $1,177,000 after purchasing an additional 17,200 shares during the period. Signaturefd LLC grew its position in Dr.Reddy’s Laboratories by 9.4% in the 1st quarter. Signaturefd LLC now owns 3,643 shares of the company’s stock valued at $148,000 after purchasing an additional 312 shares during the period. Eqis Capital Management Inc. grew its position in Dr.Reddy’s Laboratories by 21.9% in the 1st quarter. Eqis Capital Management Inc. now owns 14,658 shares of the company’s stock valued at $594,000 after purchasing an additional 2,631 shares during the period. Finally, Mondrian Investment Partners LTD grew its position in Dr.Reddy’s Laboratories by 4.7% in the 1st quarter. Mondrian Investment Partners LTD now owns 609,187 shares of the company’s stock valued at $24,672,000 after purchasing an additional 27,260 shares during the period. 12.78% of the stock is owned by institutional investors and hedge funds.
About Dr.Reddy’s Laboratories
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.
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