Prudential Financial Inc. has decreased its stake in Dr. Reddy’s Laboratories Ltd (NYSE: RDY) by 24%, selling 40,400 shares during the second quarter of 2023. Following this sale, Prudential now holds 127,900 shares valued at approximately $1.92 million as of the end of the most recent reporting period.
Other institutional investors have also adjusted their positions in Dr. Reddy’s Laboratories. For instance, Aikya Investment Management Ltd increased its holdings by 2.5%, acquiring an additional 154,604 shares to reach a total of 6,354,979 shares, valued at about $95.52 million. Similarly, National Bank of Canada FI significantly raised its investment, increasing its stake by 331.2% in the first quarter. After purchasing an additional 54,536 shares, it now possesses 71,000 shares worth $936,000.
JPMorgan Chase & Co. also made notable changes, boosting its position in Dr. Reddy’s by 157.7% during the second quarter. The firm now owns 5,910,786 shares, valued at $88.84 million after acquiring an additional 3,617,435 shares. Jump Financial LLC and US Bancorp DE also increased their stakes by 534.1% and 21.5%, respectively, reflecting growing institutional interest in the pharmaceutical company. Currently, institutional investors hold about 3.85% of Dr. Reddy’s stock.
Recent Analyst Ratings and Stock Performance
Several brokerages have recently updated their ratings on Dr. Reddy’s Laboratories. Weiss Ratings reiterated a “buy (B-)” rating, while Zacks Research upgraded the stock from a “strong sell” to a “hold” rating. As of now, one research analyst has given it a Strong Buy rating, two have rated it as Buy, and two others have assigned a Hold rating. The stock currently holds a consensus rating of “Moderate Buy” with a target price of $16.90.
On October 24, 2023, Dr. Reddy’s Laboratories reported its quarterly earnings, announcing an earnings per share (EPS) of $0.19, slightly exceeding analysts’ expectations of $0.18. The company generated $993.72 million in revenue for the quarter, surpassing the forecast of $944.26 million. Dr. Reddy’s Laboratories recorded a net margin of 17.14% and a return on equity of 17.13%. Analysts predict that the company will report EPS of $0.80 for the current fiscal year.
Company Overview and Market Position
Dr. Reddy’s Laboratories Limited operates as a comprehensive pharmaceutical company with global reach, focusing on various segments including Global Generics and Pharmaceutical Services and Active Ingredients (PSAI). The Global Generics segment produces both prescription and over-the-counter pharmaceutical products, emphasizing therapeutic equivalence to branded formulations.
As of the latest data, shares of NYSE: RDY opened at $14.20. The company maintains a current ratio of 1.85 and a quick ratio of 1.35, alongside a debt-to-equity ratio of 0.03. Over the past year, the stock has fluctuated between a low of $12.26 and a high of $16.17. With a market capitalization of $11.85 billion and a price-to-earnings (P/E) ratio of 17.52, Dr. Reddy’s Laboratories remains a key player in the pharmaceutical industry.
Investors and market watchers can stay informed about further developments regarding Dr. Reddy’s Laboratories by monitoring updates from credible financial news sources and institutional filings.
