Allianz Asset Management GmbH Reduces Stock Position in Dr. Reddy’s Laboratories Ltd $RDY

Allianz Asset Management GmbH decreased its position in shares of Dr. Reddy’s Laboratories Ltd (NYSE:RDY) by 84.0% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 70,595 shares of the company’s stock after selling 370,856 shares during the quarter. Allianz Asset Management GmbH’s holdings in Dr. Reddy’s Laboratories were worth $987,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Westside Investment Management Inc. acquired a new position in Dr. Reddy’s Laboratories during the second quarter worth $35,000. EverSource Wealth Advisors LLC grew its holdings in Dr. Reddy’s Laboratories by 71.7% in the second quarter. EverSource Wealth Advisors LLC now owns 3,100 shares of the company’s stock valued at $47,000 after purchasing an additional 1,294 shares during the last quarter. Farther Finance Advisors LLC increased its position in shares of Dr. Reddy’s Laboratories by 217.4% in the third quarter. Farther Finance Advisors LLC now owns 3,568 shares of the company’s stock valued at $50,000 after buying an additional 2,444 shares in the last quarter. Raymond James Financial Inc. acquired a new position in shares of Dr. Reddy’s Laboratories during the 2nd quarter worth $67,000. Finally, Allworth Financial LP boosted its position in shares of Dr. Reddy’s Laboratories by 37.8% in the 2nd quarter. Allworth Financial LP now owns 4,827 shares of the company’s stock worth $73,000 after buying an additional 1,323 shares in the last quarter. Institutional investors and hedge funds own 3.85% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings upgraded shares of Dr. Reddy’s Laboratories from a “hold (c+)” rating to a “buy (b-)” rating in a report on Friday, January 30th. Two research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $16.90.

Dr. Reddy’s Laboratories Trading Down 1.4%

Dr. Reddy’s Laboratories stock opened at $14.11 on Friday. The stock has a 50-day moving average price of $13.78 and a 200 day moving average price of $14.01. Dr. Reddy’s Laboratories Ltd has a 52 week low of $12.26 and a 52 week high of $16.17. The stock has a market cap of $11.78 billion, a PE ratio of 18.32, a P/E/G ratio of 13.00 and a beta of 0.35. The company has a current ratio of 1.88, a quick ratio of 1.38 and a debt-to-equity ratio of 0.03.

Dr. Reddy’s Laboratories (NYSE:RDY) last released its earnings results on Wednesday, January 21st. The company reported $0.16 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.16. Dr. Reddy’s Laboratories had a net margin of 16.41% and a return on equity of 15.89%. The company had revenue of $969.81 million for the quarter, compared to analyst estimates of $963.84 million. Equities research analysts predict that Dr. Reddy’s Laboratories Ltd will post 0.8 earnings per share for the current fiscal year.

About Dr. Reddy’s Laboratories

Dr. Reddy’s Laboratories Ltd. is an India‐based multinational pharmaceutical company that develops, manufactures and markets a wide range of pharmaceutical products and services. Established in 1984 by the late Dr. Kallam Anji Reddy, the company has grown into a diversified healthcare enterprise offering generic and proprietary medicines, active pharmaceutical ingredients (APIs), biosimilars and custom research and manufacturing services (CRAMS). Its portfolio spans therapeutic areas such as oncology, cardiovascular care, dermatology, gastroenterology and pain management.

The company’s core activities include the development and commercialization of cost‐effective generic treatments for branded drugs that have lost patent protection, along with in‐house research into innovative molecule development.