Zacks Investment Research upgraded shares of Dr.Reddy's Laboratories (NYSE:RDY) from a sell rating to a hold rating in a report issued on Tuesday morning.
According to Zacks, “In second-quarter fiscal 2018, Dr. Reddy’s sales and earnings declined year-over-year decline. The top line declined due to price erosion and increased competitive pressures. the company remains focused on launching new products as well as on improving operational efficiencies and quality management systems. Dr. Reddy’s enjoys a strong position in the generics market. However, the company's North American business is witnessing pricing pressures due to enhanced channel consolidation and increased competitive pressure on sales of some of its key generic products. Consequently, the company’s shares have declined year to date. However, Dr. Reddy’s is undertaking some strategic measures to combat the ongoing challenges.”
Other equities research analysts have also recently issued research reports about the stock. Jefferies Group lowered their price target on shares of Dr.Reddy's Laboratories from $31.62 to $30.51 and set an underperform rating for the company in a research report on Wednesday, November 1st. Morgan Stanley raised shares of Dr.Reddy's Laboratories from an equal weight rating to an overweight rating in a research report on Thursday, September 21st. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and two have given a buy rating to the company’s stock. The company currently has an average rating of Hold and a consensus price target of $30.51.
Institutional investors and hedge funds have recently made changes to their positions in the company. SG Americas Securities LLC purchased a new stake in Dr.Reddy's Laboratories during the second quarter valued at approximately $144,000. Bank of New York Mellon Corp lifted its position in Dr.Reddy's Laboratories by 283.0% during the second quarter. Bank of New York Mellon Corp now owns 28,255 shares of the company’s stock valued at $1,191,000 after acquiring an additional 20,878 shares during the last quarter. Prudential Financial Inc. lifted its position in Dr.Reddy's Laboratories by 38.5% during the second quarter. Prudential Financial Inc. now owns 184,300 shares of the company’s stock valued at $7,766,000 after acquiring an additional 51,200 shares during the last quarter. Airain ltd purchased a new stake in Dr.Reddy's Laboratories during the second quarter valued at approximately $223,000. Finally, Mitsubishi UFJ Trust & Banking Corp lifted its position in Dr.Reddy's Laboratories by 223.9% during the second quarter. Mitsubishi UFJ Trust & Banking Corp now owns 51,980 shares of the company’s stock valued at $2,190,000 after acquiring an additional 35,930 shares during the last quarter. 13.71% of the stock is owned by hedge funds and other institutional investors.
Dr.Reddy's Laboratories Company Profile
Dr. Reddy’s Laboratories Limited is a pharmaceutical company that is engaged in providing medicines. The Company operates in three segments: Global Generics, Pharmaceutical Services and Active Ingredients (PSAI), and Proprietary Products. The Global Generics segment includes manufacturing and marketing prescription and over-the-counter finished pharmaceutical products ready for consumption by the patient, marketed under a brand name (branded formulations) or as generic finished dosages with therapeutic equivalence to branded formulations (generics).
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