CLSA cut shares of Dr. Reddy’s Laboratories Ltd (NYSE:RDY) from an underperform rating to a sell rating in a report issued on Friday, Marketbeat reports.

RDY has been the subject of a number of other research reports. Deutsche Bank AG raised shares of Dr. Reddy’s Laboratories from a sell rating to a hold rating in a report on Monday, May 15th. Zacks Investment Research raised shares of Dr. Reddy’s Laboratories from a strong sell rating to a hold rating in a research report on Friday, July 14th. Two equities research analysts have rated the stock with a sell rating and two have given a hold rating to the company. The company currently has an average rating of Hold.

Shares of Dr. Reddy’s Laboratories (NYSE:RDY) traded up 1.59% during trading on Friday, reaching $37.17. The company’s stock had a trading volume of 239,057 shares. The company’s 50-day moving average is $41.23 and its 200-day moving average is $41.60. Dr. Reddy’s Laboratories has a 12 month low of $35.89 and a 12 month high of $50.10. The company has a market capitalization of $6.16 billion, a P/E ratio of 34.93 and a beta of 0.35.

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The company also recently declared a dividend, which was paid on Monday, July 17th. Stockholders of record on Monday, July 17th were given a dividend of $0.29 per share. The ex-dividend date of this dividend was Thursday, July 13th. Dr. Reddy’s Laboratories’s dividend payout ratio is 27.88%.

Several institutional investors have recently made changes to their positions in the company. Sumitomo Life Insurance Co. boosted its position in shares of Dr. Reddy’s Laboratories by 40.0% in the first quarter. Sumitomo Life Insurance Co. now owns 4,200 shares of the company’s stock worth $169,000 after buying an additional 1,200 shares in the last quarter. Bank of New York Mellon Corp purchased a new position in shares of Dr. Reddy’s Laboratories during the first quarter worth $297,000. Alliancebernstein L.P. boosted its stake in Dr. Reddy’s Laboratories by 55.5% in the first quarter. Alliancebernstein L.P. now owns 7,808 shares of the company’s stock valued at $313,000 after buying an additional 2,787 shares in the last quarter. OLD Mutual Customised Solutions Proprietary Ltd. boosted its stake in Dr. Reddy’s Laboratories by 41.8% in the first quarter. OLD Mutual Customised Solutions Proprietary Ltd. now owns 7,800 shares of the company’s stock valued at $313,000 after buying an additional 2,300 shares in the last quarter. Finally, Wetherby Asset Management Inc. boosted its stake in Dr. Reddy’s Laboratories by 9.1% in the first quarter. Wetherby Asset Management Inc. now owns 8,487 shares of the company’s stock valued at $340,000 after buying an additional 711 shares in the last quarter. 15.18% of the stock is currently owned by institutional investors.

About Dr. Reddy’s Laboratories

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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