JPMorgan Chase & Co. Upgrades Dr. Reddy’s Laboratories (NYSE:RDY) to Neutral

Dr. Reddy’s Laboratories (NYSE:RDY) was upgraded by research analysts at JPMorgan Chase & Co. from an “underweight” rating to a “neutral” rating in a research report issued to clients and investors on Monday, Marketbeat reports.

Other analysts also recently issued research reports about the stock. Jefferies Financial Group raised shares of Dr. Reddy’s Laboratories from an “underperform” rating to a “hold” rating and set a $13.90 price target on the stock in a report on Sunday. BNP Paribas Exane raised shares of Dr. Reddy’s Laboratories to an “outperform” rating and set a $14.80 price objective for the company in a research note on Monday, October 12th. Wall Street Zen raised shares of Dr. Reddy’s Laboratories from a “sell” rating to a “hold” rating in a research note on Saturday, October 17th. Citigroup upgraded Dr. Reddy’s Laboratories from a “sell” rating to a “buy” rating and lifted their price objective for the stock from $1,040.00 to $1,450.00 in a research report on Tuesday, September 29th. Finally, Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Dr. Reddy’s Laboratories in a research note on Wednesday. Two equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $492.90.

Dr. Reddy’s Laboratories Price Performance

Dr. Reddy’s Laboratories stock opened at $13.20 on Monday. Dr. Reddy’s Laboratories has a 52 week low of $11.36 and a 52 week high of $15.67. The company has a quick ratio of 1.39, a current ratio of 1.90 and a debt-to-equity ratio of 0.03. The firm’s 50-day simple moving average is $12.35 and its 200 day simple moving average is $12.91. The firm has a market capitalization of $11.02 billion, a PE ratio of 35.69, a P/E/G ratio of 2.75 and a beta of 0.29.

Dr. Reddy’s Laboratories (NYSE:RDY) last posted its earnings results on Friday, October 23rd. The company reported $0.12 earnings per share for the quarter, beating the consensus estimate of $0.10 by $0.02. Dr. Reddy’s Laboratories had a net margin of 8.56% and a return on equity of 7.89%. The firm had revenue of $903.89 million during the quarter, compared to the consensus estimate of $894.94 million. On average, equities research analysts predict that Dr. Reddy’s Laboratories will post 0.45 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Quadrant Capital Group LLC lifted its holdings in Dr. Reddy’s Laboratories by 59.6% in the 3rd quarter. Quadrant Capital Group LLC now owns 178,558 shares of the company’s stock valued at $2,280,000 after purchasing an additional 66,697 shares in the last quarter. Frank Rimerman Advisors LLC grew its holdings in shares of Dr. Reddy’s Laboratories by 93.6% during the third quarter. Frank Rimerman Advisors LLC now owns 126,709 shares of the company’s stock worth $1,599,000 after buying an additional 61,274 shares in the last quarter. QRG Capital Management Inc. raised its position in shares of Dr. Reddy’s Laboratories by 7.6% in the second quarter. QRG Capital Management Inc. now owns 41,233 shares of the company’s stock valued at $597,000 after buying an additional 2,909 shares during the last quarter. Tidal Investments LLC raised its position in shares of Dr. Reddy’s Laboratories by 26.3% in the second quarter. Tidal Investments LLC now owns 12,971 shares of the company’s stock valued at $188,000 after buying an additional 2,699 shares during the last quarter. Finally, Nykredit A S acquired a new position in shares of Dr. Reddy’s Laboratories in the second quarter valued at approximately $1,610,000. Institutional investors and hedge funds own 3.85% of the company’s stock.

Dr. Reddy’s Laboratories Company Profile

Dr. Reddy’s Laboratories Limited is a global pharmaceutical company headquartered in Hyderabad, India. Founded in 1984 by Dr. Kallam Anji Reddy, the company develops, manufactures and markets medicines intended to make healthcare more accessible.

Its business includes generic prescription drugs, active pharmaceutical ingredients, biosimilars, specialty products and over-the-counter consumer healthcare products. Dr. Reddy’s offers medicines across therapeutic areas such as cardiovascular care, diabetes, oncology, gastrointestinal health, pain management and dermatology.

The company serves patients and healthcare providers in India, the United States, Europe and a range of other international markets, including emerging markets.