Dr. Reddy’s Laboratories (NYSE: RDY) was upgraded by Zacks Investment Research from a “sell” rating to a “conservation” rating in a research note released Friday, Zacks.com reports. The brokerage currently has a target price of $ 69.00 per share. Zacks Investment Research’s price target points to a potential rise of 5.47% from the company’s previous close.
According to Zacks, “Dr. Reddy’s is experiencing healthy growth in its global generic markets, particularly in Europe and India. The company’s COVID portfolio and new product launches have been the engine of annual growth. The company enjoys a strong position in the generics market, with global generics contributing the majority of sales. The approval of new generics is expected to further strengthen the portfolio. Stocks have outperformed the industry over the past year. However, Dr. Reddy’s faces considerable competitive pressure and pricing in the generic industry in the United States, which is a pity. Besides the very crowded generics market, Dr. Reddy’s faces stiff competition from several large generic manufacturers who strive to be the first to launch a generic version once a branded product loses its brand. exclusivity. This also remains a concern. “
Separately, Barclays increased its price target for the shares of Dr. Reddy’s Laboratories from $ 78.00 to $ 80.00 and assigned the stock an “overweight” rating in a report released on Monday, November 1.
RDY shares traded up $ 0.96 at midday on Friday, reaching $ 65.42. 98,720 shares of the company traded for an average volume of 149,214. Dr. Reddy’s Laboratories has a one-year low of $ 57.54 and a one-year high of $ 75.50. The company has a quick ratio of 1.32, a current ratio of 1.90, and a debt ratio of 0.03. The company has a market cap of $ 10.89 billion, a PE ratio of 37.60 and a beta of 0.46. The company has a 50-day moving average of $ 62.36 and a 200-day moving average of $ 65.57.
Dr. Reddy’s Laboratories (NYSE: RDY) last released its quarterly earnings data on Friday, October 29. The company reported earnings per share (EPS) of $ 0.80 for the quarter, beating Thomson Reuters’ consensus estimate of $ 0.56 of $ 0.24. Dr. Reddy’s Laboratories had a net margin of 10.51% and a return on equity of 14.84%. The company reported revenue of $ 777.00 million for the quarter. As a group, research analysts expect Dr. Reddy’s Laboratories to have an EPS of 2.41 for the current fiscal year.
Hedge funds and other institutional investors have recently changed their holdings in the company. FORA Capital LLC acquired a new equity interest in Dr. Reddy’s Laboratories during the second quarter valued at approximately $ 41,000. Arkadios Wealth Advisors increased its stake in the shares of Dr. Reddy’s Laboratories by 112.2% during the 3rd quarter. Arkadios Wealth Advisors now owns 592 shares of the company valued at $ 38,000 after purchasing 313 additional shares during the period. DekaBank Deutsche Girozentrale acquired a new equity stake in Dr. Reddy’s Laboratories during the second quarter for a value of approximately $ 52,000. Caxton Associates LP purchased a new position in shares of Dr. Reddy’s Laboratories during the 2nd quarter valued at approximately $ 219,000. Finally, Eqis Capital Management Inc. acquired a new position in shares of Dr. Reddy’s Laboratories during the second quarter valued at approximately $ 228,000. 11.02% of the shares are currently held by institutional investors and hedge funds.
About Dr Reddy’s Laboratories
Dr. Reddy’s Laboratories Ltd. is engaged in the manufacture and marketing of pharmaceutical products. It operates through the following segments: Global Generics, Pharmaceutical Services and Active Ingredients, Proprietary Products and Others. The Global Generics segment comprises the manufacture and marketing of prescription and over-the-counter finished pharmaceutical products ready for patient consumption, marketed under a brand name or as generic finished strengths with therapeutic equivalence to branded formulations.
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