Dr. Reddy’s Laboratories (NYSE:RDY) Shares Gap Up to $78.54

Dr. Reddy’s Laboratories Limited (NYSE:RDY) shares gapped up before the market opened on Monday . The stock had previously closed at $78.54, but opened at $80.42. Dr. Reddy’s Laboratories shares last traded at $79.82, with a volume of 7,716 shares changing hands.

Wall Street Analysts Forecast Growth

Separately, Barclays increased their price objective on shares of Dr. Reddy’s Laboratories from $81.00 to $87.00 and gave the company an “overweight” rating in a report on Tuesday, July 30th.

Dr. Reddy’s Laboratories Stock Up 1.5 %

The firm has a market capitalization of $13.30 billion, a P/E ratio of 19.49, a PEG ratio of 1.74 and a beta of 0.55. The company has a debt-to-equity ratio of 0.02, a current ratio of 2.55 and a quick ratio of 1.90. The firm’s 50 day moving average is $81.16 and its two-hundred day moving average is $75.72.

Dr. Reddy’s Laboratories (NYSE:RDY) last released its quarterly earnings results on Saturday, July 27th. The company reported $1.00 EPS for the quarter, missing the consensus estimate of $1.10 by ($0.10). The business had revenue of $919.80 million during the quarter, compared to analyst estimates of $861.68 million. Dr. Reddy’s Laboratories had a net margin of 19.28% and a return on equity of 20.32%. Research analysts predict that Dr. Reddy’s Laboratories Limited will post 4.11 EPS for the current year.

Institutional Investors Weigh In On Dr. Reddy’s Laboratories

A number of institutional investors have recently added to or reduced their stakes in RDY. Healthcare of Ontario Pension Plan Trust Fund grew its position in shares of Dr. Reddy’s Laboratories by 318.0% in the 2nd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 372,900 shares of the company’s stock valued at $28,411,000 after buying an additional 283,700 shares during the last quarter. Creative Planning lifted its position in shares of Dr. Reddy’s Laboratories by 22.6% in the 2nd quarter. Creative Planning now owns 87,522 shares of the company’s stock worth $6,668,000 after purchasing an additional 16,157 shares during the period. Millennium Management LLC boosted its stake in shares of Dr. Reddy’s Laboratories by 61.4% in the 2nd quarter. Millennium Management LLC now owns 332,502 shares of the company’s stock valued at $25,333,000 after purchasing an additional 126,472 shares during the last quarter. Bank of Montreal Can increased its position in shares of Dr. Reddy’s Laboratories by 75.4% during the second quarter. Bank of Montreal Can now owns 9,918 shares of the company’s stock worth $758,000 after buying an additional 4,262 shares during the period. Finally, Frank Rimerman Advisors LLC bought a new position in Dr. Reddy’s Laboratories during the second quarter worth $2,633,000. 14.02% of the stock is owned by institutional investors.

Dr. Reddy’s Laboratories Company Profile

Dr. Reddy’s Laboratories Limited, together with its subsidiaries, operates as an integrated pharmaceutical company worldwide. It operates through Global Generics, Pharmaceutical Services and Active Ingredients (PSAI), and Others segments. The company’s Global Generics segment manufactures and markets prescription and over-the-counter finished pharmaceutical products that are marketed under a brand name or as a generic finished dosages with therapeutic equivalence to branded formulations, as well as engages in the biologics business.