Dr. Reddy’s Laboratories Ltd. (NYSE:RDY) gapped up prior to trading on Wednesday . The stock had previously closed at $53.19, but opened at $53.51. Dr. Reddy’s Laboratories shares last traded at $54.28, with a volume of 206,788 shares.

RDY has been the topic of a number of research reports. Zacks Investment Research raised shares of Dr. Reddy’s Laboratories from a “sell” rating to a “hold” rating in a report on Tuesday, April 12th. Goldman Sachs Group Inc. initiated coverage on shares of Dr. Reddy’s Laboratories in a report on Monday, May 2nd. They issued a “neutral” rating on the stock. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating to the company’s stock. The company has an average rating of “Hold” and an average price target of $61.00.

The firm’s 50-day moving average price is $49.32 and its 200-day moving average price is $46.04. The firm has a market capitalization of $9.26 billion and a price-to-earnings ratio of 31.10.

Dr. Reddy’s Laboratories (NYSE:RDY) last posted its quarterly earnings results on Thursday, May 12th. The company reported $0.07 EPS for the quarter. The business earned $567 billion during the quarter, compared to the consensus estimate of $2.41 billion. Equities research analysts predict that Dr. Reddy’s Laboratories Ltd. will post $2.05 earnings per share for the current fiscal year.

The firm also recently declared an annual dividend, which was paid on Monday, July 18th. Stockholders of record on Monday, July 18th were issued a $0.277 dividend. The ex-dividend date of this dividend was Thursday, July 14th.

Several hedge funds and institutional investors have recently modified their holdings of RDY. Advisors Asset Management Inc. increased its position in shares of Dr. Reddy’s Laboratories by 3.2% in the fourth quarter. Advisors Asset Management Inc. now owns 43,693 shares of the company’s stock worth $2,023,000 after buying an additional 1,341 shares during the last quarter. Principal Financial Group Inc. increased its position in shares of Dr. Reddy’s Laboratories by 99.8% in the fourth quarter. Principal Financial Group Inc. now owns 492,288 shares of the company’s stock worth $22,788,000 after buying an additional 245,913 shares during the last quarter. Morgan Stanley increased its position in shares of Dr. Reddy’s Laboratories by 366.0% in the fourth quarter. Morgan Stanley now owns 308,997 shares of the company’s stock worth $14,303,000 after buying an additional 242,689 shares during the last quarter. GAM Holding AG increased its position in shares of Dr. Reddy’s Laboratories by 157.7% in the fourth quarter. GAM Holding AG now owns 123,200 shares of the company’s stock worth $5,703,000 after buying an additional 75,400 shares during the last quarter. Finally, OppenheimerFunds Inc. increased its position in shares of Dr. Reddy’s Laboratories by 10.5% in the fourth quarter. OppenheimerFunds Inc. now owns 37,908 shares of the company’s stock worth $1,755,000 after buying an additional 3,600 shares during the last quarter.

Dr. Reddy’s Laboratories Limited is an integrated global 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. Global Generics segment consists of its business of manufacturing and marketing prescription and over-the-counter finished pharmaceutical products, marketed under a brand name (branded formulations) or as generic finished dosages with therapeutic equivalence to branded formulations (generics).

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