Dr. Reddy’s Laboratories (NYSE:RDY) Announces Quarterly Earnings Results, Misses Estimates By $0.03 EPS

Dr. Reddy’s Laboratories (NYSE:RDY) issued its quarterly earnings data on Wednesday. The company reported $0.06 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.03), Zacks reports. Dr. Reddy’s Laboratories had a net margin of 12.90% and a return on equity of 12.34%.

Dr. Reddy’s Laboratories Stock Down 7.3%

Shares of NYSE:RDY traded down $0.92 during midday trading on Wednesday, reaching $11.64. 935,008 shares of the company were exchanged, compared to its average volume of 2,303,318. Dr. Reddy’s Laboratories has a fifty-two week low of $11.57 and a fifty-two week high of $15.67. The company has a quick ratio of 1.34, a current ratio of 1.80 and a debt-to-equity ratio of 0.03. The stock has a fifty day simple moving average of $13.59 and a two-hundred day simple moving average of $13.68. The firm has a market cap of $9.72 billion, a PE ratio of 20.01, a P/E/G ratio of 1.89 and a beta of 0.25.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on the stock. Weiss Ratings cut shares of Dr. Reddy’s Laboratories from a “hold (c+)” rating to a “hold (c)” rating in a research report on Thursday, June 11th. The Goldman Sachs Group downgraded Dr. Reddy’s Laboratories from a “neutral” rating to a “sell” rating in a research note on Thursday, April 23rd. Two equities research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Reduce”.

Hedge Funds Weigh In On Dr. Reddy’s Laboratories

A number of large investors have recently added to or reduced their stakes in RDY. Russell Investments Group Ltd. boosted its position in shares of Dr. Reddy’s Laboratories by 803.8% during the fourth quarter. Russell Investments Group Ltd. now owns 3,091 shares of the company’s stock worth $43,000 after buying an additional 2,749 shares during the period. EverSource Wealth Advisors LLC lifted its stake in Dr. Reddy’s Laboratories by 71.7% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 3,100 shares of the company’s stock valued at $47,000 after acquiring an additional 1,294 shares in the last quarter. Raymond James Financial Inc. acquired a new position in Dr. Reddy’s Laboratories during the 2nd quarter worth approximately $67,000. Public Employees Retirement System of Ohio acquired a new position in Dr. Reddy’s Laboratories during the 4th quarter worth approximately $66,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank bought a new position in shares of Dr. Reddy’s Laboratories during the 3rd quarter worth approximately $78,000. Institutional investors own 3.85% of the company’s stock.

About Dr. Reddy’s Laboratories

Dr. Reddy’s Laboratories Ltd. is an India‐based multinational pharmaceutical company that develops, manufactures and markets a wide range of pharmaceutical products and services. Established in 1984 by the late Dr. Kallam Anji Reddy, the company has grown into a diversified healthcare enterprise offering generic and proprietary medicines, active pharmaceutical ingredients (APIs), biosimilars and custom research and manufacturing services (CRAMS). Its portfolio spans therapeutic areas such as oncology, cardiovascular care, dermatology, gastroenterology and pain management.

The company’s core activities include the development and commercialization of cost‐effective generic treatments for branded drugs that have lost patent protection, along with in‐house research into innovative molecule development.