Barclays Cuts Dr. Reddy’s Laboratories (NYSE:RDY) Price Target to $17.00

Dr. Reddy’s Laboratories (NYSE:RDY) had its price target trimmed by Barclays from $17.40 to $17.00 in a report issued on Wednesday morning,Benzinga reports. The brokerage currently has an overweight rating on the stock.

Separately, StockNews.com raised shares of Dr. Reddy’s Laboratories from a “buy” rating to a “strong-buy” rating in a report on Tuesday.

Dr. Reddy’s Laboratories Stock Up 0.1 %

Shares of NYSE RDY opened at $15.11 on Wednesday. Dr. Reddy’s Laboratories has a 12-month low of $12.90 and a 12-month high of $16.89. The company has a market capitalization of $12.61 billion, a PE ratio of 19.62, a price-to-earnings-growth ratio of 2.33 and a beta of 0.56. 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 $15.68 and its two-hundred day moving average is $15.35.

Hedge Funds Weigh In On Dr. Reddy’s Laboratories

Several institutional investors and hedge funds have recently modified their holdings of RDY. Farther Finance Advisors LLC lifted its stake in shares of Dr. Reddy’s Laboratories by 43.2% during the third quarter. Farther Finance Advisors LLC now owns 454 shares of the company’s stock valued at $36,000 after buying an additional 137 shares during the period. Venturi Wealth Management LLC purchased a new position in shares of Dr. Reddy’s Laboratories during the third quarter valued at approximately $60,000. Van ECK Associates Corp lifted its stake in shares of Dr. Reddy’s Laboratories by 64.3% during the third quarter. Van ECK Associates Corp now owns 823 shares of the company’s stock valued at $64,000 after buying an additional 322 shares during the period. GAMMA Investing LLC lifted its stake in shares of Dr. Reddy’s Laboratories by 83.2% during the third quarter. GAMMA Investing LLC now owns 1,447 shares of the company’s stock valued at $115,000 after buying an additional 657 shares during the period. Finally, Wealthstream Advisors Inc. purchased a new position in shares of Dr. Reddy’s Laboratories during the second quarter valued at approximately $203,000. Hedge funds and other institutional investors own 14.02% of the company’s stock.

About Dr. Reddy’s Laboratories

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.