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

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

Separately, StockNews.com upgraded shares of Dr. Reddy’s Laboratories from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, November 5th.

Dr. Reddy’s Laboratories Price Performance

Dr. Reddy’s Laboratories stock opened at $15.11 on Wednesday. The company has a quick ratio of 1.90, a current ratio of 1.92 and a debt-to-equity ratio of 0.02. The firm’s 50-day simple moving average is $15.68 and its 200 day simple moving average is $15.35. Dr. Reddy’s Laboratories has a 52 week low of $12.90 and a 52 week high of $16.89. The firm has a market capitalization of $12.61 billion, a PE ratio of 19.73, a P/E/G ratio of 2.38 and a beta of 0.56.

Institutional Trading of Dr. Reddy’s Laboratories

Several institutional investors and hedge funds have recently made changes to their positions in RDY. Renaissance Technologies LLC lifted its stake in shares of Dr. Reddy’s Laboratories by 3.4% during the second quarter. Renaissance Technologies LLC now owns 1,995,495 shares of the company’s stock valued at $152,037,000 after buying an additional 65,606 shares during the period. Dimensional Fund Advisors LP raised its holdings in Dr. Reddy’s Laboratories by 12.8% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,003,782 shares of the company’s stock valued at $76,455,000 after acquiring an additional 114,294 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund lifted its stake in shares of Dr. Reddy’s Laboratories by 318.0% during the 2nd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 372,900 shares of the company’s stock worth $28,411,000 after purchasing an additional 283,700 shares during the period. Millennium Management LLC boosted its holdings in shares of Dr. Reddy’s Laboratories by 61.4% during the second quarter. Millennium Management LLC now owns 332,502 shares of the company’s stock worth $25,333,000 after purchasing an additional 126,472 shares during the last quarter. Finally, Acadian Asset Management LLC grew its position in shares of Dr. Reddy’s Laboratories by 37.2% in the second quarter. Acadian Asset Management LLC now owns 269,131 shares of the company’s stock valued at $20,500,000 after purchasing an additional 72,978 shares during the period. 14.02% of the stock is currently owned by hedge funds and other institutional investors.

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.