Dr. Reddy's Laboratories (NYSE:RDY) Cut to Buy at StockNews.com

Dr. Reddy's Laboratories (NYSE:RDY - Get Free Report) was downgraded by equities researchers at StockNews.com from a "strong-buy" rating to a "buy" rating in a note issued to investors on Wednesday.

Separately, Barclays decreased their price objective on shares of Dr. Reddy's Laboratories from $17.40 to $17.00 and set an "overweight" rating on the stock in a research report on Wednesday, November 6th.

Dr. Reddy's Laboratories Trading Down 1.4 %

Dr. Reddy's Laboratories stock traded down $0.21 during trading hours on Wednesday, reaching $14.56. The company had a trading volume of 703,542 shares, compared to its average volume of 1,031,829. The company has a debt-to-equity ratio of 0.02, a current ratio of 1.92 and a quick ratio of 1.36. Dr. Reddy's Laboratories has a 12-month low of $12.90 and a 12-month high of $16.89. The company has a 50-day moving average price of $15.62 and a 200 day moving average price of $15.36. The firm has a market cap of $12.15 billion, a price-to-earnings ratio of 23.26 and a beta of 0.56.

Hedge Funds Weigh In On Dr. Reddy's Laboratories

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Healthcare of Ontario Pension Plan Trust Fund grew its holdings 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 acquiring an additional 283,700 shares during the period. Fisher Asset Management LLC raised its holdings in Dr. Reddy's Laboratories by 59.4% in the third quarter. Fisher Asset Management LLC now owns 491,303 shares of the company's stock worth $39,034,000 after purchasing an additional 183,146 shares in the last quarter. Millennium Management LLC lifted its position in Dr. Reddy's Laboratories by 61.4% during the second quarter. Millennium Management LLC now owns 332,502 shares of the company's stock valued at $25,333,000 after buying an additional 126,472 shares during the period. Dimensional Fund Advisors LP boosted its holdings in shares of Dr. Reddy's Laboratories by 12.8% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,003,782 shares of the company's stock valued at $76,455,000 after buying an additional 114,294 shares in the last quarter. Finally, Jane Street Group LLC grew its position in shares of Dr. Reddy's Laboratories by 2,197.8% in the 1st quarter. Jane Street Group LLC now owns 113,168 shares of the company's stock worth $8,301,000 after buying an additional 108,243 shares during the period. 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.