Handelsbanken Fonder AB raised its holdings in Royalty Pharma PLC (NASDAQ:RPRX – Free Report) by 28.0% during the 2nd quarter, HoldingsChannel reports. The institutional investor owned 557,028 shares of the biopharmaceutical company’s stock after purchasing an additional 121,761 shares during the period. Handelsbanken Fonder AB’s holdings in Royalty Pharma were worth $31,233,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds also recently made changes to their positions in RPRX. Barton Investment Management acquired a new stake in shares of Royalty Pharma during the 1st quarter valued at about $905,000. Nomura Asset Management Co. Ltd. raised its position in Royalty Pharma by 16.2% in the fourth quarter. Nomura Asset Management Co. Ltd. now owns 172,418 shares of the biopharmaceutical company’s stock worth $6,662,000 after purchasing an additional 24,048 shares in the last quarter. Qsemble Capital Management LP acquired a new position in Royalty Pharma in the fourth quarter worth about $2,875,000. Fideuram Intesa Sanpaolo Private Banking S.P.A. bought a new position in Royalty Pharma during the fourth quarter worth about $4,923,000. Finally, Thrivent Financial for Lutherans lifted its stake in Royalty Pharma by 10.4% during the fourth quarter. Thrivent Financial for Lutherans now owns 233,320 shares of the biopharmaceutical company’s stock worth $9,016,000 after purchasing an additional 22,015 shares during the period. Institutional investors and hedge funds own 54.35% of the company’s stock.
Insider Transactions at Royalty Pharma
In other Royalty Pharma news, Director Gregory Norden sold 3,045 shares of the business’s stock in a transaction dated Thursday, May 14th. The stock was sold at an average price of $53.00, for a total transaction of $161,385.00. Following the completion of the sale, the director directly owned 191,803 shares of the company’s stock, valued at approximately $10,165,559. The trade was a 1.56% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Marshall Urist sold 13,684 shares of the business’s stock in a transaction dated Wednesday, May 20th. The stock was sold at an average price of $52.75, for a total value of $721,831.00. Following the sale, the executive vice president directly owned 18,197 shares of the company’s stock, valued at $959,891.75. This represents a 42.92% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 393,009 shares of company stock worth $21,601,827 in the last ninety days. 18.84% of the stock is currently owned by insiders.
Royalty Pharma Stock Performance
Royalty Pharma (NASDAQ:RPRX – Get Free Report) last posted its quarterly earnings data on Wednesday, August 5th. The biopharmaceutical company reported $1.32 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.27 by $0.05. The firm had revenue of $674.14 million for the quarter, compared to the consensus estimate of $758.93 million. Royalty Pharma had a return on equity of 30.01% and a net margin of 32.14%. Sell-side analysts predict that Royalty Pharma PLC will post 5.3 earnings per share for the current fiscal year.
Royalty Pharma Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Thursday, September 10th. Stockholders of record on Friday, August 14th will be paid a dividend of $0.235 per share. This represents a $0.94 annualized dividend and a dividend yield of 1.6%. The ex-dividend date of this dividend is Friday, August 14th. Royalty Pharma’s dividend payout ratio is 64.83%.
Wall Street Analysts Forecast Growth
Several research firms have recently weighed in on RPRX. JPMorgan Chase & Co. upped their price objective on Royalty Pharma from $58.00 to $62.00 and gave the company an “overweight” rating in a research note on Friday, August 7th. The Goldman Sachs Group restated a “buy” rating and set a $66.00 target price on shares of Royalty Pharma in a research report on Thursday, August 6th. TD Cowen boosted their price target on Royalty Pharma from $50.00 to $65.00 and gave the company a “buy” rating in a research note on Monday, July 13th. Morgan Stanley reiterated an “overweight” rating and issued a $65.00 price target on shares of Royalty Pharma in a research report on Thursday, August 6th. Finally, Weiss Ratings lowered Royalty Pharma from a “buy (b)” rating to a “buy (b-)” rating in a research note on Friday, May 15th. Eight equities research analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $60.86.
Read Our Latest Research Report on RPRX
Royalty Pharma Company Profile
Royalty Pharma plc is a specialty finance company that acquires biopharmaceutical royalty interests and provides non-dilutive financing to drug developers and rights holders. The firm purchases future royalty streams, milestone-contingent payments and other revenue rights linked to approved and late-stage pharmaceutical and biotechnology products. By paying upfront consideration for these rights, Royalty Pharma seeks to generate long-term cash flows tied to the commercial performance of a diversified portfolio of medicines.
The company’s transaction structures include outright royalty purchases, structured financings and milestone arrangements tailored to the needs of innovator companies, academic institutions and investors.
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