Odyssean LLC grew its position in shares of Royalty Pharma PLC (NASDAQ:RPRX – Free Report) by 65.3% during the 2nd quarter, Holdings Channel.com reports. The firm owned 54,179 shares of the biopharmaceutical company’s stock after acquiring an additional 21,401 shares during the period. Odyssean LLC’s holdings in Royalty Pharma were worth $3,038,000 at the end of the most recent reporting period.
A number of other large investors also recently modified their holdings of RPRX. Royal Bank of Canada lifted its holdings in shares of Royalty Pharma by 367.7% in the 1st quarter. Royal Bank of Canada now owns 203,760 shares of the biopharmaceutical company’s stock worth $6,342,000 after acquiring an additional 160,191 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in Royalty Pharma by 20.3% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 79,990 shares of the biopharmaceutical company’s stock worth $2,490,000 after purchasing an additional 13,489 shares during the period. Focus Partners Wealth bought a new stake in Royalty Pharma in the first quarter worth $264,000. Intech Investment Management LLC lifted its stake in Royalty Pharma by 41.0% in the first quarter. Intech Investment Management LLC now owns 47,992 shares of the biopharmaceutical company’s stock worth $1,494,000 after purchasing an additional 13,951 shares during the last quarter. Finally, Invesco Ltd. boosted its position in Royalty Pharma by 21.4% during the second quarter. Invesco Ltd. now owns 1,559,378 shares of the biopharmaceutical company’s stock valued at $56,184,000 after buying an additional 274,960 shares during the period. 54.35% of the stock is owned by hedge funds and other institutional investors.
Analysts Set New Price Targets
A number of research analysts have recently issued reports on RPRX shares. JPMorgan Chase & Co. raised 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. Bank of America reissued a “buy” rating on shares of Royalty Pharma in a research note on Wednesday, August 5th. Weiss Ratings restated a “buy (b-)” rating on shares of Royalty Pharma in a report on Wednesday, August 12th. TD Cowen increased their target price on Royalty Pharma from $50.00 to $65.00 and gave the company a “buy” rating in a report on Monday, July 13th. Finally, The Goldman Sachs Group restated a “buy” rating and set a $66.00 price target on shares of Royalty Pharma in a research report on Thursday, August 6th. Eight equities research analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus price target of $60.86.
Insider Transactions at Royalty Pharma
In other news, EVP Marshall Urist sold 9,099 shares of the stock in a transaction dated Wednesday, July 1st. The shares were sold at an average price of $55.88, for a total transaction of $508,452.12. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Christopher Hite sold 100,000 shares of the firm’s stock in a transaction dated Tuesday, August 18th. The stock was sold at an average price of $59.97, for a total value of $5,997,000.00. Following the completion of the sale, the executive vice president directly owned 370,401 shares in the company, valued at $22,212,947.97. The trade was a 21.26% 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. Over the last quarter, insiders have sold 398,197 shares of company stock valued at $22,513,280. 18.84% of the stock is currently owned by company insiders.
Royalty Pharma Trading Up 1.2%
NASDAQ:RPRX opened at $62.07 on Wednesday. The company has a fifty day moving average of $57.66 and a 200 day moving average of $52.13. Royalty Pharma PLC has a 52 week low of $34.08 and a 52 week high of $62.46. The company has a quick ratio of 2.80, a current ratio of 2.80 and a debt-to-equity ratio of 0.88. The firm has a market capitalization of $35.69 billion, a P/E ratio of 42.81, a P/E/G ratio of 1.43 and a beta of 0.43.
Royalty Pharma (NASDAQ:RPRX – Get Free Report) last announced its quarterly earnings results on Wednesday, August 5th. The biopharmaceutical company reported $1.32 earnings per share for the quarter, beating the consensus estimate of $1.27 by $0.05. The business had revenue of $674.14 million during the quarter, compared to analysts’ expectations of $758.93 million. Royalty Pharma had a net margin of 32.14% and a return on equity of 30.01%. On average, research analysts predict that Royalty Pharma PLC will post 5.3 earnings per share for the current year.
Royalty Pharma Announces Dividend
The company also recently disclosed 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 1.5%. The ex-dividend date of this dividend is Friday, August 14th. Royalty Pharma’s dividend payout ratio is 64.83%.
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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