Wall Street Zen upgraded shares of Royalty Pharma (NASDAQ:RPRX – Free Report) from a buy rating to a strong-buy rating in a research report released on Saturday,Wall Street Zen reports.
Other research analysts have also recently issued reports about the company. Weiss Ratings reissued a “buy (b-)” rating on shares of Royalty Pharma in a research report on Wednesday, August 12th. The Goldman Sachs Group reaffirmed a “buy” rating and set a $66.00 price target on shares of Royalty Pharma in a research report on Thursday, August 6th. TD Cowen raised their price objective on shares of Royalty Pharma from $65.00 to $68.00 and gave the stock a “buy” rating in a report on Tuesday, September 8th. Morgan Stanley restated an “overweight” rating and set a $65.00 target price on shares of Royalty Pharma in a research report on Thursday, August 6th. Finally, Bank of America reiterated a “buy” rating on shares of Royalty Pharma in a research report on Wednesday, August 5th. Eight research analysts have rated the stock with a Buy rating, According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target of $61.29.
Get Our Latest Analysis on RPRX
Royalty Pharma Trading Up 0.8%
Royalty Pharma (NASDAQ:RPRX – Get Free Report) last posted its earnings results on Wednesday, August 5th. The biopharmaceutical company reported $1.32 EPS for the quarter, topping analysts’ consensus estimates of $1.27 by $0.05. Royalty Pharma had a net margin of 32.14% and a return on equity of 30.01%. The business had revenue of $674.14 million during the quarter, compared to the consensus estimate of $758.93 million. On average, sell-side analysts predict that Royalty Pharma will post 5.32 EPS for the current year.
Royalty Pharma Announces Dividend
The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 10th. Investors of record on Friday, August 14th were paid a dividend of $0.235 per share. The ex-dividend date was Friday, August 14th. This represents a $0.94 dividend on an annualized basis and a dividend yield of 1.6%. Royalty Pharma’s payout ratio is 64.83%.
Insider Activity at Royalty Pharma
In other Royalty Pharma news, EVP Christopher Hite sold 100,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 18th. The shares were sold at an average price of $59.97, for a total transaction of $5,997,000.00. Following the sale, the executive vice president owned 370,401 shares in the company, valued at approximately $22,212,947.97. This trade represents a 21.26% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Marshall Urist sold 9,099 shares of the firm’s stock in a transaction that occurred on Wednesday, July 1st. The stock was sold at an average price of $55.88, for a total transaction of $508,452.12. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 398,197 shares of company stock valued at $22,513,280 over the last three months. 18.84% of the stock is currently owned by insiders.
Institutional Trading of Royalty Pharma
Several institutional investors and hedge funds have recently modified their holdings of RPRX. Sequoia Financial Advisors LLC lifted its stake in shares of Royalty Pharma by 11.8% during the 2nd quarter. Sequoia Financial Advisors LLC now owns 17,513 shares of the biopharmaceutical company’s stock valued at $982,000 after buying an additional 1,843 shares in the last quarter. Tidal Investments LLC increased its stake in Royalty Pharma by 298.6% in the 2nd quarter. Tidal Investments LLC now owns 118,323 shares of the biopharmaceutical company’s stock worth $6,634,000 after buying an additional 88,642 shares in the last quarter. WINTON GROUP Ltd purchased a new stake in Royalty Pharma in the 2nd quarter worth $1,278,000. Engineers Gate Manager LP raised its holdings in Royalty Pharma by 141.2% during the second quarter. Engineers Gate Manager LP now owns 137,994 shares of the biopharmaceutical company’s stock valued at $7,737,000 after acquiring an additional 80,771 shares during the period. Finally, Integrated Wealth Concepts LLC raised its holdings in Royalty Pharma by 14.1% during the second quarter. Integrated Wealth Concepts LLC now owns 15,385 shares of the biopharmaceutical company’s stock valued at $863,000 after acquiring an additional 1,907 shares during the period. 54.35% of the stock is currently owned by institutional investors.
Royalty Pharma Company Profile
Royalty Pharma plc is a biopharmaceutical royalty company that provides funding to life sciences companies in exchange for rights to receive future royalty payments from commercialized or late-stage therapies. Rather than developing and marketing medicines itself, the company invests in pharmaceutical and biotechnology innovations and seeks to generate income from the resulting royalty streams.
Its portfolio is linked to a range of therapies across areas including oncology, immunology, neuroscience, rare diseases and other specialty markets.
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