Formidable Asset Management LLC Has $2.11 Million Stake in Royalty Pharma PLC $RPRX

Formidable Asset Management LLC lowered its stake in Royalty Pharma PLC (NASDAQ:RPRX) by 21.1% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 43,969 shares of the biopharmaceutical company’s stock after selling 11,768 shares during the quarter. Formidable Asset Management LLC’s holdings in Royalty Pharma were worth $2,109,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in the stock. Pictet Asset Management Holding SA grew its holdings in shares of Royalty Pharma by 12.4% during the 1st quarter. Pictet Asset Management Holding SA now owns 352,428 shares of the biopharmaceutical company’s stock valued at $16,664,000 after purchasing an additional 38,918 shares during the last quarter. Barton Investment Management bought a new position in Royalty Pharma in the 1st quarter valued at approximately $905,000. Kestra Private Wealth Services LLC bought a new position in Royalty Pharma in the 1st quarter valued at approximately $244,000. Blue Trust Inc. boosted its position in Royalty Pharma by 173.4% in the first quarter. Blue Trust Inc. now owns 689 shares of the biopharmaceutical company’s stock valued at $33,000 after buying an additional 437 shares in the last quarter. Finally, Banque Cantonale Vaudoise acquired a new stake in Royalty Pharma in the first quarter valued at approximately $102,000. 54.35% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Royalty Pharma

In other Royalty Pharma news, EVP Christopher Hite sold 150,000 shares of Royalty Pharma stock in a transaction dated Tuesday, June 23rd. The stock was sold at an average price of $54.40, for a total transaction of $8,160,000.00. Following the transaction, the executive vice president directly owned 559,399 shares of the company’s stock, valued at approximately $30,431,305.60. The trade was a 21.14% decrease in their position. The sale was disclosed in a filing 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, Director Gregory Norden sold 3,045 shares of Royalty Pharma stock in a transaction dated Thursday, May 14th. The stock was sold at an average price of $53.00, for a total value of $161,385.00. Following the transaction, the director directly owned 191,803 shares in the company, valued at $10,165,559. The trade was a 1.56% 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. In the last ninety days, insiders sold 323,492 shares of company stock worth $17,160,920. Company insiders own 18.84% of the company’s stock.

Royalty Pharma Price Performance

NASDAQ:RPRX opened at $56.23 on Monday. Royalty Pharma PLC has a one year low of $34.08 and a one year high of $56.50. The company has a debt-to-equity ratio of 0.86, a current ratio of 2.66 and a quick ratio of 2.66. The company has a market cap of $32.38 billion, a PE ratio of 38.25, a P/E/G ratio of 1.55 and a beta of 0.43. The firm’s 50 day simple moving average is $52.81 and its 200 day simple moving average is $46.64.

Royalty Pharma (NASDAQ:RPRX) last announced its quarterly earnings results on Wednesday, May 6th. The biopharmaceutical company reported $1.30 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.22 by $0.08. Royalty Pharma had a net margin of 33.88% and a return on equity of 29.25%. The firm had revenue of $630.58 million during the quarter, compared to analysts’ expectations of $881.69 million. On average, research analysts anticipate that Royalty Pharma PLC will post 5.05 earnings per share for the current year.

Royalty Pharma Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, June 10th. Investors of record on Friday, May 15th were paid a $0.235 dividend. The ex-dividend date of this dividend was Friday, May 15th. This represents a $0.94 annualized dividend and a dividend yield of 1.7%. Royalty Pharma’s payout ratio is currently 63.95%.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on RPRX shares. Wall Street Zen upgraded shares of Royalty Pharma from a “buy” rating to a “strong-buy” rating in a report on Saturday, May 9th. UBS Group raised their price objective on Royalty Pharma from $51.00 to $57.00 and gave the company a “buy” rating in a report on Tuesday, April 21st. Morgan Stanley boosted their price objective on Royalty Pharma from $61.00 to $63.00 and gave the stock an “overweight” rating in a research report on Friday, April 10th. Weiss Ratings lowered Royalty Pharma from a “buy (b)” rating to a “buy (b-)” rating in a research report on Friday, May 15th. Finally, Citigroup upped their target price on Royalty Pharma from $50.00 to $66.00 and gave the stock a “buy” rating in a report on Thursday, May 7th. Seven research analysts have rated the stock with a Buy rating, According to MarketBeat.com, Royalty Pharma has an average rating of “Buy” and a consensus price target of $53.71.

About Royalty Pharma

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.