Bank of New York Mellon Corp Sells 37,662 Shares of Royalty Pharma PLC $RPRX

Bank of New York Mellon Corp lessened its stake in Royalty Pharma PLC (NASDAQ:RPRX) by 2.8% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,302,043 shares of the biopharmaceutical company’s stock after selling 37,662 shares during the quarter. Bank of New York Mellon Corp’s holdings in Royalty Pharma were worth $62,459,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of the company. Barton Investment Management purchased a new stake in shares of Royalty Pharma during the first quarter valued at approximately $905,000. Nomura Asset Management Co. Ltd. increased its position in shares of Royalty Pharma by 16.2% during the fourth quarter. Nomura Asset Management Co. Ltd. now owns 172,418 shares of the biopharmaceutical company’s stock valued at $6,662,000 after acquiring an additional 24,048 shares in the last quarter. Fideuram Intesa Sanpaolo Private Banking S.P.A. purchased a new position in Royalty Pharma in the 4th quarter worth approximately $4,923,000. Qsemble Capital Management LP purchased a new position in Royalty Pharma in the 4th quarter worth approximately $2,875,000. Finally, Thrivent Financial for Lutherans lifted its position in Royalty Pharma by 10.4% in the 4th quarter. Thrivent Financial for Lutherans now owns 233,320 shares of the biopharmaceutical company’s stock valued at $9,016,000 after acquiring an additional 22,015 shares in the last quarter. Institutional investors own 54.35% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have commented on RPRX. Wall Street Zen upgraded Royalty Pharma from a “buy” rating to a “strong-buy” rating in a research note on Saturday, May 9th. UBS Group boosted their price target on Royalty Pharma from $51.00 to $57.00 and gave the stock a “buy” rating in a research note on Tuesday, April 21st. Citigroup increased their price objective on Royalty Pharma from $50.00 to $66.00 and gave the company a “buy” rating in a research report on Thursday, May 7th. JPMorgan Chase & Co. lifted their price objective on Royalty Pharma from $50.00 to $58.00 and gave the stock an “overweight” rating in a report on Thursday, May 7th. Finally, Morgan Stanley boosted their target price on Royalty Pharma from $61.00 to $63.00 and gave the stock an “overweight” rating in a research report on Friday, April 10th. Seven analysts have rated the stock with a Buy rating, According to MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of $56.57.

Insider Buying and Selling at Royalty Pharma

In related news, Director Gregory Norden sold 3,045 shares of the firm’s stock in a transaction that occurred on Thursday, May 14th. The shares were sold at an average price of $53.00, for a total value of $161,385.00. Following the transaction, the director owned 191,803 shares of the company’s stock, valued at approximately $10,165,559. This trade represents a 1.56% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Marshall Urist sold 9,099 shares of the business’s stock in a transaction that occurred on Wednesday, July 1st. The shares were sold at an average price of $55.88, for a total transaction of $508,452.12. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 427,800 shares of company stock worth $23,333,723 over the last 90 days. 18.84% of the stock is owned by company insiders.

Royalty Pharma Stock Performance

RPRX stock opened at $58.72 on Thursday. The company has a debt-to-equity ratio of 0.86, a current ratio of 2.66 and a quick ratio of 2.66. Royalty Pharma PLC has a 1 year low of $34.08 and a 1 year high of $59.44. The company has a market cap of $33.81 billion, a P/E ratio of 39.95, a price-to-earnings-growth ratio of 10.35 and a beta of 0.43. The stock’s fifty day moving average price is $55.37 and its 200-day moving average price is $49.00.

Royalty Pharma (NASDAQ:RPRX) last posted its quarterly earnings data on Wednesday, May 6th. The biopharmaceutical company reported $1.30 EPS for the quarter, beating analysts’ consensus estimates of $1.22 by $0.08. Royalty Pharma had a return on equity of 29.25% and a net margin of 33.88%.The company had revenue of $630.58 million during the quarter, compared to analysts’ expectations of $881.69 million. On average, equities analysts forecast that Royalty Pharma PLC will post 5.18 earnings per share for the current year.

Royalty Pharma Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 10th. Shareholders of record on Friday, August 14th will be paid a dividend of $0.235 per share. This represents a $0.94 dividend on an annualized basis and a dividend yield of 1.6%. The ex-dividend date is Friday, August 14th. Royalty Pharma’s payout ratio is currently 63.95%.

Royalty Pharma 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.