Arrowstreet Capital Limited Partnership Sells 1,302,867 Shares of Royalty Pharma PLC $RPRX

Arrowstreet Capital Limited Partnership trimmed its stake in shares of Royalty Pharma PLC (NASDAQ:RPRX) by 39.3% in the 1st quarter, Holdings Channel reports. The firm owned 2,010,398 shares of the biopharmaceutical company’s stock after selling 1,302,867 shares during the period. Arrowstreet Capital Limited Partnership’s holdings in Royalty Pharma were worth $96,439,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently bought and sold shares of the company. Barton Investment Management bought a new stake in Royalty Pharma in the 1st quarter valued at $905,000. Nomura Asset Management Co. Ltd. lifted its stake in shares of Royalty Pharma by 16.2% during the 4th quarter. Nomura Asset Management Co. Ltd. now owns 172,418 shares of the biopharmaceutical company’s stock worth $6,662,000 after acquiring an additional 24,048 shares during the last quarter. Fideuram Intesa Sanpaolo Private Banking S.P.A. bought a new position in shares of Royalty Pharma in the fourth quarter worth about $4,923,000. Qsemble Capital Management LP purchased a new position in shares of Royalty Pharma during the fourth quarter worth approximately $2,875,000. Finally, Thrivent Financial for Lutherans raised its position in Royalty Pharma by 10.4% during the 4th quarter. Thrivent Financial for Lutherans now owns 233,320 shares of the biopharmaceutical company’s stock valued at $9,016,000 after purchasing an additional 22,015 shares in the last quarter. Institutional investors own 54.35% of the company’s stock.

Insiders Place Their Bets

In related news, EVP Christopher Hite sold 150,000 shares of the firm’s 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 completion of the sale, the executive vice president directly owned 559,399 shares of the company’s stock, valued at approximately $30,431,305.60. This trade represents a 21.14% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Gregory Norden sold 3,045 shares of the business’s stock in a transaction dated Thursday, May 14th. The shares were sold at an average price of $53.00, for a total transaction of $161,385.00. Following the completion of the sale, the director owned 191,803 shares in the company, valued at approximately $10,165,559. This trade represents a 1.56% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 427,800 shares of company stock worth $23,333,723. Company insiders own 18.84% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the company. Morgan Stanley increased their target price on Royalty Pharma from $61.00 to $63.00 and gave the company an “overweight” rating in a research report on Friday, April 10th. UBS Group lifted their price objective on shares of Royalty Pharma from $51.00 to $57.00 and gave the stock a “buy” rating in a research note on Tuesday, April 21st. Wall Street Zen upgraded shares of Royalty Pharma from a “buy” rating to a “strong-buy” rating in a report on Saturday, May 9th. TD Cowen lifted their price objective on Royalty Pharma from $50.00 to $65.00 and gave the company a “buy” rating in a research note on Monday, July 13th. Finally, JPMorgan Chase & Co. boosted their target price on shares of Royalty Pharma from $50.00 to $58.00 and gave the company an “overweight” rating in a research note on Thursday, May 7th. Seven equities research analysts have rated the stock with a Buy rating, Based on data from MarketBeat, Royalty Pharma has an average rating of “Buy” and a consensus target price of $56.57.

Royalty Pharma Trading Down 0.3%

Shares of RPRX opened at $58.83 on Friday. Royalty Pharma PLC has a 52-week low of $34.08 and a 52-week high of $59.72. The stock has a market cap of $33.88 billion, a PE ratio of 40.02, a price-to-earnings-growth ratio of 10.42 and a beta of 0.43. The company has a quick ratio of 2.66, a current ratio of 2.66 and a debt-to-equity ratio of 0.86. The firm’s fifty day moving average is $55.60 and its two-hundred day moving average is $49.21.

Royalty Pharma (NASDAQ:RPRX) last released 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 net margin of 33.88% and a return on equity of 29.25%. The company had revenue of $630.58 million during the quarter, compared to the consensus estimate of $881.69 million. Research analysts forecast that Royalty Pharma PLC will post 5.18 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 given 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 payout ratio is presently 63.95%.

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.