Royalty Pharma PLC $RPRX Stock: Formidable Asset Management LLC Lowers Stake

Formidable Asset Management LLC lessened its stake in shares of Royalty Pharma PLC (NASDAQ:RPRX) by 79.5% in the third quarter, HoldingsChannel.com reports. The firm owned 6,552 shares of the biopharmaceutical company’s stock after selling 25,458 shares during the quarter. Formidable Asset Management LLC’s holdings in Royalty Pharma were worth $367,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in the company. Calamos Wealth Management LLC raised its holdings in Royalty Pharma by 3.8% during the 3rd quarter. Calamos Wealth Management LLC now owns 196,188 shares of the biopharmaceutical company’s stock valued at $11,450,000 after buying an additional 7,224 shares during the last quarter. Calamos Advisors LLC boosted its position in Royalty Pharma by 8.2% during the 3rd quarter. Calamos Advisors LLC now owns 620,555 shares of the biopharmaceutical company’s stock valued at $36,216,000 after buying an additional 47,034 shares during the period. Commonwealth Equity Services LLC boosted its position in Royalty Pharma by 7.7% during the 3rd quarter. Commonwealth Equity Services LLC now owns 31,365 shares of the biopharmaceutical company’s stock valued at $1,830,000 after buying an additional 2,248 shares during the period. Chicago Partners Investment Group LLC grew its holdings in Royalty Pharma by 1.7% in the 3rd quarter. Chicago Partners Investment Group LLC now owns 15,170 shares of the biopharmaceutical company’s stock worth $969,000 after acquiring an additional 247 shares during the last quarter. Finally, Compass Financial Management LLC bought a new stake in Royalty Pharma in the 3rd quarter worth $169,000. Institutional investors own 54.35% of the company’s stock.

Insiders Place Their Bets

In other Royalty Pharma news, EVP Marshall Urist sold 4,126 shares of the company’s stock in a transaction on Monday, October 5th. The shares were sold at an average price of $57.10, for a total value of $235,594.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Christopher Hite sold 100,000 shares of the company’s stock in a transaction on Tuesday, September 22nd. The stock was sold at an average price of $58.53, for a total transaction of $5,853,000.00. Following the completion of the transaction, the executive vice president owned 270,401 shares of the company’s stock, valued at $15,826,570.53. This trade represents a 27.00% 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 three months, insiders have sold 208,252 shares of company stock worth $12,324,407. Insiders own 18.84% of the company’s stock.

Wall Street Analyst Weigh In

RPRX has been the topic of a number of analyst reports. The Goldman Sachs Group restated a “buy” rating and issued a $66.00 price objective on shares of Royalty Pharma in a research report on Thursday, August 6th. TD Cowen increased their target price 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. Weiss Ratings upgraded shares of Royalty Pharma from a “buy (b-)” rating to a “buy (b)” rating in a report on Monday, September 14th. Wall Street Zen cut Royalty Pharma from a “strong-buy” rating to a “buy” rating in a research note on Saturday, September 26th. Finally, Citigroup boosted their price target on Royalty Pharma from $70.00 to $78.00 and gave the company a “buy” rating in a report on Thursday. Eight research analysts have rated the stock with a Buy rating. According to MarketBeat.com, the stock has a consensus rating of “Buy” and an average target price of $63.29.

Royalty Pharma Price Performance

Shares of Royalty Pharma stock opened at $67.30 on Monday. The company has a quick ratio of 1.29, a current ratio of 1.29 and a debt-to-equity ratio of 0.77. The company has a market cap of $38.70 billion, a PE ratio of 56.08, a P/E/G ratio of 1.33 and a beta of 0.36. The business has a 50 day moving average of $60.82 and a 200 day moving average of $53.81. Royalty Pharma PLC has a 52 week low of $37.31 and a 52 week high of $69.77.

Royalty Pharma Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 10th. Shareholders of record on Friday, November 13th will be given a dividend of $0.2350 per share. This represents a $0.94 dividend on an annualized basis and a yield of 1.4%. The ex-dividend date of this dividend is Friday, November 13th. Royalty Pharma’s payout ratio is presently 78.33%.

About Royalty Pharma

Royalty Pharma plc is a biopharmaceutical royalty company that provides funding to companies and inventors in exchange for royalty interests in medicines. It acquires existing royalties and helps finance drug development and commercialization through royalty-based transactions and other forms of funding.

The company’s portfolio includes royalty interests in medicines across a range of therapeutic areas, spanning both approved treatments and products in development. Royalty Pharma generally earns revenue when these medicines are sold; it does not operate as a conventional drug manufacturer or commercialize medicines itself.

Founded in 1996 by Pablo Legorreta, the company became publicly listed in 2020.