Royalty Pharma PLC $RPRX Stake Lifted by Allstate Corp

Allstate Corp grew its holdings in shares of Royalty Pharma PLC (NASDAQ:RPRX) by 120.0% in the fourth quarter, HoldingsChannel reports. The fund owned 28,373 shares of the biopharmaceutical company’s stock after buying an additional 15,479 shares during the period. Allstate Corp’s holdings in Royalty Pharma were worth $1,096,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently modified their holdings of the company. Mirae Asset Global Investments Co. Ltd. grew its stake in shares of Royalty Pharma by 28.5% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 140,131 shares of the biopharmaceutical company’s stock worth $4,944,000 after purchasing an additional 31,045 shares in the last quarter. Regal Partners Ltd grew its stake in shares of Royalty Pharma by 6.7% in the third quarter. Regal Partners Ltd now owns 1,435,126 shares of the biopharmaceutical company’s stock worth $50,631,000 after purchasing an additional 89,930 shares in the last quarter. Nordea Investment Management AB grew its stake in shares of Royalty Pharma by 4.7% in the fourth quarter. Nordea Investment Management AB now owns 812,663 shares of the biopharmaceutical company’s stock worth $31,604,000 after purchasing an additional 36,664 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. grew its stake in shares of Royalty Pharma by 15.1% in the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 1,268,044 shares of the biopharmaceutical company’s stock worth $48,997,000 after purchasing an additional 166,403 shares in the last quarter. Finally, Fideuram Intesa Sanpaolo Private Banking S.P.A. bought a new position in shares of Royalty Pharma in the fourth quarter worth $4,923,000. Institutional investors own 54.35% of the company’s stock.

Royalty Pharma Stock Performance

Shares of RPRX stock opened at $55.76 on Friday. 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 firm has a market cap of $32.11 billion, a P/E ratio of 37.93, a PEG ratio of 1.50 and a beta of 0.40. The stock’s 50-day moving average is $49.89 and its two-hundred day moving average is $44.46. Royalty Pharma PLC has a fifty-two week low of $32.29 and a fifty-two week high of $56.07.

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

Royalty Pharma Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, June 10th. Investors of record on Friday, May 15th will be paid a $0.235 dividend. This represents a $0.94 annualized dividend and a dividend yield of 1.7%. The ex-dividend date is Friday, May 15th. Royalty Pharma’s dividend payout ratio (DPR) is presently 63.95%.

Insider Activity at Royalty Pharma

In other Royalty Pharma news, Director Gregory Norden sold 3,045 shares of the firm’s stock in a transaction that occurred on Thursday, May 14th. The stock was sold at an average price of $53.00, for a total value 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 position. The sale was disclosed in a legal filing 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 Marshall Urist sold 13,684 shares of the firm’s stock in a transaction that occurred on Wednesday, May 20th. The stock was sold at an average price of $52.75, for a total value of $721,831.00. Following the completion of the sale, the executive vice president owned 18,197 shares of the company’s stock, valued at $959,891.75. This represents a 42.92% decrease in their position. 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 90 days, insiders sold 233,976 shares of company stock worth $11,710,449. Company insiders own 18.84% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently issued reports on RPRX. Wall Street Zen raised Royalty Pharma from a “buy” rating to a “strong-buy” rating in a research note on Saturday, May 9th. The Goldman Sachs Group reaffirmed a “buy” rating on shares of Royalty Pharma in a research note on Thursday, February 12th. Citigroup raised their target price on Royalty Pharma from $50.00 to $66.00 and gave the company a “buy” rating in a research note on Thursday, May 7th. JPMorgan Chase & Co. raised their target price on Royalty Pharma from $50.00 to $58.00 and gave the company an “overweight” rating in a research note on Thursday, May 7th. Finally, Weiss Ratings cut Royalty Pharma from a “buy (b)” rating to a “buy (b-)” rating in a research note on Friday, May 15th. Seven analysts have rated the stock with a Buy rating, According to MarketBeat, Royalty Pharma presently has an average rating of “Buy” and an average target price of $53.71.

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.