Eastern Bank Sells 514 Shares of Royalty Pharma plc (NASDAQ:RPRX)

Eastern Bank lowered its stake in Royalty Pharma plc (NASDAQ:RPRX) by 0.9% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 55,974 shares of the biopharmaceutical company’s stock after selling 514 shares during the quarter. Eastern Bank’s holdings in Royalty Pharma were worth $1,584,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. PNC Financial Services Group Inc. increased its stake in Royalty Pharma by 98.7% in the fourth quarter. PNC Financial Services Group Inc. now owns 10,947 shares of the biopharmaceutical company’s stock valued at $308,000 after purchasing an additional 5,438 shares in the last quarter. GAMMA Investing LLC raised its stake in Royalty Pharma by 172.5% during the 1st quarter. GAMMA Investing LLC now owns 1,638 shares of the biopharmaceutical company’s stock worth $50,000 after buying an additional 1,037 shares during the period. Ballentine Partners LLC boosted its holdings in Royalty Pharma by 3.3% in the first quarter. Ballentine Partners LLC now owns 12,541 shares of the biopharmaceutical company’s stock worth $381,000 after acquiring an additional 406 shares in the last quarter. Allspring Global Investments Holdings LLC grew its stake in Royalty Pharma by 4,335.5% in the first quarter. Allspring Global Investments Holdings LLC now owns 2,750 shares of the biopharmaceutical company’s stock valued at $84,000 after acquiring an additional 2,688 shares during the period. Finally, New Century Financial Group LLC bought a new stake in shares of Royalty Pharma during the first quarter valued at approximately $1,091,000. Institutional investors and hedge funds own 54.35% of the company’s stock.

Analyst Ratings Changes

RPRX has been the subject of several research reports. The Goldman Sachs Group lifted their price target on shares of Royalty Pharma from $50.00 to $51.00 and gave the company a “buy” rating in a research report on Wednesday, August 14th. StockNews.com upgraded shares of Royalty Pharma from a “hold” rating to a “buy” rating in a report on Tuesday, September 17th. Finally, Morgan Stanley upped their target price on shares of Royalty Pharma from $48.00 to $51.00 and gave the stock an “overweight” rating in a report on Thursday, July 11th. One analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Royalty Pharma currently has a consensus rating of “Moderate Buy” and a consensus price target of $42.00.

Royalty Pharma Stock Performance

Shares of Royalty Pharma stock opened at $27.37 on Wednesday. The firm has a market capitalization of $16.24 billion, a P/E ratio of 24.22, a price-to-earnings-growth ratio of 4.12 and a beta of 0.46. The company has a current ratio of 9.35, a quick ratio of 9.35 and a debt-to-equity ratio of 0.78. The business’s fifty day simple moving average is $28.02 and its 200 day simple moving average is $27.65. Royalty Pharma plc has a 12 month low of $25.20 and a 12 month high of $31.66.

Royalty Pharma (NASDAQ:RPRX) last issued its quarterly earnings results on Thursday, August 8th. The biopharmaceutical company reported $0.96 earnings per share for the quarter, topping analysts’ consensus estimates of $0.95 by $0.01. The company had revenue of $537.00 million for the quarter, compared to the consensus estimate of $600.83 million. Royalty Pharma had a net margin of 30.08% and a return on equity of 23.61%. During the same period in the previous year, the firm earned $0.85 EPS. As a group, analysts anticipate that Royalty Pharma plc will post 4.05 EPS for the current year.

Royalty Pharma Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 10th. Investors of record on Friday, November 15th will be paid a $0.21 dividend. The ex-dividend date is Friday, November 15th. This represents a $0.84 annualized dividend and a yield of 3.07%. Royalty Pharma’s payout ratio is 74.34%.

Royalty Pharma Profile

Royalty Pharma plc operates as a buyer of biopharmaceutical royalties and a funder of innovations in the biopharmaceutical industry in the United States. It is also involved in the identification, evaluation, and acquisition of royalties on various biopharmaceutical therapies. In addition, the company collaborates with innovators from academic institutions, research hospitals and not-for-profits, small and mid-cap biotechnology companies, and pharmaceutical companies.