Eventide Asset Management LLC Acquires 41,830 Shares of Royalty Pharma PLC $RPRX

Eventide Asset Management LLC grew its holdings in Royalty Pharma PLC (NASDAQ:RPRX) by 4.8% in the second quarter, Holdings Channel reports. The firm owned 921,639 shares of the biopharmaceutical company’s stock after buying an additional 41,830 shares during the quarter. Eventide Asset Management LLC’s holdings in Royalty Pharma were worth $33,439,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of the business. Nordea Investment Management AB boosted its stake in shares of Royalty Pharma by 603.9% in the 2nd quarter. Nordea Investment Management AB now owns 655,995 shares of the biopharmaceutical company’s stock worth $23,701,000 after buying an additional 562,799 shares during the last quarter. Watchtower Advisors LP purchased a new position in Royalty Pharma in the second quarter worth about $3,603,000. Cookson Peirce & Co. Inc. grew its stake in shares of Royalty Pharma by 55.1% during the 2nd quarter. Cookson Peirce & Co. Inc. now owns 34,263 shares of the biopharmaceutical company’s stock valued at $1,234,000 after purchasing an additional 12,171 shares during the period. Creative Planning increased its position in shares of Royalty Pharma by 22.7% during the 2nd quarter. Creative Planning now owns 52,553 shares of the biopharmaceutical company’s stock valued at $1,893,000 after purchasing an additional 9,718 shares during the last quarter. Finally, Monetta Financial Services Inc. purchased a new stake in shares of Royalty Pharma during the 2nd quarter valued at about $1,081,000. Hedge funds and other institutional investors own 54.35% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on RPRX shares. TD Cowen boosted their target price on shares of Royalty Pharma from $42.00 to $45.00 and gave the company a “buy” rating in a research report on Thursday. Leerink Partners set a $45.00 price target on shares of Royalty Pharma in a research note on Thursday. Morgan Stanley cut their price objective on shares of Royalty Pharma from $55.00 to $54.00 and set an “overweight” rating for the company in a research report on Friday, October 10th. Wall Street Zen cut Royalty Pharma from a “strong-buy” rating to a “buy” rating in a report on Friday, November 28th. Finally, Cowen reiterated a “buy” rating on shares of Royalty Pharma in a research report on Thursday. Five equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat, Royalty Pharma has an average rating of “Moderate Buy” and an average target price of $45.60.

Insider Activity at Royalty Pharma

In related news, CFO Terrance P. Coyne sold 69,582 shares of the business’s stock in a transaction that occurred on Monday, December 1st. The stock was sold at an average price of $39.87, for a total value of $2,774,234.34. Following the transaction, the chief financial officer directly owned 47,260 shares of the company’s stock, valued at approximately $1,884,256.20. The trade was a 59.55% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Marshall Urist sold 23,334 shares of the company’s stock in a transaction that occurred on Friday, December 5th. The stock was sold at an average price of $39.15, for a total value of $913,526.10. Following the completion of the transaction, the executive vice president owned 160,000 shares of the company’s stock, valued at $6,264,000. The trade was a 12.73% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 606,929 shares of company stock valued at $23,780,885. 18.90% of the stock is owned by company insiders.

Royalty Pharma Stock Performance

Shares of NASDAQ RPRX opened at $38.39 on Friday. The stock has a market cap of $22.16 billion, a PE ratio of 29.08, a price-to-earnings-growth ratio of 2.05 and a beta of 0.47. Royalty Pharma PLC has a 1 year low of $24.05 and a 1 year high of $41.24. The firm has a fifty day moving average price of $38.12 and a 200-day moving average price of $36.55. The company has a debt-to-equity ratio of 0.89, a current ratio of 3.48 and a quick ratio of 3.48.

Royalty Pharma (NASDAQ:RPRX) last released its earnings results on Wednesday, November 5th. The biopharmaceutical company reported $1.17 earnings per share for the quarter, beating analysts’ consensus estimates of $1.11 by $0.06. Royalty Pharma had a net margin of 32.51% and a return on equity of 26.36%. The company had revenue of $609.29 million for the quarter, compared to analysts’ expectations of $765.01 million. Equities analysts anticipate that Royalty Pharma PLC will post 4.49 earnings per share for the current fiscal year.

Royalty Pharma Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, December 10th. Investors of record on Friday, November 14th were given a dividend of $0.22 per share. The ex-dividend date was Friday, November 14th. This represents a $0.88 annualized dividend and a dividend yield of 2.3%. Royalty Pharma’s dividend payout ratio (DPR) is currently 66.67%.

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.