Eventide Asset Management LLC Grows Stock Position in Royalty Pharma PLC $RPRX

Eventide Asset Management LLC boosted its stake in shares of Royalty Pharma PLC (NASDAQ:RPRX) by 41.5% during the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 1,296,826 shares of the biopharmaceutical company’s stock after buying an additional 380,337 shares during the period. Eventide Asset Management LLC’s holdings in Royalty Pharma were worth $50,183,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Lloyd Advisory Services LLC. purchased a new stake in Royalty Pharma during the 4th quarter valued at $30,000. Private Trust Co. NA increased its stake in Royalty Pharma by 52.9% in the fourth quarter. Private Trust Co. NA now owns 832 shares of the biopharmaceutical company’s stock worth $32,000 after purchasing an additional 288 shares during the period. Smartleaf Asset Management LLC increased its stake in Royalty Pharma by 868.1% in the third quarter. Smartleaf Asset Management LLC now owns 881 shares of the biopharmaceutical company’s stock worth $31,000 after purchasing an additional 790 shares during the period. CIBC Private Wealth Group LLC increased its stake in Royalty Pharma by 66.4% in the fourth quarter. CIBC Private Wealth Group LLC now owns 1,118 shares of the biopharmaceutical company’s stock worth $43,000 after purchasing an additional 446 shares during the period. Finally, Larson Financial Group LLC increased its stake in Royalty Pharma by 31.9% in the third quarter. Larson Financial Group LLC now owns 1,264 shares of the biopharmaceutical company’s stock worth $45,000 after purchasing an additional 306 shares during the period. Hedge funds and other institutional investors own 54.35% of the company’s stock.

Insider Transactions at Royalty Pharma

In other news, EVP Marshall Urist sold 13,684 shares of the stock in a transaction on Thursday, May 14th. The stock was sold at an average price of $53.06, for a total transaction of $726,073.04. Following the transaction, the executive vice president owned 31,881 shares of the company’s stock, valued at approximately $1,691,605.86. This represents a 30.03% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Terrance P. Coyne sold 64,399 shares of the stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $53.98, for a total value of $3,476,258.02. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 199,185 shares of company stock valued at $10,082,926. 18.84% of the stock is currently owned by corporate insiders.

Royalty Pharma Stock Performance

RPRX stock opened at $54.87 on Friday. Royalty Pharma PLC has a twelve month low of $34.08 and a twelve month high of $56.50. 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 business’s fifty day simple moving average is $51.59 and its two-hundred day simple moving average is $45.57. The firm has a market cap of $31.60 billion, a price-to-earnings ratio of 37.33, a PEG ratio of 1.51 and a beta of 0.43.

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

Royalty Pharma Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, June 10th. Stockholders of record on Friday, May 15th were given a dividend of $0.235 per share. The ex-dividend date of this dividend was Friday, May 15th. This represents a $0.94 dividend on an annualized basis and a dividend yield of 1.7%. Royalty Pharma’s dividend payout ratio is presently 63.95%.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the company. Citigroup increased their target price on Royalty Pharma from $50.00 to $66.00 and gave the stock a “buy” rating in a research note on Thursday, May 7th. UBS Group increased their target price on Royalty Pharma from $51.00 to $57.00 and gave the stock a “buy” rating in a research note on Tuesday, April 21st. TD Cowen reiterated a “buy” rating on shares of Royalty Pharma in a research note on Friday, February 27th. Weiss Ratings lowered Royalty Pharma from a “buy (b)” rating to a “buy (b-)” rating in a research note on Friday, May 15th. Finally, JPMorgan Chase & Co. increased their target price on Royalty Pharma from $50.00 to $58.00 and gave the stock an “overweight” rating in a research note on Thursday, May 7th. Seven research analysts have rated the stock with a Buy rating, According to MarketBeat.com, Royalty Pharma has a consensus rating of “Buy” and a consensus target price of $53.71.

About Royalty Pharma

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.