Resona Asset Management Co. Ltd. Purchases New Holdings in Royalty Pharma PLC $RPRX

Resona Asset Management Co. Ltd. purchased a new stake in Royalty Pharma PLC (NASDAQ:RPRX) in the second quarter, HoldingsChannel.com reports. The institutional investor purchased 110,430 shares of the biopharmaceutical company’s stock, valued at approximately $3,979,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Homestead Advisers Corp boosted its holdings in shares of Royalty Pharma by 0.4% in the 2nd quarter. Homestead Advisers Corp now owns 1,939,440 shares of the biopharmaceutical company’s stock valued at $69,878,000 after buying an additional 8,300 shares during the last quarter. Corton Capital Inc. bought a new stake in Royalty Pharma during the second quarter worth $247,000. MMA Asset Management LLC acquired a new stake in Royalty Pharma in the second quarter valued at $319,000. Tredje AP fonden grew its position in shares of Royalty Pharma by 49.4% in the 2nd quarter. Tredje AP fonden now owns 76,465 shares of the biopharmaceutical company’s stock valued at $2,755,000 after acquiring an additional 25,290 shares during the period. Finally, Strs Ohio increased its stake in shares of Royalty Pharma by 41.1% during the 2nd quarter. Strs Ohio now owns 85,848 shares of the biopharmaceutical company’s stock worth $3,093,000 after purchasing an additional 25,022 shares during the last quarter. Institutional investors own 54.35% of the company’s stock.

Royalty Pharma Stock Performance

NASDAQ:RPRX opened at $38.54 on Tuesday. The stock has a 50 day simple moving average of $36.55 and a 200 day simple moving average of $35.52. The stock has a market cap of $22.48 billion, a P/E ratio of 29.20, a PEG ratio of 2.03 and a beta of 0.56. Royalty Pharma PLC has a 1-year low of $24.05 and a 1-year high of $41.24. The company has a current ratio of 3.48, a quick ratio of 3.48 and a debt-to-equity ratio of 0.89.

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

Royalty Pharma Dividend Announcement

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

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the stock. Citigroup raised their target price on shares of Royalty Pharma from $40.00 to $42.00 and gave the company a “buy” rating in a research note on Tuesday, July 22nd. Weiss Ratings lowered Royalty Pharma from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Saturday, October 25th. Morgan Stanley reduced their target price on Royalty Pharma from $55.00 to $54.00 and set an “overweight” rating for the company in a research note on Friday, October 10th. The Goldman Sachs Group initiated coverage on Royalty Pharma in a report on Tuesday, September 30th. They set a “buy” rating and a $42.00 target price on the stock. Finally, Wall Street Zen raised Royalty Pharma from a “hold” rating to a “buy” rating in a report on Saturday, November 1st. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Buy” and an average target price of $46.00.

About Royalty Pharma

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.