Royalty Pharma PLC $RPRX Shares Sold by State of New Jersey Common Pension Fund D

State of New Jersey Common Pension Fund D reduced its holdings in shares of Royalty Pharma PLC (NASDAQ:RPRX) by 7.2% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 123,411 shares of the biopharmaceutical company’s stock after selling 9,579 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Royalty Pharma were worth $4,446,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also made changes to their positions in RPRX. Wealth Enhancement Advisory Services LLC boosted its position in shares of Royalty Pharma by 69.4% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 16,360 shares of the biopharmaceutical company’s stock worth $509,000 after acquiring an additional 6,700 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its position in shares of Royalty Pharma by 51.5% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 113,718 shares of the biopharmaceutical company’s stock worth $3,567,000 after acquiring an additional 38,650 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its position in shares of Royalty Pharma by 4.0% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 561,724 shares of the biopharmaceutical company’s stock worth $17,509,000 after acquiring an additional 21,729 shares in the last quarter. KBC Group NV boosted its position in shares of Royalty Pharma by 43.0% during the 1st quarter. KBC Group NV now owns 59,405 shares of the biopharmaceutical company’s stock worth $1,849,000 after acquiring an additional 17,851 shares in the last quarter. Finally, Amalgamated Bank boosted its position in shares of Royalty Pharma by 4.4% during the 1st quarter. Amalgamated Bank now owns 20,423 shares of the biopharmaceutical company’s stock worth $636,000 after acquiring an additional 866 shares in the last quarter. 54.35% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on RPRX shares. The Goldman Sachs Group started coverage on Royalty Pharma in a report on Tuesday, September 30th. They issued a “buy” rating and a $42.00 target price for the company. Citigroup boosted their target price on Royalty Pharma from $40.00 to $42.00 and gave the company a “buy” rating in a report on Tuesday, July 22nd. Wall Street Zen downgraded Royalty Pharma from a “buy” rating to a “hold” rating in a report on Saturday, September 13th. 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 report on Friday, October 10th. Finally, Weiss Ratings downgraded Royalty Pharma from a “buy (b-)” rating to a “hold (c+)” rating in a report on Saturday. One investment 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. Based on data from MarketBeat, Royalty Pharma presently has a consensus rating of “Buy” and a consensus target price of $46.00.

Royalty Pharma Stock Performance

Shares of RPRX stock opened at $37.26 on Tuesday. The company has a market cap of $21.73 billion, a price-to-earnings ratio of 21.54, a price-to-earnings-growth ratio of 2.05 and a beta of 0.60. The stock has a 50 day simple moving average of $36.15 and a 200-day simple moving average of $35.08. Royalty Pharma PLC has a 12-month low of $24.05 and a 12-month high of $38.00. The company has a current ratio of 1.26, a quick ratio of 1.26 and a debt-to-equity ratio of 0.74.

Royalty Pharma (NASDAQ:RPRX) last issued its earnings results on Wednesday, August 6th. The biopharmaceutical company reported $1.14 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.10 by $0.04. The business had revenue of $578.67 million during the quarter, compared to the consensus estimate of $750.06 million. Royalty Pharma had a return on equity of 25.54% and a net margin of 44.23%. On average, equities analysts forecast that Royalty Pharma PLC will post 4.49 EPS for the current year.

Royalty Pharma Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 10th. Stockholders of record on Friday, November 14th will be paid a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date of this dividend is Friday, November 14th. Royalty Pharma’s dividend payout ratio is 50.87%.

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.