147,113 Royalty Pharma PLC $RPRX Shares Sold by Sumitomo Mitsui Trust Group Inc.

Key Points

• Sumitomo Mitsui Trust Group cut its Royalty Pharma stake by 12.4% in the third quarter, selling 147,113 shares; it still held 1,040,830 shares worth about $60.7 million.
• Analysts remain broadly positive: eight rate RPRX a Buy, with a consensus price target of $61.57. Several firms recently raised their targets, including TD Cowen to $68.
• Royalty Pharma beat quarterly EPS estimates ($1.32 versus $1.27), but revenue of $674.1 million fell short of the $758.9 million consensus. It also announced a quarterly dividend of $0.235 per share.

Sumitomo Mitsui Trust Group Inc. reduced its position in shares of Royalty Pharma PLC (NASDAQ:RPRX - Free Report) by 12.4% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,040,830 shares of the biopharmaceutical company's stock after selling 147,113 shares during the period. Sumitomo Mitsui Trust Group Inc. owned 0.18% of Royalty Pharma worth $60,743,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of RPRX. Bank of America Corp DE raised its position in Royalty Pharma by 29.0% during the 1st quarter. Bank of America Corp DE now owns 3,495,846 shares of the biopharmaceutical company's stock valued at $167,696,000 after purchasing an additional 786,921 shares during the last quarter. Amundi lifted its holdings in Royalty Pharma by 15.3% in the 1st quarter. Amundi now owns 3,088,773 shares of the biopharmaceutical company's stock worth $148,168,000 after buying an additional 409,394 shares during the period. Dorsey Asset Management LLC grew its position in shares of Royalty Pharma by 0.8% in the 1st quarter. Dorsey Asset Management LLC now owns 2,276,570 shares of the biopharmaceutical company's stock worth $109,207,000 after buying an additional 17,101 shares during the last quarter. Hsbc Holdings PLC grew its position in shares of Royalty Pharma by 2,562.2% in the 1st quarter. Hsbc Holdings PLC now owns 1,544,018 shares of the biopharmaceutical company's stock worth $74,000,000 after buying an additional 1,486,020 shares during the last quarter. Finally, Swiss National Bank grew its position in shares of Royalty Pharma by 5.8% in the 1st quarter. Swiss National Bank now owns 1,191,100 shares of the biopharmaceutical company's stock worth $57,137,000 after buying an additional 65,700 shares during the last quarter. 54.35% of the stock is owned by institutional investors.

Insider Buying and Selling

In other news, EVP Marshall Urist sold 4,126 shares of the business's stock in a transaction that occurred on Monday, October 5th. The stock was sold at an average price of $57.10, for a total value of $235,594.60. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Christopher Hite sold 100,000 shares of the company's stock in a transaction that occurred on Tuesday, September 22nd. The stock was sold at an average price of $58.53, for a total value of $5,853,000.00. Following the completion of the sale, the executive vice president owned 270,401 shares in the company, valued at $15,826,570.53. The trade was a 27.00% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 208,252 shares of company stock valued at $12,324,407 in the last ninety days. Insiders own 18.84% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on RPRX. Bank of America reissued a "buy" rating on shares of Royalty Pharma in a research note on Wednesday, August 5th. Wall Street Zen lowered Royalty Pharma from a "strong-buy" rating to a "buy" rating in a research note on Saturday, September 26th. The Goldman Sachs Group reiterated a "buy" rating and issued a $66.00 price target on shares of Royalty Pharma in a report on Thursday, August 6th. JPMorgan Chase & Co. boosted their price objective on shares of Royalty Pharma from $58.00 to $62.00 and gave the company an "overweight" rating in a research report on Friday, August 7th. Finally, TD Cowen upped their price objective on shares of Royalty Pharma from $65.00 to $68.00 and gave the stock a "buy" rating in a report on Tuesday, September 8th. Eight research analysts have rated the stock with a Buy rating. According to MarketBeat, the company has a consensus rating of "Buy" and an average price target of $61.57.

Royalty Pharma Stock Performance

Shares of RPRX stock opened at $66.40 on Wednesday. The company's fifty day moving average price is $60.48 and its 200-day moving average price is $53.39. The stock has a market cap of $38.18 billion, a PE ratio of 45.79, a price-to-earnings-growth ratio of 1.82 and a beta of 0.37. The company has a current ratio of 2.80, a quick ratio of 2.80 and a debt-to-equity ratio of 0.88. Royalty Pharma PLC has a 12 month low of $36.03 and a 12 month high of $67.71.

Royalty Pharma (NASDAQ:RPRX - Get Free Report) last issued its quarterly earnings results on Wednesday, August 5th. The biopharmaceutical company reported $1.32 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.27 by $0.05. Royalty Pharma had a net margin of 32.14% and a return on equity of 30.01%. The company had revenue of $674.14 million during the quarter, compared to analyst estimates of $758.93 million. On average, equities analysts expect that Royalty Pharma PLC will post 5.29 EPS for the current fiscal year.

Royalty Pharma Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 10th. Shareholders of record on Friday, November 13th will be issued a $0.2350 dividend. This represents a $0.94 dividend on an annualized basis and a yield of 1.4%. The ex-dividend date is Friday, November 13th. Royalty Pharma's dividend payout ratio is 64.83%.

Royalty Pharma Company Profile

Royalty Pharma plc NASDAQ: RPRX is a biopharmaceutical royalty investment company that provides funding to life sciences companies, academic institutions, and other organizations in exchange for rights to future payments tied to approved or development-stage medicines. Its business model gives innovators access to capital while allowing Royalty Pharma to participate in the long-term commercial success of pharmaceutical products.

The company acquires and manages royalty interests across a broad range of therapeutic areas, including immunology, oncology, neuroscience, rare diseases, and infectious diseases.

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