527,094 Shares of Royalty Pharma PLC $RPRX Bought by Congress Asset Management Co.

Key Points

• Congress Asset Management acquired 527,094 shares of Royalty Pharma worth approximately $30.8 million, giving it a roughly 0.09% stake. Institutional investors collectively own 54.35% of the company.
• Royalty Pharma reported quarterly EPS of $1.32, exceeding analysts’ $1.27 estimate, though revenue of $674.14 million fell short of the $758.93 million consensus.
• Analysts maintain a consensus “Buy” rating with a $61.29 target price, compared with the stock’s reported price of $56.44; the company also pays a quarterly dividend of $0.235 per share.

Congress Asset Management Co. bought a new stake in Royalty Pharma PLC (NASDAQ:RPRX - Free Report) in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 527,094 shares of the biopharmaceutical company's stock, valued at approximately $30,761,000. Congress Asset Management Co. owned approximately 0.09% of Royalty Pharma as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also modified their holdings of the company. Ridgewood Investments LLC purchased a new position in shares of Royalty Pharma in the third quarter valued at $208,000. Eastern Bank lifted its holdings in Royalty Pharma by 2.0% in the 3rd quarter. Eastern Bank now owns 708,768 shares of the biopharmaceutical company's stock worth $41,364,000 after buying an additional 13,843 shares in the last quarter. Sequoia Financial Advisors LLC boosted its position in Royalty Pharma by 11.8% in the 2nd quarter. Sequoia Financial Advisors LLC now owns 17,513 shares of the biopharmaceutical company's stock valued at $982,000 after buying an additional 1,843 shares during the last quarter. Tidal Investments LLC boosted its position in Royalty Pharma by 298.6% in the 2nd quarter. Tidal Investments LLC now owns 118,323 shares of the biopharmaceutical company's stock valued at $6,634,000 after buying an additional 88,642 shares during the last quarter. Finally, WINTON GROUP Ltd acquired a new stake in shares of Royalty Pharma during the second quarter valued at about $1,278,000. 54.35% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Royalty Pharma

In other Royalty Pharma news, EVP Marshall Urist sold 4,126 shares of the stock in a transaction 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 document filed with the SEC, which is available 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 firm's stock in a transaction on Tuesday, September 22nd. The shares were 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 ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 208,252 shares of company stock worth $12,324,407 over the last ninety days. 18.84% of the stock is owned by corporate insiders.

Royalty Pharma Price Performance

RPRX opened at $56.44 on Wednesday. The company has a quick ratio of 2.80, a current ratio of 2.80 and a debt-to-equity ratio of 0.88. The company's 50-day moving average price is $59.41 and its 200 day moving average price is $55.11. Royalty Pharma PLC has a fifty-two week low of $35.23 and a fifty-two week high of $64.38. The firm has a market cap of $32.45 billion, a price-to-earnings ratio of 38.92, a price-to-earnings-growth ratio of 1.34 and a beta of 0.42.

Royalty Pharma (NASDAQ:RPRX - Get Free Report) last issued its earnings results on Wednesday, August 5th. The biopharmaceutical company reported $1.32 EPS for the quarter, beating analysts' consensus estimates of $1.27 by $0.05. The company had revenue of $674.14 million during the quarter, compared to the consensus estimate of $758.93 million. Royalty Pharma had a return on equity of 30.01% and a net margin of 32.14%. As a group, sell-side analysts expect that Royalty Pharma PLC will post 5.32 earnings per share for the current year.

Royalty Pharma Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 10th. Investors of record on Friday, August 14th were paid a dividend of $0.2350 per share. This represents a $0.94 dividend on an annualized basis and a yield of 1.7%. The ex-dividend date was Friday, August 14th. Royalty Pharma's dividend payout ratio is presently 64.83%.

Wall Street Analyst Weigh In

RPRX has been the topic of several recent analyst reports. Weiss Ratings upgraded Royalty Pharma from a "buy (b-)" rating to a "buy (b)" rating in a research note on Monday, September 14th. 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 restated a "buy" rating and set a $66.00 price objective on shares of Royalty Pharma in a report on Thursday, August 6th. Morgan Stanley reaffirmed an "overweight" rating and issued a $65.00 target price on shares of Royalty Pharma in a research report on Thursday, August 6th. Finally, JPMorgan Chase & Co. raised their price target on shares of Royalty Pharma from $58.00 to $62.00 and gave the stock an "overweight" rating in a research report on Friday, August 7th. Eight analysts have rated the stock with a Buy rating, According to MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus target price of $61.29.

About Royalty Pharma

Royalty Pharma plc is a biopharmaceutical royalty acquisition company that provides funding to life sciences companies in exchange for rights to future payments associated with approved or development-stage medicines. Its business model gives biotechnology and pharmaceutical companies access to capital while allowing Royalty Pharma to participate in the commercial success of therapies without directly developing or marketing them.

The company invests in royalties and other economic interests tied to a broad range of biopharmaceutical products, including treatments for cancer, rare diseases, immune disorders, diabetes and other chronic conditions.

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