Bank of New York Mellon Corp Reduces Stock Position in Royalty Pharma PLC $RPRX

Bank of New York Mellon Corp decreased its position in Royalty Pharma PLC (NASDAQ:RPRX - Free Report) by 2.8% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,302,043 shares of the biopharmaceutical company's stock after selling 37,662 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.23% of Royalty Pharma worth $62,459,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Phillips Wealth Planners LLC grew its stake in shares of Royalty Pharma by 1.9% in the fourth quarter. Phillips Wealth Planners LLC now owns 13,113 shares of the biopharmaceutical company's stock worth $521,000 after purchasing an additional 242 shares during the last quarter. Strs Ohio raised its position in Royalty Pharma by 2.8% during the 4th quarter. Strs Ohio now owns 9,318 shares of the biopharmaceutical company's stock valued at $360,000 after purchasing an additional 252 shares during the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd raised its position in Royalty Pharma by 0.6% during the 4th quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 43,287 shares of the biopharmaceutical company's stock valued at $1,673,000 after purchasing an additional 255 shares during the last quarter. Cary Street Partners Financial LLC lifted its holdings in Royalty Pharma by 1.1% in the 4th quarter. Cary Street Partners Financial LLC now owns 24,405 shares of the biopharmaceutical company's stock worth $943,000 after buying an additional 260 shares during the period. Finally, Private Trust Co. NA lifted its holdings in Royalty Pharma by 52.9% in the 4th quarter. Private Trust Co. NA now owns 832 shares of the biopharmaceutical company's stock worth $32,000 after buying an additional 288 shares during the period. Hedge funds and other institutional investors own 54.35% of the company's stock.

Insider Buying and Selling at Royalty Pharma

In related news, Director Gregory Norden sold 3,045 shares of Royalty Pharma stock in a transaction dated Thursday, May 14th. The shares were sold at an average price of $53.00, for a total transaction of $161,385.00. Following the completion of the transaction, the director directly owned 191,803 shares of the company's stock, valued at $10,165,559. This trade represents a 1.56% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Terrance P. Coyne sold 64,399 shares of the business's stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $53.98, for a total transaction of $3,476,258.02. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 427,800 shares of company stock valued at $23,333,723 in the last quarter. 18.84% of the stock is owned by insiders.

Royalty Pharma Trading Up 0.5%

NASDAQ RPRX opened at $58.72 on Thursday. The company has a quick ratio of 2.66, a current ratio of 2.66 and a debt-to-equity ratio of 0.86. Royalty Pharma PLC has a twelve month low of $34.08 and a twelve month high of $59.44. The firm has a market capitalization of $33.81 billion, a PE ratio of 39.95, a P/E/G ratio of 10.35 and a beta of 0.43. The stock's 50 day moving average is $55.37 and its 200 day moving average is $49.00.

Royalty Pharma (NASDAQ:RPRX - Get Free Report) last issued its quarterly earnings results on Wednesday, May 6th. The biopharmaceutical company reported $1.30 earnings per share for the quarter, topping the consensus estimate of $1.22 by $0.08. The company had revenue of $630.58 million for the quarter, compared to analysts' expectations of $881.69 million. Royalty Pharma had a return on equity of 29.25% and a net margin of 33.88%. Research analysts forecast that Royalty Pharma PLC will post 5.18 earnings per share for the current fiscal year.

Royalty Pharma Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 10th. Investors of record on Friday, August 14th will be paid a $0.235 dividend. This represents a $0.94 annualized dividend and a dividend yield of 1.6%. The ex-dividend date is Friday, August 14th. Royalty Pharma's dividend payout ratio (DPR) is presently 63.95%.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on RPRX. Weiss Ratings cut Royalty Pharma from a "buy (b)" rating to a "buy (b-)" rating in a research note on Friday, May 15th. Wall Street Zen raised Royalty Pharma from a "buy" rating to a "strong-buy" rating in a research note on Saturday, May 9th. JPMorgan Chase & Co. lifted their price target on shares of Royalty Pharma from $50.00 to $58.00 and gave the company an "overweight" rating in a report on Thursday, May 7th. Citigroup boosted their price objective on shares of Royalty Pharma from $50.00 to $66.00 and gave the company a "buy" rating in a research report on Thursday, May 7th. Finally, Morgan Stanley upped their price objective on shares of Royalty Pharma from $61.00 to $63.00 and gave the stock an "overweight" rating in a report on Friday, April 10th. Seven analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, Royalty Pharma has an average rating of "Buy" and an average target price of $56.57.

Royalty Pharma Profile

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.

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