CenterBook Partners LP Has $2.71 Million Position in Royalty Pharma PLC $RPRX

Key Points

• CenterBook Partners LP cut its Royalty Pharma stake by 20.5% in the fourth quarter, selling 18,104 shares and ending with 70,212 shares valued at about $2.71 million.
• Insider selling has been active, with CFO Terrance P. Coyne and EVP Marshall Urist both selling shares; insiders have sold 199,185 shares worth roughly $10.1 million over the last 90 days.
• Royalty Pharma’s stock rose 1.4% to $55.63, near its 52-week high, after the company beat quarterly EPS expectations and announced a $0.235 quarterly dividend.

CenterBook Partners LP lessened its position in Royalty Pharma PLC (NASDAQ:RPRX - Free Report) by 20.5% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 70,212 shares of the biopharmaceutical company's stock after selling 18,104 shares during the period. CenterBook Partners LP's holdings in Royalty Pharma were worth $2,713,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of RPRX. Capital International Investors raised its stake in Royalty Pharma by 14.3% in the fourth quarter. Capital International Investors now owns 31,104,309 shares of the biopharmaceutical company's stock valued at $1,201,870,000 after buying an additional 3,891,615 shares during the period. State Street Corp increased its holdings in shares of Royalty Pharma by 0.8% during the 3rd quarter. State Street Corp now owns 10,272,753 shares of the biopharmaceutical company's stock worth $362,423,000 after acquiring an additional 77,815 shares during the last quarter. Geode Capital Management LLC raised its stake in Royalty Pharma by 1.3% in the 4th quarter. Geode Capital Management LLC now owns 7,719,843 shares of the biopharmaceutical company's stock valued at $297,465,000 after acquiring an additional 102,430 shares during the period. Victory Capital Management Inc. raised its stake in Royalty Pharma by 3.7% in the 3rd quarter. Victory Capital Management Inc. now owns 4,657,407 shares of the biopharmaceutical company's stock valued at $164,313,000 after acquiring an additional 165,727 shares during the period. Finally, Northern Trust Corp lifted its holdings in Royalty Pharma by 1.3% during the 3rd quarter. Northern Trust Corp now owns 4,075,239 shares of the biopharmaceutical company's stock valued at $143,774,000 after purchasing an additional 53,389 shares during the last quarter. 54.35% of the stock is owned by institutional investors.

Insider Buying and Selling

In other Royalty Pharma news, CFO Terrance P. Coyne sold 64,399 shares of the firm's stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $53.98, for a total transaction of $3,476,258.02. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Marshall Urist sold 13,684 shares of the stock in a transaction on Wednesday, May 20th. The stock was sold at an average price of $52.75, for a total value of $721,831.00. Following the sale, the executive vice president directly owned 18,197 shares in the company, valued at approximately $959,891.75. This trade represents a 42.92% decrease in their ownership of the stock. 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 199,185 shares of company stock valued at $10,082,926 over the last 90 days. 18.84% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several equities analysts have commented on the stock. Wall Street Zen upgraded shares of Royalty Pharma from a "buy" rating to a "strong-buy" rating in a report on Saturday, May 9th. Citigroup lifted their target price on shares of Royalty Pharma from $50.00 to $66.00 and gave the stock a "buy" rating in a report on Thursday, May 7th. TD Cowen reiterated a "buy" rating on shares of Royalty Pharma in a research note on Friday, February 27th. Weiss Ratings cut shares of Royalty Pharma from a "buy (b)" rating to a "buy (b-)" rating in a report on Friday, May 15th. Finally, Morgan Stanley raised their price objective on shares of Royalty Pharma from $61.00 to $63.00 and gave the stock an "overweight" rating in a research report on Friday, April 10th. Seven equities research analysts have rated the stock with a Buy rating, According to data from MarketBeat, Royalty Pharma presently has an average rating of "Buy" and a consensus price target of $53.71.

Royalty Pharma Trading Up 1.4%

Shares of Royalty Pharma stock opened at $55.63 on Wednesday. The company has a debt-to-equity ratio of 0.86, a quick ratio of 2.66 and a current ratio of 2.66. The firm has a 50-day moving average of $51.15 and a 200-day moving average of $45.28. Royalty Pharma PLC has a 52-week low of $33.40 and a 52-week high of $56.50. The stock has a market cap of $32.03 billion, a PE ratio of 37.84, a PEG ratio of 1.51 and a beta of 0.43.

Royalty Pharma (NASDAQ:RPRX - Get Free Report) last issued its quarterly earnings data 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. Royalty Pharma had a net margin of 33.88% and a return on equity of 29.25%. The business had revenue of $630.58 million during the quarter, compared to analysts' expectations of $881.69 million. As a group, sell-side analysts forecast that Royalty Pharma PLC will post 5.05 EPS for the current year.

Royalty Pharma Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, June 10th. Investors of record on Friday, May 15th will be paid a $0.235 dividend. This represents a $0.94 annualized dividend and a dividend yield of 1.7%. The ex-dividend date is Friday, May 15th. Royalty Pharma's payout ratio is 63.95%.

About Royalty Pharma

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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