Edgestream Partners L.P. Sells 37,986 Shares of Royalty Pharma PLC $RPRX

Key Points

• Edgestream Partners cut its Royalty Pharma stake by 36.2% in the first quarter, selling 37,986 shares and retaining 66,942 shares valued at approximately $3.21 million. Institutional investors collectively own 54.35% of RPRX.
• Royalty Pharma shares opened at $58.43, near their 12-month high of $60.44. The company exceeded first-quarter EPS expectations, reporting $1.30 versus the $1.22 consensus, although revenue fell below estimates.
• The company declared a quarterly dividend of $0.235 per share, equivalent to an annualized $0.94 and a 1.6% yield. Analysts maintain a consensus “Buy” rating with an average price target of $56.57.

Edgestream Partners L.P. lessened its position in Royalty Pharma PLC (NASDAQ:RPRX - Free Report) by 36.2% in the first quarter, according to its most recent disclosure with the SEC. The firm owned 66,942 shares of the biopharmaceutical company's stock after selling 37,986 shares during the period. Edgestream Partners L.P.'s holdings in Royalty Pharma were worth $3,211,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently added to or reduced their stakes in RPRX. LM Advisors LLC bought a new stake in shares of Royalty Pharma during the fourth quarter valued at approximately $26,000. Lloyd Advisory Services LLC. bought a new position in shares of Royalty Pharma in the 4th quarter worth $30,000. Private Trust Co. NA lifted its holdings in shares of 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 purchasing an additional 288 shares in the last quarter. Blue Trust Inc. grew its position in Royalty Pharma by 173.4% in the 1st quarter. Blue Trust Inc. now owns 689 shares of the biopharmaceutical company's stock valued at $33,000 after purchasing an additional 437 shares during the period. Finally, CIBC Private Wealth Group LLC grew its position in Royalty Pharma by 66.4% in the 4th quarter. CIBC Private Wealth Group LLC now owns 1,118 shares of the biopharmaceutical company's stock valued at $43,000 after purchasing an additional 446 shares during the period. Institutional investors and hedge funds own 54.35% of the company's stock.

Insider Activity

In related news, EVP Marshall Urist sold 9,099 shares of the firm's stock in a transaction dated Wednesday, July 1st. The shares were sold at an average price of $55.88, for a total transaction of $508,452.12. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Gregory Norden sold 3,045 shares of the business's stock in a transaction dated Thursday, May 14th. The stock was sold at an average price of $53.00, for a total transaction of $161,385.00. Following the transaction, the director owned 191,803 shares in the company, valued at approximately $10,165,559. This trade represents a 1.56% 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. In the last 90 days, insiders have sold 393,009 shares of company stock worth $21,601,827. 18.84% of the stock is owned by insiders.

Royalty Pharma Stock Down 1.0%

Shares of NASDAQ:RPRX opened at $58.43 on Friday. The stock has a market cap of $33.65 billion, a price-to-earnings ratio of 39.75, a PEG ratio of 10.35 and a beta of 0.43. 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 12-month low of $34.08 and a 12-month high of $60.44. The business's 50 day moving average is $56.19 and its 200 day moving average is $49.86.

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

Royalty Pharma Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 10th. Shareholders of record on Friday, August 14th will be issued a dividend of $0.235 per share. This represents a $0.94 dividend on an annualized basis and a yield of 1.6%. The ex-dividend date of this dividend is Friday, August 14th. Royalty Pharma's payout ratio is currently 63.95%.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the stock. JPMorgan Chase & Co. upped their price objective on shares of Royalty Pharma from $50.00 to $58.00 and gave the stock an "overweight" rating in a report on Thursday, May 7th. TD Cowen lifted their price objective on shares of Royalty Pharma from $50.00 to $65.00 and gave the company a "buy" rating in a report on Monday, July 13th. Morgan Stanley lifted their price objective on shares of Royalty Pharma from $61.00 to $63.00 and gave the company an "overweight" rating in a report on Friday, April 10th. Citigroup boosted their target price on shares of Royalty Pharma from $50.00 to $66.00 and gave the stock a "buy" rating in a research report on Thursday, May 7th. Finally, UBS Group upped their target price on shares of Royalty Pharma from $51.00 to $57.00 and gave the stock a "buy" rating in a report on Tuesday, April 21st. Seven investment analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus target price of $56.57.

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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