Eventide Asset Management LLC Boosts Position in Royalty Pharma PLC $RPRX

Key Points

• Eventide Asset Management LLC increased its stake in Royalty Pharma PLC by 6.9%, owning approximately 879,809 shares valued at $27.41 million.
• Royalty Pharma has received positive analyst ratings, with upgrades from Wall Street Zen, Morgan Stanley, and Citigroup, now holding a consensus rating of "Buy".
• The company reported a quarterly EPS of $1.14, exceeding analyst expectations, and has recently declared a quarterly dividend of $0.22 per share, translating to a yield of 2.4%.

Eventide Asset Management LLC grew its holdings in shares of Royalty Pharma PLC (NASDAQ:RPRX - Free Report) by 6.9% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 879,809 shares of the biopharmaceutical company's stock after acquiring an additional 56,419 shares during the quarter. Eventide Asset Management LLC owned 0.15% of Royalty Pharma worth $27,411,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in RPRX. Louisbourg Investments Inc. bought a new position in shares of Royalty Pharma in the first quarter worth approximately $28,000. MassMutual Private Wealth & Trust FSB grew its holdings in shares of Royalty Pharma by 76.4% in the first quarter. MassMutual Private Wealth & Trust FSB now owns 956 shares of the biopharmaceutical company's stock worth $30,000 after purchasing an additional 414 shares during the last quarter. Summit Securities Group LLC bought a new position in shares of Royalty Pharma in the first quarter worth approximately $36,000. WPG Advisers LLC bought a new position in shares of Royalty Pharma in the first quarter worth approximately $39,000. Finally, Allworth Financial LP grew its holdings in shares of Royalty Pharma by 41.6% in the first quarter. Allworth Financial LP now owns 1,539 shares of the biopharmaceutical company's stock worth $49,000 after purchasing an additional 452 shares during the last quarter. 54.35% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the stock. Wall Street Zen upgraded shares of Royalty Pharma from a "hold" rating to a "buy" rating in a report on Saturday, August 30th. Citigroup raised their price target on Royalty Pharma from $40.00 to $42.00 and gave the stock a "buy" rating in a research note on Tuesday, July 22nd. Finally, Morgan Stanley lifted their target price on shares of Royalty Pharma from $51.00 to $54.00 and gave the company an "overweight" rating in a research note on Thursday, July 10th. One analyst has rated the stock with a Strong Buy rating and two have given a Buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Buy" and a consensus target price of $48.00.

Royalty Pharma Stock Down 2.2%

Royalty Pharma stock traded down $0.83 on Friday, hitting $36.07. 9,231,241 shares of the stock traded hands, compared to its average volume of 3,155,449. The company has a current ratio of 1.26, a quick ratio of 1.26 and a debt-to-equity ratio of 0.74. The firm has a market cap of $21.04 billion, a P/E ratio of 20.85, a price-to-earnings-growth ratio of 2.35 and a beta of 0.58. The business's fifty day simple moving average is $36.34 and its 200 day simple moving average is $34.19. Royalty Pharma PLC has a 1 year low of $24.05 and a 1 year high of $38.00.

Royalty Pharma (NASDAQ:RPRX - Get Free Report) last released its earnings results on Wednesday, August 6th. The biopharmaceutical company reported $1.14 EPS for the quarter, topping analysts' consensus estimates of $1.10 by $0.04. Royalty Pharma had a return on equity of 25.54% and a net margin of 44.23%.The firm had revenue of $578.67 million for the quarter, compared to analysts' expectations of $750.06 million. As a group, sell-side analysts forecast that Royalty Pharma PLC will post 4.49 earnings per share for the current year.

Royalty Pharma Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 10th. Stockholders of record on Friday, August 15th will be issued a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date of this dividend is Friday, August 15th. Royalty Pharma's dividend payout ratio is presently 50.87%.

About Royalty Pharma

Royalty Pharma plc operates as a buyer of biopharmaceutical royalties and a funder of innovations in the biopharmaceutical industry in the United States. It is also involved in the identification, evaluation, and acquisition of royalties on various biopharmaceutical therapies. In addition, the company collaborates with innovators from academic institutions, research hospitals and not-for-profits, small and mid-cap biotechnology companies, and pharmaceutical companies.