Northern Trust Corp Sells 354,172 Shares of Royalty Pharma PLC $RPRX

Key Points

• Northern Trust Corp reduced its stake in Royalty Pharma by 10.6%, selling 354,172 shares, and now holds 2,976,257 shares valued at approximately $92.65 million.
• Royalty Pharma recently announced a quarterly dividend of $0.22 per share, reflecting a 2.4% yield based on its annualized dividend.
• The company's earnings report showed $1.14 earnings per share, exceeding analyst estimates, but its revenue of $578.67 million fell short of expectations of $750.06 million.

Northern Trust Corp decreased its position in Royalty Pharma PLC (NASDAQ:RPRX - Free Report) by 10.6% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,976,257 shares of the biopharmaceutical company's stock after selling 354,172 shares during the period. Northern Trust Corp owned approximately 0.52% of Royalty Pharma worth $92,651,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the company. Summit Securities Group LLC bought a new position in Royalty Pharma in the 1st quarter worth about $36,000. Raymond James Financial Inc. boosted its stake in Royalty Pharma by 38.7% in the 1st quarter. Raymond James Financial Inc. now owns 1,086,989 shares of the biopharmaceutical company's stock worth $33,838,000 after purchasing an additional 303,356 shares in the last quarter. Wealthedge Investment Advisors LLC bought a new position in Royalty Pharma in the 1st quarter worth about $389,000. American Century Companies Inc. boosted its stake in Royalty Pharma by 10.9% in the 1st quarter. American Century Companies Inc. now owns 74,501 shares of the biopharmaceutical company's stock worth $2,319,000 after purchasing an additional 7,341 shares in the last quarter. Finally, Aberdeen Group plc boosted its stake in Royalty Pharma by 138.5% in the 1st quarter. Aberdeen Group plc now owns 213,860 shares of the biopharmaceutical company's stock worth $6,591,000 after purchasing an additional 124,193 shares in the last quarter. Institutional investors own 54.35% of the company's stock.

Royalty Pharma Stock Performance

Royalty Pharma stock traded up $0.29 during midday trading on Friday, hitting $35.91. The stock had a trading volume of 1,248,189 shares, compared to its average volume of 4,278,069. Royalty Pharma PLC has a 52-week low of $24.05 and a 52-week high of $38.00. 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 company has a market capitalization of $20.94 billion, a PE ratio of 20.75, a P/E/G ratio of 2.35 and a beta of 0.55. The firm's fifty day moving average is $36.26 and its two-hundred day moving average is $34.02.

Royalty Pharma (NASDAQ:RPRX - Get Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The biopharmaceutical company reported $1.14 earnings per share for the quarter, topping the consensus estimate of $1.10 by $0.04. Royalty Pharma had a return on equity of 25.54% and a net margin of 44.23%.The business had revenue of $578.67 million during the quarter, compared to the consensus estimate of $750.06 million. On average, research analysts forecast that Royalty Pharma PLC will post 4.49 EPS for the current year.

Royalty Pharma Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 10th. Shareholders of record on Friday, August 15th will be paid a $0.22 dividend. This represents a $0.88 annualized dividend and a yield of 2.5%. The ex-dividend date is Friday, August 15th. Royalty Pharma's dividend payout ratio is presently 50.87%.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on RPRX shares. Wall Street Zen cut shares of Royalty Pharma from a "buy" rating to a "hold" rating in a research note on Friday, August 22nd. Morgan Stanley boosted their target price on Royalty Pharma from $51.00 to $54.00 and gave the stock an "overweight" rating in a research report on Thursday, July 10th. Finally, Citigroup boosted their target price on Royalty Pharma from $40.00 to $42.00 and gave the stock a "buy" rating in a research report on Tuesday, July 22nd. One investment 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.com, the stock has an average rating of "Buy" and a consensus price target of $48.00.

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.