Pictet Asset Management Holding SA Sells 62,539 Shares of Royalty Pharma PLC $RPRX

Key Points

• Pictet Asset Management cut its stake in Royalty Pharma by 16.6% in Q4, selling 62,539 shares and now holds 313,510 shares (~0.05%) valued at about $12.16 million, while institutional investors own roughly 54.35% of the stock.
• CFO Terrance P. Coyne sold 34,791 shares at about $49.78 under a Rule 10b5-1 plan, and insiders have sold 382,705 shares (~$16.98M) over the last 90 days, though insiders still own 18.84% of the company.
• Analysts maintain an overall Buy consensus with an average target of $50.33 (UBS raised its target to $57), and the company recently announced a quarterly dividend of $0.235 (annualized $0.94, ~1.9% yield); Royalty Pharma trades with a market cap of about $28.5B and a P/E of ~36.6.

Pictet Asset Management Holding SA cut its holdings in shares of Royalty Pharma PLC (NASDAQ:RPRX - Free Report) by 16.6% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 313,510 shares of the biopharmaceutical company's stock after selling 62,539 shares during the period. Pictet Asset Management Holding SA owned approximately 0.05% of Royalty Pharma worth $12,163,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in RPRX. Financiere des Professionnels Fonds d investissement inc. purchased a new stake in shares of Royalty Pharma during the 3rd quarter valued at about $933,000. Nordea Investment Management AB lifted its stake in shares of Royalty Pharma by 18.3% in the 3rd quarter. Nordea Investment Management AB now owns 775,999 shares of the biopharmaceutical company's stock worth $27,137,000 after purchasing an additional 120,004 shares during the period. Generali Asset Management SPA SGR lifted its stake in shares of Royalty Pharma by 7,752.8% in the 3rd quarter. Generali Asset Management SPA SGR now owns 34,081 shares of the biopharmaceutical company's stock worth $1,202,000 after purchasing an additional 33,647 shares during the period. Mirae Asset Global Investments Co. Ltd. lifted its stake in shares of Royalty Pharma by 28.5% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 140,131 shares of the biopharmaceutical company's stock worth $4,944,000 after purchasing an additional 31,045 shares during the period. Finally, Park Avenue Securities LLC bought a new position in shares of Royalty Pharma in the 3rd quarter worth approximately $1,548,000. 54.35% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the stock. The Goldman Sachs Group reiterated a "buy" rating on shares of Royalty Pharma in a research note on Thursday, February 12th. UBS Group increased their price objective on shares of Royalty Pharma from $51.00 to $57.00 and gave the stock a "buy" rating in a research note on Tuesday, April 21st. Wall Street Zen cut shares of Royalty Pharma from a "strong-buy" rating to a "buy" rating in a research note on Saturday, February 14th. Citigroup increased their price objective on shares of Royalty Pharma from $48.00 to $50.00 and gave the stock a "buy" rating in a research note on Tuesday, January 27th. Finally, Weiss Ratings upgraded shares of Royalty Pharma from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Thursday, February 12th. Six equities research analysts have rated the stock with a Buy rating, According to MarketBeat.com, Royalty Pharma has an average rating of "Buy" and an average target price of $50.33.

Insider Transactions at Royalty Pharma

In related news, CFO Terrance P. Coyne sold 34,791 shares of the stock in a transaction that occurred on Tuesday, April 28th. The shares were sold at an average price of $49.78, for a total value of $1,731,895.98. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 382,705 shares of company stock valued at $16,984,870. Corporate insiders own 18.84% of the company's stock.

Royalty Pharma Trading Down 1.2%

Royalty Pharma stock opened at $49.47 on Friday. The firm has a 50 day moving average of $47.31 and a 200 day moving average of $42.36. The firm has a market capitalization of $28.54 billion, a price-to-earnings ratio of 36.64, a P/E/G ratio of 3.20 and a beta of 0.40. Royalty Pharma PLC has a 12-month low of $31.97 and a 12-month high of $50.47. The company has a current ratio of 2.40, a quick ratio of 2.40 and a debt-to-equity ratio of 0.88.

Royalty Pharma (NASDAQ:RPRX - Get Free Report) last released its earnings results on Wednesday, February 11th. The biopharmaceutical company reported $1.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.33 by $0.13. The company had revenue of $621.99 million during the quarter, compared to analyst estimates of $839.97 million. Royalty Pharma had a net margin of 32.38% and a return on equity of 28.21%. As a group, research analysts predict that Royalty Pharma PLC will post 5.08 earnings per share for the current year.

Royalty Pharma Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, June 10th. Investors of record on Friday, May 15th will be issued a $0.235 dividend. This represents a $0.94 annualized dividend and a yield of 1.9%. The ex-dividend date of this dividend is Friday, May 15th. Royalty Pharma's dividend payout ratio is currently 69.63%.

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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