Public Employees Retirement System of Ohio Makes New $7.84 Million Investment in Royalty Pharma PLC $RPRX

Key Points

• Public Employees Retirement System of Ohio purchased 139,790 Royalty Pharma shares worth approximately $7.84 million, while institutional investors collectively own 54.35% of the company.
• Analysts remain bullish on RPRX, with eight Buy ratings and a consensus price target of $60.86; the stock opened at $62.32 after recently reaching a 52-week high of $62.58.
• Royalty Pharma reported quarterly EPS of $1.32, ahead of the $1.27 estimate, but revenue of $674.14 million fell short of the $758.93 million consensus. The company also declared a quarterly dividend of $0.235, implying a 1.5% annualized yield.

Public Employees Retirement System of Ohio purchased a new stake in shares of Royalty Pharma PLC (NASDAQ:RPRX - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm purchased 139,790 shares of the biopharmaceutical company's stock, valued at approximately $7,838,000.

Several other institutional investors also recently modified their holdings of the business. Morgan Stanley lifted its stake in shares of Royalty Pharma by 25.2% in the fourth quarter. Morgan Stanley now owns 55,274,069 shares of the biopharmaceutical company's stock worth $2,135,790,000 after acquiring an additional 11,110,115 shares during the period. Capital International Investors lifted its position in shares of Royalty Pharma by 14.3% in the 4th quarter. Capital International Investors now owns 31,104,309 shares of the biopharmaceutical company's stock worth $1,201,870,000 after purchasing an additional 3,891,615 shares during the period. State Street Corp lifted its position in shares of Royalty Pharma by 3.7% in the 4th quarter. State Street Corp now owns 10,649,641 shares of the biopharmaceutical company's stock worth $411,502,000 after purchasing an additional 376,888 shares during the period. Geode Capital Management LLC boosted its stake in shares of 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 purchasing an additional 102,430 shares during the last quarter. Finally, Victory Capital Management Inc. boosted its stake in shares of Royalty Pharma by 9.7% in the 4th quarter. Victory Capital Management Inc. now owns 5,106,905 shares of the biopharmaceutical company's stock valued at $197,331,000 after purchasing an additional 449,498 shares during the last quarter. Institutional investors own 54.35% of the company's stock.

Insider Activity at Royalty Pharma

In related news, EVP Marshall Urist sold 9,099 shares of the company's stock in a transaction on Wednesday, July 1st. The stock was sold at an average price of $55.88, for a total transaction of $508,452.12. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Christopher Hite sold 150,000 shares of the stock in a transaction on Tuesday, June 23rd. The shares were sold at an average price of $54.40, for a total value of $8,160,000.00. Following the completion of the sale, the executive vice president directly owned 559,399 shares of the company's stock, valued at $30,431,305.60. The trade was a 21.14% 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. In the last ninety days, insiders have sold 398,197 shares of company stock worth $22,513,280. 18.84% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on RPRX. Weiss Ratings restated a "buy (b-)" rating on shares of Royalty Pharma in a report on Wednesday, August 12th. The Goldman Sachs Group reiterated a "buy" rating and set a $66.00 price target on shares of Royalty Pharma in a report on Thursday, August 6th. Morgan Stanley reissued an "overweight" rating and issued a $65.00 price objective on shares of Royalty Pharma in a research report on Thursday, August 6th. Citigroup raised their target price on Royalty Pharma from $50.00 to $66.00 and gave the stock a "buy" rating in a research note on Thursday, May 7th. Finally, JPMorgan Chase & Co. lifted their target price on Royalty Pharma from $58.00 to $62.00 and gave the stock an "overweight" rating in a report on Friday, August 7th. Eight equities research analysts have rated the stock with a Buy rating, According to MarketBeat, the stock presently has an average rating of "Buy" and a consensus price target of $60.86.

Royalty Pharma Stock Up 1.5%

Royalty Pharma stock opened at $62.32 on Wednesday. The firm has a market capitalization of $35.83 billion, a price-to-earnings ratio of 42.98, a price-to-earnings-growth ratio of 1.43 and a beta of 0.43. The firm's fifty day moving average price is $58.46 and its two-hundred day moving average price is $52.75. Royalty Pharma PLC has a 1-year low of $34.08 and a 1-year high of $62.58. The company has a current ratio of 2.80, a quick ratio of 2.80 and a debt-to-equity ratio of 0.88.

Royalty Pharma (NASDAQ:RPRX - Get Free Report) last posted its earnings results on Wednesday, August 5th. The biopharmaceutical company reported $1.32 earnings per share for the quarter, topping analysts' consensus estimates of $1.27 by $0.05. Royalty Pharma had a net margin of 32.14% and a return on equity of 30.01%. The company had revenue of $674.14 million for the quarter, compared to analyst estimates of $758.93 million. On average, equities research analysts predict that Royalty Pharma PLC will post 5.3 earnings per share for the current fiscal year.

Royalty Pharma Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 10th. Stockholders of record on Friday, August 14th will be paid a $0.235 dividend. The ex-dividend date of this dividend is Friday, August 14th. This represents a $0.94 annualized dividend and a dividend yield of 1.5%. Royalty Pharma's dividend payout ratio is 64.83%.

Royalty Pharma Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

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