Synovus Financial Corp Boosts Stake in Royalty Pharma PLC $RPRX

Key Points

• Synovus Financial Corp increased its holdings in Royalty Pharma PLC by 341.3% in the first quarter, acquiring 64,573 additional shares valued at approximately $2.6 million.
• Royalty Pharma recently reported a quarterly earnings per share (EPS) of $1.14, exceeding estimates, while also announcing a quarterly dividend of $0.22 per share.
• Several analysts adjusted their price targets for Royalty Pharma, with Citigroup raising its target to $42.00 and Morgan Stanley to $54.00, while the consensus rating remains a "Buy."

Synovus Financial Corp boosted its position in shares of Royalty Pharma PLC (NASDAQ:RPRX - Free Report) by 341.3% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 83,492 shares of the biopharmaceutical company's stock after purchasing an additional 64,573 shares during the quarter. Synovus Financial Corp's holdings in Royalty Pharma were worth $2,599,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of the company. Applied Finance Capital Management LLC raised its holdings in shares of Royalty Pharma by 3.0% in the first quarter. Applied Finance Capital Management LLC now owns 11,265 shares of the biopharmaceutical company's stock worth $351,000 after acquiring an additional 329 shares during the last quarter. Nissay Asset Management Corp Japan ADV raised its holdings in shares of Royalty Pharma by 0.7% in the fourth quarter. Nissay Asset Management Corp Japan ADV now owns 48,481 shares of the biopharmaceutical company's stock worth $1,238,000 after acquiring an additional 349 shares during the last quarter. Sherbrooke Park Advisers LLC raised its holdings in shares of Royalty Pharma by 1.1% in the fourth quarter. Sherbrooke Park Advisers LLC now owns 34,891 shares of the biopharmaceutical company's stock worth $890,000 after acquiring an additional 380 shares during the last quarter. MassMutual Private Wealth & Trust FSB raised 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 acquiring an additional 414 shares during the last quarter. Finally, Allworth Financial LP raised 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 acquiring an additional 452 shares during the last quarter. 54.35% of the stock is currently owned by hedge funds and other institutional investors.

Royalty Pharma Trading Down 1.2%

Royalty Pharma stock traded down $0.44 during trading on Thursday, hitting $35.62. The company's stock had a trading volume of 1,761,145 shares, compared to its average volume of 3,164,968. The stock has a market capitalization of $20.77 billion, a price-to-earnings ratio of 20.59, a P/E/G ratio of 2.35 and a beta of 0.55. The stock's fifty day moving average is $36.26 and its 200 day moving average is $34.02. Royalty Pharma PLC has a 1-year low of $24.05 and a 1-year high of $38.00. The company has a debt-to-equity ratio of 0.74, a quick ratio of 1.26 and a current ratio of 1.26.

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, beating 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 firm had revenue of $578.67 million during the quarter, compared to analyst estimates of $750.06 million. As a group, equities research analysts predict that Royalty Pharma PLC will post 4.49 EPS for the current year.

Royalty Pharma Dividend Announcement

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

Analyst Ratings Changes

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