Royalty Pharma PLC $RPRX Shares Sold by Wedge Capital Management L L P NC

Key Points

• Wedge Capital Management cut its Royalty Pharma stake by 13.5% in the second quarter, selling 120,418 shares and retaining 770,422 shares valued at approximately $43.2 million. Institutional investors collectively own 54.35% of RPRX.
• Royalty Pharma reported quarterly EPS of $1.32, exceeding the $1.27 consensus estimate, though revenue of $674.1 million fell short of expectations. The stock opened at $57.79, near its 52-week high of $60.44.
• The company declared a quarterly dividend of $0.235 per share, equivalent to a 1.6% annualized yield. Analysts remain broadly positive, with an average “Buy” rating and a consensus price target of $60.86.

Wedge Capital Management L L P NC lowered its stake in Royalty Pharma PLC (NASDAQ:RPRX - Free Report) by 13.5% during the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 770,422 shares of the biopharmaceutical company's stock after selling 120,418 shares during the quarter. Royalty Pharma makes up about 0.7% of Wedge Capital Management L L P NC's holdings, making the stock its 28th biggest position. Wedge Capital Management L L P NC owned about 0.13% of Royalty Pharma worth $43,198,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently bought and sold shares of RPRX. Morgan Stanley increased its position in Royalty Pharma by 25.2% during the fourth quarter. Morgan Stanley now owns 55,274,069 shares of the biopharmaceutical company's stock worth $2,135,790,000 after buying an additional 11,110,115 shares in the last quarter. Capital International Investors lifted its position in shares of Royalty Pharma by 14.3% in the fourth quarter. Capital International Investors now owns 31,104,309 shares of the biopharmaceutical company's stock valued at $1,201,870,000 after acquiring an additional 3,891,615 shares in the last quarter. State Street Corp lifted its position in shares of Royalty Pharma by 3.7% in the fourth quarter. State Street Corp now owns 10,649,641 shares of the biopharmaceutical company's stock valued at $411,502,000 after acquiring an additional 376,888 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of Royalty Pharma by 1.3% during the fourth quarter. Geode Capital Management LLC now owns 7,719,843 shares of the biopharmaceutical company's stock valued at $297,465,000 after acquiring 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% during the fourth quarter. Victory Capital Management Inc. now owns 5,106,905 shares of the biopharmaceutical company's stock valued at $197,331,000 after acquiring an additional 449,498 shares during the last quarter. Hedge funds and other institutional investors own 54.35% of the company's stock.

Royalty Pharma Stock Down 0.3%

NASDAQ RPRX opened at $57.79 on Wednesday. The stock has a market cap of $33.28 billion, a PE ratio of 39.86, a P/E/G ratio of 1.35 and a beta of 0.43. The business has a 50 day moving average price of $56.60 and a two-hundred day moving average price of $50.80. Royalty Pharma PLC has a fifty-two week low of $34.08 and a fifty-two week high of $60.44. The company has a quick ratio of 2.80, a current ratio of 2.80 and a debt-to-equity ratio of 0.88.

Royalty Pharma (NASDAQ:RPRX - Get Free Report) last announced its earnings results on Wednesday, August 5th. The biopharmaceutical company reported $1.32 earnings per share for the quarter, beating the consensus estimate of $1.27 by $0.05. Royalty Pharma had a net margin of 32.14% and a return on equity of 30.01%. The business had revenue of $674.14 million during the quarter, compared to the consensus estimate of $758.93 million. As a group, sell-side analysts predict that Royalty Pharma PLC will post 5.3 EPS for the current fiscal year.

Royalty Pharma Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 10th. Shareholders of record on Friday, August 14th will be given a $0.235 dividend. This represents a $0.94 dividend on an annualized basis and a dividend yield of 1.6%. The ex-dividend date of this dividend is Friday, August 14th. Royalty Pharma's dividend payout ratio is presently 64.83%.

Analyst Ratings Changes

Several research analysts recently weighed in on the stock. JPMorgan Chase & Co. boosted their target price on shares of Royalty Pharma from $58.00 to $62.00 and gave the company an "overweight" rating in a research note on Friday, August 7th. UBS Group boosted their price objective on shares of Royalty Pharma from $51.00 to $57.00 and gave the company a "buy" rating in a research report on Tuesday, April 21st. The Goldman Sachs Group reissued a "buy" rating and set a $66.00 price objective on shares of Royalty Pharma in a research note on Thursday, August 6th. Wall Street Zen lowered shares of Royalty Pharma from a "strong-buy" rating to a "buy" rating in a research report on Saturday. Finally, TD Cowen lifted their target price on shares of Royalty Pharma from $50.00 to $65.00 and gave the stock a "buy" rating in a research note on Monday, July 13th. Eight investment analysts have rated the stock with a Buy rating, According to MarketBeat, the company currently has an average rating of "Buy" and a consensus price target of $60.86.

Insiders Place Their Bets

In related news, CFO Terrance P. Coyne sold 64,399 shares of Royalty Pharma stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $53.98, for a total value of $3,476,258.02. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Gregory Norden sold 3,045 shares of the business's stock in a transaction dated Thursday, May 14th. The shares were sold at an average price of $53.00, for a total value of $161,385.00. Following the completion of the sale, the director directly owned 191,803 shares of the company's stock, valued at approximately $10,165,559. This represents a 1.56% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 393,009 shares of company stock valued at $21,601,827. Corporate insiders own 18.84% of the company's stock.

Royalty Pharma 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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