Royalty Pharma PLC $RPRX Stock Sold by Torray Investment Partners LLC

Key Points

• Torray Investment Partners cut its Royalty Pharma stake by 6.2%, selling 37,567 shares in the third quarter. It still held 564,461 shares worth about $32.9 million, its second-largest portfolio position.
• Analysts remain positive: the stock has a consensus Buy rating from eight analysts and an average price target of $61.57.
• Royalty Pharma beat quarterly EPS estimates ($1.32 versus $1.27), but revenue fell short of expectations. The company also declared a $0.235-per-share quarterly dividend, equivalent to a 1.4% annual yield.

Torray Investment Partners LLC cut its stake in Royalty Pharma PLC (NASDAQ:RPRX - Free Report) by 6.2% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 564,461 shares of the biopharmaceutical company's stock after selling 37,567 shares during the quarter. Royalty Pharma comprises about 4.3% of Torray Investment Partners LLC's holdings, making the stock its 2nd largest position. Torray Investment Partners LLC owned 0.10% of Royalty Pharma worth $32,942,000 as of its most recent filing with the SEC.

Other hedge funds also recently made changes to their positions in the company. CoreCap Advisors LLC grew its position in Royalty Pharma by 89.2% during the second quarter. CoreCap Advisors LLC now owns 876 shares of the biopharmaceutical company's stock worth $49,000 after buying an additional 413 shares in the last quarter. Bessemer Group Inc. boosted its position in shares of Royalty Pharma by 34.7% during the 1st quarter. Bessemer Group Inc. now owns 1,094 shares of the biopharmaceutical company's stock valued at $53,000 after acquiring an additional 282 shares during the last quarter. Root Financial Partners LLC bought a new stake in shares of Royalty Pharma during the 3rd quarter valued at about $62,000. IFP Advisors Inc boosted its position in shares of Royalty Pharma by 263.3% during the 2nd quarter. IFP Advisors Inc now owns 1,188 shares of the biopharmaceutical company's stock valued at $67,000 after acquiring an additional 861 shares during the last quarter. Finally, Oslo Pensjonsforsikring AS purchased a new position in shares of Royalty Pharma during the first quarter worth about $95,000. 54.35% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

RPRX has been the subject of several research reports. Bank of America reiterated a "buy" rating on shares of Royalty Pharma in a research report on Wednesday, August 5th. Weiss Ratings upgraded Royalty Pharma from a "buy (b-)" rating to a "buy (b)" rating in a research report on Monday, September 14th. The Goldman Sachs Group restated a "buy" rating and set a $66.00 price target on shares of Royalty Pharma in a research report on Thursday, August 6th. TD Cowen lifted their price target on Royalty Pharma from $65.00 to $68.00 and gave the stock a "buy" rating in a research note on Tuesday, September 8th. Finally, Wall Street Zen cut Royalty Pharma from a "strong-buy" rating to a "buy" rating in a report on Saturday, September 26th. Eight analysts have rated the stock with a Buy rating. According to MarketBeat, the company currently has a consensus rating of "Buy" and an average price target of $61.57.

Royalty Pharma Stock Down 0.2%

Shares of NASDAQ RPRX opened at $66.40 on Wednesday. The stock has a market capitalization of $38.18 billion, a P/E ratio of 45.79, a PEG ratio of 1.82 and a beta of 0.37. Royalty Pharma PLC has a one year low of $36.03 and a one year high of $67.71. The firm's 50 day simple moving average is $60.48 and its two-hundred day simple moving average is $53.39. The company has a debt-to-equity ratio of 0.88, a current ratio of 2.80 and a quick ratio of 2.80.

Royalty Pharma (NASDAQ:RPRX - Get Free Report) last announced its quarterly earnings data 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 firm had revenue of $674.14 million during the quarter, compared to analyst estimates of $758.93 million. As a group, analysts expect that Royalty Pharma PLC will post 5.29 EPS for the current fiscal year.

Royalty Pharma Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 10th. Investors of record on Friday, November 13th will be issued a dividend of $0.2350 per share. The ex-dividend date of this dividend is Friday, November 13th. This represents a $0.94 annualized dividend and a dividend yield of 1.4%. Royalty Pharma's dividend payout ratio (DPR) is currently 64.83%.

Insider Buying and Selling at Royalty Pharma

In related news, EVP Marshall Urist sold 4,126 shares of Royalty Pharma stock in a transaction on Monday, October 5th. The shares were sold at an average price of $57.10, for a total value of $235,594.60. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Christopher Hite sold 100,000 shares of Royalty Pharma stock in a transaction on Tuesday, September 22nd. The stock was sold at an average price of $58.53, for a total transaction of $5,853,000.00. Following the completion of the transaction, the executive vice president owned 270,401 shares in the company, valued at approximately $15,826,570.53. The trade was a 27.00% decrease in their position. 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 ninety days, insiders have sold 208,252 shares of company stock worth $12,324,407. 18.84% of the stock is owned by insiders.

About Royalty Pharma

Royalty Pharma plc NASDAQ: RPRX is a biopharmaceutical royalty investment company that provides funding to life sciences companies, academic institutions, and other organizations in exchange for rights to future payments tied to approved or development-stage medicines. Its business model gives innovators access to capital while allowing Royalty Pharma to participate in the long-term commercial success of pharmaceutical products.

The company acquires and manages royalty interests across a broad range of therapeutic areas, including immunology, oncology, neuroscience, rare diseases, and infectious diseases.

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