Russell Investments Group Ltd. Reduces Position in Royalty Pharma PLC (NASDAQ:RPRX)

Key Points

• Russell Investments Group Ltd. reduced its stake in Royalty Pharma PLC by 14.1%, selling 262,034 shares during the 1st quarter and currently owns approximately 0.28% of the company, valued at $49.6 million.
• Royalty Pharma recently announced a $0.22 quarterly dividend, with an annualized yield of 2.4%, to be paid on September 10th to investors of record on August 15th.
• Analysts remain optimistic about Royalty Pharma, with brokerages raising their price targets, including Morgan Stanley's increase from $51.00 to $54.00, reflecting a consensus rating of "Buy."

Russell Investments Group Ltd. lessened its stake in shares of Royalty Pharma PLC (NASDAQ:RPRX - Free Report) by 14.1% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 1,593,757 shares of the biopharmaceutical company's stock after selling 262,034 shares during the period. Russell Investments Group Ltd. owned approximately 0.28% of Royalty Pharma worth $49,643,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Louisbourg Investments Inc. purchased a new stake in Royalty Pharma during the 1st quarter worth approximately $28,000. MassMutual Private Wealth & Trust FSB grew its position in Royalty Pharma by 76.4% during the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 956 shares of the biopharmaceutical company's stock worth $30,000 after purchasing an additional 414 shares during the last quarter. Allworth Financial LP lifted its stake in Royalty Pharma by 41.6% during the 1st quarter. Allworth Financial LP now owns 1,539 shares of the biopharmaceutical company's stock valued at $49,000 after acquiring an additional 452 shares during the period. Transce3nd LLC acquired a new stake in Royalty Pharma during the 4th quarter valued at approximately $61,000. Finally, Friedenthal Financial acquired a new stake in Royalty Pharma during the 1st quarter valued at approximately $77,000. Hedge funds and other institutional investors own 54.35% of the company's stock.

Royalty Pharma Stock Performance

RPRX opened at $36.46 on Thursday. The company has a debt-to-equity ratio of 0.74, a current ratio of 1.26 and a quick ratio of 1.26. The firm has a fifty day moving average price of $35.86 and a 200 day moving average price of $33.68. Royalty Pharma PLC has a 1 year low of $24.05 and a 1 year high of $38.00. The stock has a market cap of $20.50 billion, a P/E ratio of 21.08, a P/E/G ratio of 2.34 and a beta of 0.55.

Royalty Pharma (NASDAQ:RPRX - Get Free Report) last posted its earnings results on Wednesday, August 6th. The biopharmaceutical company reported $1.14 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.10 by $0.04. Royalty Pharma had a net margin of 44.23% and a return on equity of 25.54%. The firm had revenue of $578.67 million during the quarter, compared to analysts' expectations of $750.06 million. Equities research analysts anticipate that Royalty Pharma PLC will post 4.49 earnings per share for the current year.

Royalty Pharma Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 10th. Investors of record on Friday, August 15th will be paid a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 2.4%. The ex-dividend date is Friday, August 15th. Royalty Pharma's payout ratio is currently 50.87%.

Analysts Set New Price Targets

Several brokerages have commented on RPRX. Morgan Stanley lifted their price objective on shares of Royalty Pharma from $51.00 to $54.00 and gave the company an "overweight" rating in a research note on Thursday, July 10th. Citigroup lifted their price objective on shares of Royalty Pharma from $40.00 to $42.00 and gave the company a "buy" rating in a research note on Tuesday, July 22nd. Finally, Wall Street Zen upgraded shares of Royalty Pharma from a "hold" rating to a "buy" rating in a research note on Saturday, August 9th. Four investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Buy" and an average target price of $49.00.

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.

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