TD Asset Management Inc Boosts Position in Royalty Pharma PLC (NASDAQ:RPRX)

Key Points

• TD Asset Management Inc increased its holdings in Royalty Pharma PLC by 49.9%, acquiring an additional 27,718 shares to reach a total of 83,211 shares valued at approximately $2.59 million.
• Royalty Pharma has declared a quarterly dividend of $0.22 per share, which will be paid on September 10th, representing an annualized dividend yield of 2.4%.
• Analysts have a consensus rating of "Buy" for Royalty Pharma, with price targets ranging from $42.00 to $54.00 following recent updates.

TD Asset Management Inc lifted its position in shares of Royalty Pharma PLC (NASDAQ:RPRX - Free Report) by 49.9% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 83,211 shares of the biopharmaceutical company's stock after purchasing an additional 27,718 shares during the period. TD Asset Management Inc's holdings in Royalty Pharma were worth $2,590,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Adage Capital Partners GP L.L.C. grew its holdings in shares of Royalty Pharma by 42.6% during the 4th quarter. Adage Capital Partners GP L.L.C. now owns 16,968,321 shares of the biopharmaceutical company's stock worth $432,862,000 after purchasing an additional 5,069,127 shares in the last quarter. Victory Capital Management Inc. boosted its stake in shares of Royalty Pharma by 270.4% in the 1st quarter. Victory Capital Management Inc. now owns 3,623,134 shares of the biopharmaceutical company's stock valued at $112,788,000 after purchasing an additional 2,644,923 shares in the last quarter. BNP Paribas Financial Markets bought a new stake in shares of Royalty Pharma during the 4th quarter valued at approximately $41,959,000. AQR Capital Management LLC lifted its stake in Royalty Pharma by 187.0% in the 4th quarter. AQR Capital Management LLC now owns 1,903,676 shares of the biopharmaceutical company's stock valued at $48,563,000 after purchasing an additional 1,240,384 shares during the last quarter. Finally, Los Angeles Capital Management LLC boosted its position in Royalty Pharma by 2,543.7% in the first quarter. Los Angeles Capital Management LLC now owns 1,081,128 shares of the biopharmaceutical company's stock valued at $33,656,000 after buying an additional 1,040,234 shares in the last quarter. 54.35% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the company. Citigroup raised their price objective on Royalty Pharma from $40.00 to $42.00 and gave the company a "buy" rating in a report on Tuesday, July 22nd. Wall Street Zen downgraded shares of Royalty Pharma from a "buy" rating to a "hold" rating in a research note on Sunday, June 29th. Finally, Morgan Stanley boosted their price objective on shares of Royalty Pharma from $51.00 to $54.00 and gave the stock an "overweight" rating in a research note on Thursday, July 10th. One equities research analyst has rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Buy" and a consensus target price of $49.00.

Royalty Pharma Stock Performance

Shares of NASDAQ:RPRX traded up $0.77 during midday trading on Monday, reaching $37.88. The company had a trading volume of 2,944,214 shares, compared to its average volume of 4,429,261. Royalty Pharma PLC has a 52-week low of $24.05 and a 52-week high of $37.91. The company's 50 day moving average price is $35.21 and its 200 day moving average price is $33.36. The stock has a market cap of $21.30 billion, a P/E ratio of 20.48, a P/E/G ratio of 2.47 and a beta of 0.55. The company has a current ratio of 1.56, a quick ratio of 1.56 and a debt-to-equity ratio of 0.68.

Royalty Pharma (NASDAQ:RPRX - Get Free Report) last announced its quarterly earnings data on Thursday, May 8th. The biopharmaceutical company reported $1.06 earnings per share for the quarter, topping the consensus estimate of $0.99 by $0.07. The company had revenue of $839.00 million during the quarter, compared to analyst estimates of $724.69 million. Royalty Pharma had a return on equity of 24.71% and a net margin of 48.23%. As a group, sell-side analysts anticipate that Royalty Pharma PLC will post 4.49 EPS for the current fiscal year.

Royalty Pharma Dividend Announcement

The firm also recently disclosed 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 dividend on an annualized basis and a yield of 2.3%. The ex-dividend date is Friday, August 15th. Royalty Pharma's payout ratio is currently 47.57%.

Royalty Pharma Company Profile

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.