Wedge Capital Management L L P NC Takes Position in Royalty Pharma plc (NASDAQ:RPRX)

Wedge Capital Management L L P NC purchased a new stake in shares of Royalty Pharma plc (NASDAQ:RPRX - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 1,014,799 shares of the biopharmaceutical company's stock, valued at approximately $31,591,000. Wedge Capital Management L L P NC owned 0.18% of Royalty Pharma as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently modified their holdings of RPRX. Blue Trust Inc. boosted its holdings in shares of Royalty Pharma by 31.3% during the fourth quarter. Blue Trust Inc. now owns 1,579 shares of the biopharmaceutical company's stock valued at $45,000 after acquiring an additional 376 shares during the period. Spire Wealth Management lifted its holdings in Royalty Pharma by 377.6% in the fourth quarter. Spire Wealth Management now owns 2,149 shares of the biopharmaceutical company's stock worth $55,000 after purchasing an additional 1,699 shares during the period. Allspring Global Investments Holdings LLC lifted its holdings in Royalty Pharma by 303.4% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 539,995 shares of the biopharmaceutical company's stock worth $13,926,000 after purchasing an additional 406,123 shares during the period. Values First Advisors Inc. lifted its holdings in Royalty Pharma by 53.3% in the fourth quarter. Values First Advisors Inc. now owns 15,963 shares of the biopharmaceutical company's stock worth $407,000 after purchasing an additional 5,551 shares during the period. Finally, Van ECK Associates Corp lifted its holdings in Royalty Pharma by 25.3% in the fourth quarter. Van ECK Associates Corp now owns 127,140 shares of the biopharmaceutical company's stock worth $3,243,000 after purchasing an additional 25,640 shares during the period. Institutional investors and hedge funds own 54.35% of the company's stock.

Royalty Pharma Price Performance

Shares of NASDAQ RPRX opened at $33.78 on Friday. Royalty Pharma plc has a twelve month low of $24.05 and a twelve month high of $34.32. The company has a current ratio of 1.44, a quick ratio of 1.44 and a debt-to-equity ratio of 0.64. The company has a market capitalization of $18.99 billion, a price-to-earnings ratio of 23.30, a PEG ratio of 2.31 and a beta of 0.48. The firm has a 50-day moving average of $32.52 and a two-hundred day moving average of $30.68.

Royalty Pharma (NASDAQ:RPRX - Get Free Report) last issued its quarterly earnings results on Thursday, May 8th. The biopharmaceutical company reported $1.06 earnings per share for the quarter, beating analysts' consensus estimates of $0.99 by $0.07. Royalty Pharma had a net margin of 37.94% and a return on equity of 24.40%. The company had revenue of $839.00 million during the quarter, compared to the consensus estimate of $724.69 million. As a group, analysts expect that Royalty Pharma plc will post 4.49 earnings per share for the current fiscal year.

Royalty Pharma Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 10th. Shareholders of record on Friday, May 16th will be issued a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a yield of 2.61%. The ex-dividend date of this dividend is Friday, May 16th. Royalty Pharma's payout ratio is 47.57%.

Analyst Upgrades and Downgrades

RPRX has been the subject of several research analyst reports. Morgan Stanley initiated coverage on shares of Royalty Pharma in a report on Friday, May 16th. They issued an "overweight" rating and a $51.00 price objective for the company. Wall Street Zen downgraded shares of Royalty Pharma from a "buy" rating to a "hold" rating in a report on Tuesday, May 20th. Finally, Citigroup reaffirmed a "buy" rating on shares of Royalty Pharma in a report on Friday, March 28th. One investment analyst has rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Buy" and an average target price of $47.33.

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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