Wedge Capital Management L L P NC Buys Shares of 1,014,799 Royalty Pharma plc (NASDAQ:RPRX)

Wedge Capital Management L L P NC purchased a new position in Royalty Pharma plc (NASDAQ:RPRX - Free Report) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm 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 about 0.18% of Royalty Pharma at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. MassMutual Private Wealth & Trust FSB raised its holdings in Royalty Pharma by 76.4% in the first quarter. MassMutual Private Wealth & Trust FSB now owns 956 shares of the biopharmaceutical company's stock valued at $30,000 after buying an additional 414 shares during the period. Allworth Financial LP lifted its holdings in Royalty Pharma by 417.6% in the 4th quarter. Allworth Financial LP now owns 1,087 shares of the biopharmaceutical company's stock worth $28,000 after buying an additional 877 shares in the last quarter. Riverview Trust Co boosted its holdings in Royalty Pharma by 3,953.3% in the fourth quarter. Riverview Trust Co now owns 1,216 shares of the biopharmaceutical company's stock valued at $31,000 after purchasing an additional 1,186 shares during the last quarter. Blue Trust Inc. boosted its stake in Royalty Pharma by 31.3% during the 4th 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 last quarter. Finally, Rakuten Securities Inc. lifted its position in shares of Royalty Pharma by 160.5% during the fourth quarter. Rakuten Securities Inc. now owns 1,628 shares of the biopharmaceutical company's stock worth $42,000 after purchasing an additional 1,003 shares during the last quarter. 54.35% of the stock is currently owned by hedge funds and other institutional investors.

Royalty Pharma Stock Performance

RPRX stock traded up $0.47 during midday trading on Wednesday, hitting $34.05. The stock had a trading volume of 7,089,589 shares, compared to its average volume of 3,565,415. The firm has a market capitalization of $19.14 billion, a price-to-earnings ratio of 23.48, a P/E/G ratio of 2.31 and a beta of 0.48. The company has a current ratio of 1.44, a quick ratio of 1.44 and a debt-to-equity ratio of 0.64. Royalty Pharma plc has a 52 week low of $24.05 and a 52 week high of $34.32. The stock has a 50-day simple moving average of $32.60 and a 200 day simple moving average of $30.78.

Royalty Pharma (NASDAQ:RPRX - Get Free Report) last issued 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 firm had revenue of $839.00 million for the quarter, compared to analysts' expectations of $724.69 million. Royalty Pharma had a net margin of 37.94% and a return on equity of 24.40%. As a group, equities research analysts anticipate that Royalty Pharma plc will post 4.49 earnings per share for the current year.

Royalty Pharma Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 10th. Investors of record on Friday, May 16th were paid a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.58%. The ex-dividend date of this dividend was Friday, May 16th. Royalty Pharma's dividend payout ratio (DPR) is 47.57%.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on RPRX. Citigroup reissued a "buy" rating on shares of Royalty Pharma in a research note on Friday, March 28th. Wall Street Zen lowered shares of Royalty Pharma from a "buy" rating to a "hold" rating in a research report on Tuesday, May 20th. Finally, Morgan Stanley began coverage on shares of Royalty Pharma in a report on Friday, May 16th. They issued an "overweight" rating and a $51.00 target price for the company. One analyst has rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, Royalty Pharma has an average rating of "Buy" and an average target price of $47.33.

Royalty Pharma 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.