25,458 Royalty Pharma PLC $RPRX Shares Sold by Formidable Asset Management LLC

Formidable Asset Management LLC reduced its stake in Royalty Pharma PLC (NASDAQ:RPRX) by 79.5% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,552 shares of the biopharmaceutical company’s stock after selling 25,458 shares during the quarter. Formidable Asset Management LLC’s holdings in Royalty Pharma were worth $367,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also bought and sold shares of the stock. Hsbc Holdings PLC increased its holdings in shares of Royalty Pharma by 2,562.2% in the 1st quarter. Hsbc Holdings PLC now owns 1,544,018 shares of the biopharmaceutical company’s stock worth $74,000,000 after buying an additional 1,486,020 shares during the last quarter. Renaissance Technologies LLC bought a new stake in shares of Royalty Pharma during the 1st quarter worth $37,941,000. Bank of America Corp DE lifted its holdings in shares of Royalty Pharma by 29.0% during the 1st quarter. Bank of America Corp DE now owns 3,495,846 shares of the biopharmaceutical company’s stock worth $167,696,000 after acquiring an additional 786,921 shares during the last quarter. Carmignac Gestion purchased a new position in Royalty Pharma in the first quarter worth $30,279,000. Finally, Congress Asset Management Co. purchased a new position in Royalty Pharma in the third quarter worth $30,761,000. 54.35% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Royalty Pharma news, EVP Marshall Urist sold 4,126 shares of the business’s 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Christopher Hite sold 100,000 shares of the company’s stock in a transaction dated Tuesday, September 22nd. The shares were sold at an average price of $58.53, for a total transaction of $5,853,000.00. Following the sale, the executive vice president owned 270,401 shares of the company’s stock, valued at approximately $15,826,570.53. The trade was a 27.00% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 208,252 shares of company stock worth $12,324,407. 18.84% of the stock is owned by corporate insiders.

Royalty Pharma Stock Performance

RPRX stock opened at $67.30 on Monday. The company has a market capitalization of $38.70 billion, a PE ratio of 56.08, a price-to-earnings-growth ratio of 1.33 and a beta of 0.36. The company has a debt-to-equity ratio of 0.77, a quick ratio of 1.29 and a current ratio of 1.29. Royalty Pharma PLC has a one year low of $37.31 and a one year high of $69.77. The company’s 50 day moving average price is $60.82 and its two-hundred day moving average price is $53.81.

Royalty Pharma Dividend Announcement

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 78.33%.

Wall Street Analysts Forecast Growth

RPRX has been the topic of a number of research analyst reports. TD Cowen increased their target price on Royalty Pharma from $65.00 to $68.00 and gave the company a “buy” rating in a research note on Tuesday, September 8th. Morgan Stanley lifted their price target on Royalty Pharma from $65.00 to $67.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 7th. JPMorgan Chase & Co. lifted their price target on Royalty Pharma from $58.00 to $62.00 and gave the stock an “overweight” rating in a research note on Friday, August 7th. Weiss Ratings upgraded Royalty Pharma from a “buy (b-)” rating to a “buy (b)” rating in a report on Monday, September 14th. Finally, The Goldman Sachs Group reiterated a “buy” rating and set a $66.00 price objective on shares of Royalty Pharma in a research report on Thursday, August 6th. Eight analysts have rated the stock with a Buy rating. According to data from MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $63.29.

About Royalty Pharma

Royalty Pharma plc is a biopharmaceutical royalty company that provides funding to companies and inventors in exchange for royalty interests in medicines. It acquires existing royalties and helps finance drug development and commercialization through royalty-based transactions and other forms of funding.

The company’s portfolio includes royalty interests in medicines across a range of therapeutic areas, spanning both approved treatments and products in development. Royalty Pharma generally earns revenue when these medicines are sold; it does not operate as a conventional drug manufacturer or commercialize medicines itself.

Founded in 1996 by Pablo Legorreta, the company became publicly listed in 2020.