Wedge Capital Management L L P NC Lowers Stock Position in Royalty Pharma PLC $RPRX

Wedge Capital Management L L P NC decreased its holdings in Royalty Pharma PLC (NASDAQ:RPRX) by 12.8% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,039,968 shares of the biopharmaceutical company’s stock after selling 152,473 shares during the quarter. Wedge Capital Management L L P NC owned about 0.18% of Royalty Pharma worth $40,184,000 at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of RPRX. Watchtower Advisors LP purchased a new position in shares of Royalty Pharma during the second quarter worth about $3,603,000. Financiere des Professionnels Fonds d investissement inc. purchased a new stake in Royalty Pharma during the 3rd quarter valued at approximately $933,000. Nordea Investment Management AB lifted its position in Royalty Pharma by 18.3% during the 3rd quarter. Nordea Investment Management AB now owns 775,999 shares of the biopharmaceutical company’s stock worth $27,137,000 after acquiring an additional 120,004 shares during the period. World Investment Advisors acquired a new stake in Royalty Pharma during the 3rd quarter worth approximately $1,702,000. Finally, Generali Asset Management SPA SGR grew its stake in shares of Royalty Pharma by 7,752.8% in the 3rd quarter. Generali Asset Management SPA SGR now owns 34,081 shares of the biopharmaceutical company’s stock valued at $1,202,000 after purchasing an additional 33,647 shares during the last quarter. Institutional investors and hedge funds own 54.35% of the company’s stock.

Insiders Place Their Bets

In related news, CFO Terrance P. Coyne sold 114,954 shares of the business’s stock in a transaction dated Tuesday, February 3rd. The shares were sold at an average price of $42.84, for a total transaction of $4,924,629.36. Following the sale, the chief financial officer owned 23,972 shares of the company’s stock, valued at approximately $1,026,960.48. The trade was a 82.74% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Marshall Urist sold 20,000 shares of the business’s stock in a transaction dated Friday, January 16th. The stock was sold at an average price of $39.52, for a total transaction of $790,400.00. Following the sale, the executive vice president directly owned 40,000 shares in the company, valued at approximately $1,580,800. This represents a 33.33% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 532,287 shares of company stock worth $22,215,917. Corporate insiders own 18.90% of the company’s stock.

Royalty Pharma Stock Performance

Shares of RPRX stock opened at $46.35 on Friday. The company has a current ratio of 2.40, a quick ratio of 2.40 and a debt-to-equity ratio of 0.88. The stock has a 50 day simple moving average of $44.42 and a 200-day simple moving average of $40.23. The company has a market cap of $26.74 billion, a price-to-earnings ratio of 34.33 and a beta of 0.40. Royalty Pharma PLC has a 12-month low of $29.66 and a 12-month high of $47.86.

Royalty Pharma (NASDAQ:RPRX) last posted its quarterly earnings results on Wednesday, February 11th. The biopharmaceutical company reported $1.46 earnings per share for the quarter, beating analysts’ consensus estimates of $1.33 by $0.13. Royalty Pharma had a return on equity of 28.21% and a net margin of 32.38%.The firm had revenue of $621.99 million for the quarter, compared to the consensus estimate of $839.97 million. On average, equities analysts forecast that Royalty Pharma PLC will post 4.49 EPS for the current year.

Royalty Pharma Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, March 10th. Shareholders of record on Friday, February 20th were given a dividend of $0.235 per share. This represents a $0.94 annualized dividend and a dividend yield of 2.0%. The ex-dividend date was Friday, February 20th. This is an increase from Royalty Pharma’s previous quarterly dividend of $0.22. Royalty Pharma’s payout ratio is presently 69.63%.

Wall Street Analyst Weigh In

Several research firms have recently commented on RPRX. Leerink Partners set a $45.00 price target on Royalty Pharma in a research note on Thursday, December 11th. The Goldman Sachs Group reiterated a “buy” rating on shares of Royalty Pharma in a research report on Thursday, February 12th. UBS Group raised shares of Royalty Pharma from a “neutral” rating to a “buy” rating and set a $49.00 price objective on the stock in a research note on Friday, January 30th. Morgan Stanley restated an “overweight” rating and set a $61.00 price objective on shares of Royalty Pharma in a research report on Thursday, February 12th. Finally, TD Cowen restated a “buy” rating on shares of Royalty Pharma in a research note on Friday, February 27th. Six equities research analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, Royalty Pharma presently has an average rating of “Buy” and an average price target of $48.67.

About Royalty Pharma

Royalty Pharma plc is a specialty finance company that acquires biopharmaceutical royalty interests and provides non-dilutive financing to drug developers and rights holders. The firm purchases future royalty streams, milestone-contingent payments and other revenue rights linked to approved and late-stage pharmaceutical and biotechnology products. By paying upfront consideration for these rights, Royalty Pharma seeks to generate long-term cash flows tied to the commercial performance of a diversified portfolio of medicines.

The company’s transaction structures include outright royalty purchases, structured financings and milestone arrangements tailored to the needs of innovator companies, academic institutions and investors.