Renaissance Technologies LLC Takes $37.94 Million Position in Royalty Pharma PLC $RPRX

Renaissance Technologies LLC bought a new position in Royalty Pharma PLC (NASDAQ:RPRX) during the 1st quarter, HoldingsChannel reports. The fund bought 790,937 shares of the biopharmaceutical company’s stock, valued at approximately $37,941,000.

Other hedge funds have also made changes to their positions in the company. LM Advisors LLC acquired a new position in Royalty Pharma in the fourth quarter valued at about $26,000. Lloyd Advisory Services LLC. bought a new stake in Royalty Pharma during the fourth quarter worth about $30,000. Private Trust Co. NA increased its holdings in shares of Royalty Pharma by 52.9% during the fourth quarter. Private Trust Co. NA now owns 832 shares of the biopharmaceutical company’s stock worth $32,000 after buying an additional 288 shares in the last quarter. Blue Trust Inc. increased its holdings in shares of Royalty Pharma by 173.4% during the first quarter. Blue Trust Inc. now owns 689 shares of the biopharmaceutical company’s stock worth $33,000 after buying an additional 437 shares in the last quarter. Finally, CIBC Private Wealth Group LLC raised its stake in shares of Royalty Pharma by 66.4% in the fourth quarter. CIBC Private Wealth Group LLC now owns 1,118 shares of the biopharmaceutical company’s stock valued at $43,000 after acquiring an additional 446 shares during the last quarter. Institutional investors and hedge funds own 54.35% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently commented on RPRX. UBS Group boosted their target price on Royalty Pharma from $51.00 to $57.00 and gave the stock a “buy” rating in a report on Tuesday, April 21st. Weiss Ratings cut Royalty Pharma from a “buy (b)” rating to a “buy (b-)” rating in a report on Friday, May 15th. Morgan Stanley lifted their price objective on Royalty Pharma from $61.00 to $63.00 and gave the company an “overweight” rating in a research report on Friday, April 10th. TD Cowen boosted their price objective on Royalty Pharma from $50.00 to $65.00 and gave the stock a “buy” rating in a research note on Monday, July 13th. Finally, Wall Street Zen upgraded Royalty Pharma from a “buy” rating to a “strong-buy” rating in a report on Saturday, May 9th. Seven analysts have rated the stock with a Buy rating, According to MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of $56.57.

Insider Transactions at Royalty Pharma

In other news, Director Gregory Norden sold 3,045 shares of the company’s stock in a transaction on Thursday, May 14th. The stock was sold at an average price of $53.00, for a total transaction of $161,385.00. Following the transaction, the director owned 191,803 shares of the company’s stock, valued at $10,165,559. This represents a 1.56% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Marshall Urist sold 13,684 shares of the firm’s stock in a transaction dated Wednesday, May 20th. The shares were sold at an average price of $52.75, for a total value of $721,831.00. Following the completion of the transaction, the executive vice president owned 18,197 shares in the company, valued at approximately $959,891.75. This represents a 42.92% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 393,009 shares of company stock worth $21,601,827 in the last quarter. 18.84% of the stock is owned by corporate insiders.

Royalty Pharma Trading Down 0.2%

Shares of NASDAQ RPRX opened at $58.73 on Tuesday. Royalty Pharma PLC has a 1-year low of $34.08 and a 1-year high of $59.72. The company has a market cap of $33.82 billion, a PE ratio of 39.95, a P/E/G ratio of 10.42 and a beta of 0.43. The company has a current ratio of 2.66, a quick ratio of 2.66 and a debt-to-equity ratio of 0.86. The company has a 50-day moving average of $55.73 and a two-hundred day moving average of $49.40.

Royalty Pharma (NASDAQ:RPRX) last announced its earnings results on Wednesday, May 6th. The biopharmaceutical company reported $1.30 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.22 by $0.08. Royalty Pharma had a net margin of 33.88% and a return on equity of 29.25%. The company had revenue of $630.58 million for the quarter, compared to analyst estimates of $881.69 million. As a group, equities analysts expect that Royalty Pharma PLC will post 5.18 earnings per share for the current fiscal year.

Royalty Pharma Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 10th. Shareholders of record on Friday, August 14th will be issued a dividend of $0.235 per share. The ex-dividend date of this dividend is Friday, August 14th. This represents a $0.94 annualized dividend and a yield of 1.6%. Royalty Pharma’s dividend payout ratio is currently 63.95%.

Royalty Pharma Company Profile

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.