Royalty Pharma PLC $RPRX Stock Sold by Russell Investments Group Ltd.

Russell Investments Group Ltd. trimmed its stake in shares of Royalty Pharma PLC (NASDAQ:RPRX) by 16.6% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,413,001 shares of the biopharmaceutical company’s stock after selling 281,249 shares during the quarter. Russell Investments Group Ltd.’s holdings in Royalty Pharma were worth $82,423,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Provenance Wealth Advisors LLC acquired a new position in Royalty Pharma during the 3rd quarter worth $26,000. CoreCap Advisors LLC raised its stake in shares of Royalty Pharma by 89.2% in the 2nd quarter. CoreCap Advisors LLC now owns 876 shares of the biopharmaceutical company’s stock valued at $49,000 after purchasing an additional 413 shares in the last quarter. Root Financial Partners LLC acquired a new stake in shares of Royalty Pharma in the 3rd quarter valued at about $62,000. Mitsubishi UFJ Morgan Stanley Securities Co. Ltd. acquired a new stake in shares of Royalty Pharma in the 3rd quarter valued at about $63,000. Finally, Bessemer Group Inc. lifted its position in shares of Royalty Pharma by 34.7% during the first quarter. Bessemer Group Inc. now owns 1,094 shares of the biopharmaceutical company’s stock worth $53,000 after purchasing an additional 282 shares during the last quarter. 54.35% of the stock is currently owned by institutional investors.

Royalty Pharma Stock Performance

RPRX stock traded up $0.34 during trading on Friday, hitting $69.31. 2,951,369 shares of the company’s stock traded hands, compared to its average volume of 3,552,559. The company has a quick ratio of 1.29, a current ratio of 1.29 and a debt-to-equity ratio of 0.77. Royalty Pharma PLC has a 52 week low of $37.31 and a 52 week high of $70.37. The stock has a fifty day moving average price of $61.51 and a two-hundred day moving average price of $54.53. The stock has a market capitalization of $39.85 billion, a price-to-earnings ratio of 57.76, a price-to-earnings-growth ratio of 1.37 and a beta of 0.37.

Royalty Pharma Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 10th. Stockholders of record on Friday, November 13th will be issued a $0.2350 dividend. 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 payout ratio is 78.33%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the company. 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. Bank of America restated a “buy” rating on shares of Royalty Pharma in a research note on Wednesday, August 5th. TD Cowen increased their target price on Royalty Pharma from $65.00 to $68.00 and gave the stock a “buy” rating in a report on Tuesday, September 8th. Morgan Stanley increased their target price on Royalty Pharma from $65.00 to $67.00 and gave the stock an “overweight” rating in a report on Wednesday, October 7th. Finally, The Goldman Sachs Group reiterated a “buy” rating and issued a $66.00 target price on shares of Royalty Pharma in a research report on Thursday, August 6th. One analyst has rated the stock with a Strong Buy rating and eight have given a Buy rating to the company. According to MarketBeat, Royalty Pharma currently has a consensus rating of “Buy” and an average target price of $63.29.

Insider Activity

In related news, EVP Christopher Hite sold 100,000 shares of the business’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 completion of the sale, the executive vice president owned 270,401 shares of the company’s stock, valued at $15,826,570.53. This represents a 27.00% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Marshall Urist sold 4,126 shares of the stock in a transaction dated Monday, October 5th. The stock was sold at an average price of $57.10, for a total transaction of $235,594.60. 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 208,252 shares of company stock valued at $12,324,407 over the last ninety days. Company insiders own 18.84% of the company’s stock.

Royalty Pharma Profile

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.