Royalty Pharma (NASDAQ:RPRX) PT Lowered to $38.00 at Bank of America

Royalty Pharma (NASDAQ:RPRX) had its target price trimmed by Bank of America from $40.00 to $38.00 in a research note released on Friday morning, Benzinga reports. The firm currently has a buy rating on the biopharmaceutical company’s stock.

A number of other brokerages also recently issued reports on RPRX. JPMorgan Chase & Co. cut their price target on shares of Royalty Pharma from $45.00 to $42.00 and set an overweight rating for the company in a report on Tuesday, February 20th. The Goldman Sachs Group reduced their target price on Royalty Pharma from $56.00 to $50.00 and set a buy rating on the stock in a research report on Tuesday, February 20th. Finally, StockNews.com raised Royalty Pharma from a hold rating to a buy rating in a research note on Thursday, April 11th. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Royalty Pharma currently has an average rating of Buy and an average target price of $46.75.

Royalty Pharma Price Performance

NASDAQ:RPRX opened at $28.25 on Friday. The stock has a 50 day moving average of $29.90 and a two-hundred day moving average of $28.51. Royalty Pharma has a 12 month low of $25.92 and a 12 month high of $36.67. The firm has a market cap of $16.88 billion, a P/E ratio of 14.95, a price-to-earnings-growth ratio of 0.81 and a beta of 0.45. The company has a current ratio of 7.90, a quick ratio of 7.90 and a debt-to-equity ratio of 0.61.

Royalty Pharma (NASDAQ:RPRX) last announced its earnings results on Thursday, February 15th. The biopharmaceutical company reported $1.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.03 by $0.12. Royalty Pharma had a net margin of 48.22% and a return on equity of 26.93%. The company had revenue of $736.00 million for the quarter, compared to analysts’ expectations of $702.90 million. On average, analysts expect that Royalty Pharma will post 3.89 earnings per share for the current fiscal year.

Royalty Pharma Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 15th. Investors of record on Friday, February 16th were issued a $0.21 dividend. The ex-dividend date of this dividend was Thursday, February 15th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 2.97%. This is a boost from Royalty Pharma’s previous quarterly dividend of $0.20. Royalty Pharma’s payout ratio is 44.44%.

Institutional Investors Weigh In On Royalty Pharma

Hedge funds have recently added to or reduced their stakes in the business. Barclays PLC raised its stake in Royalty Pharma by 154.6% during the 2nd quarter. Barclays PLC now owns 1,103,665 shares of the biopharmaceutical company’s stock worth $33,928,000 after acquiring an additional 670,204 shares in the last quarter. Victory Capital Management Inc. grew its stake in Royalty Pharma by 9.3% during the 3rd quarter. Victory Capital Management Inc. now owns 338,890 shares of the biopharmaceutical company’s stock worth $9,197,000 after buying an additional 28,851 shares during the last quarter. Korea Investment CORP increased its position in Royalty Pharma by 498.0% during the third quarter. Korea Investment CORP now owns 226,653 shares of the biopharmaceutical company’s stock worth $6,151,000 after buying an additional 188,754 shares during the period. Synovus Financial Corp lifted its stake in Royalty Pharma by 26.0% in the third quarter. Synovus Financial Corp now owns 119,741 shares of the biopharmaceutical company’s stock valued at $3,250,000 after buying an additional 24,721 shares during the last quarter. Finally, Northern Trust Corp boosted its holdings in shares of Royalty Pharma by 9.4% in the third quarter. Northern Trust Corp now owns 2,597,949 shares of the biopharmaceutical company’s stock valued at $70,508,000 after acquiring an additional 224,261 shares during the period. 54.35% of the stock is currently owned by institutional investors and hedge funds.

About Royalty Pharma

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.