Royalty Pharma PLC $RPRX Shares Bought by L2 Asset Management LLC

L2 Asset Management LLC grew its stake in shares of Royalty Pharma PLC (NASDAQ:RPRX) by 1,264.9% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 92,215 shares of the biopharmaceutical company’s stock after buying an additional 85,459 shares during the period. L2 Asset Management LLC’s holdings in Royalty Pharma were worth $3,253,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in RPRX. Capital International Investors boosted its holdings in Royalty Pharma by 24.4% in the third quarter. Capital International Investors now owns 27,212,694 shares of the biopharmaceutical company’s stock valued at $960,064,000 after acquiring an additional 5,332,074 shares during the last quarter. Norges Bank acquired a new stake in Royalty Pharma during the second quarter worth about $181,388,000. Dorsey Asset Management LLC purchased a new position in shares of Royalty Pharma in the 3rd quarter worth about $82,924,000. Clark Capital Management Group Inc. purchased a new position in shares of Royalty Pharma in the 3rd quarter worth about $61,805,000. Finally, Arrowstreet Capital Limited Partnership lifted its stake in shares of Royalty Pharma by 118.7% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 2,976,480 shares of the biopharmaceutical company’s stock valued at $107,243,000 after purchasing an additional 1,615,706 shares in the last quarter. 54.35% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, EVP George W. Lloyd sold 79,346 shares of Royalty Pharma stock in a transaction on Wednesday, December 17th. The shares were sold at an average price of $38.57, for a total transaction of $3,060,375.22. Following the sale, the executive vice president owned 30,654 shares of the company’s stock, valued at $1,182,324.78. The trade was a 72.13% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Marshall Urist sold 20,000 shares of the business’s stock in a transaction on Friday, January 30th. The stock was sold at an average price of $41.09, for a total transaction of $821,800.00. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 647,496 shares of company stock worth $26,426,437. 18.90% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

RPRX has been the subject of a number of research reports. UBS Group upgraded Royalty Pharma from a “neutral” rating to a “buy” rating and set a $49.00 target price for the company in a report on Friday, January 30th. TD Cowen reaffirmed a “buy” rating on shares of Royalty Pharma in a research report on Friday, February 27th. Leerink Partners set a $45.00 price objective on shares of Royalty Pharma in a research note on Thursday, December 11th. Morgan Stanley reissued an “overweight” rating and issued a $61.00 price objective on shares of Royalty Pharma in a research report on Thursday, February 12th. Finally, Wall Street Zen downgraded shares of Royalty Pharma from a “strong-buy” rating to a “buy” rating in a research note on Saturday, February 14th. Six equities research analysts have rated the stock with a Buy rating, According to MarketBeat, the company presently has a consensus rating of “Buy” and a consensus target price of $48.67.

Royalty Pharma Price Performance

RPRX stock opened at $46.10 on Tuesday. The firm has a market cap of $26.59 billion, a P/E ratio of 34.15 and a beta of 0.40. The company has a debt-to-equity ratio of 0.88, a quick ratio of 2.40 and a current ratio of 2.40. Royalty Pharma PLC has a 1 year low of $29.66 and a 1 year high of $47.86. The stock has a 50-day simple moving average of $43.38 and a 200-day simple moving average of $39.66.

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

Royalty Pharma Increases Dividend

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

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.