Illinois Municipal Retirement Fund Sells 22,256 Shares of Royalty Pharma PLC $RPRX

Illinois Municipal Retirement Fund trimmed its holdings in shares of Royalty Pharma PLC (NASDAQ:RPRX) by 28.9% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 54,709 shares of the biopharmaceutical company’s stock after selling 22,256 shares during the quarter. Illinois Municipal Retirement Fund’s holdings in Royalty Pharma were worth $1,930,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Smartleaf Asset Management LLC lifted its holdings in shares of Royalty Pharma by 868.1% during the third quarter. Smartleaf Asset Management LLC now owns 881 shares of the biopharmaceutical company’s stock worth $31,000 after purchasing an additional 790 shares during the period. Financial Consulate Inc. bought a new position in Royalty Pharma during the 3rd quarter worth $35,000. Richardson Financial Services Inc. acquired a new position in Royalty Pharma during the 3rd quarter worth about $54,000. Farther Finance Advisors LLC grew its position in shares of Royalty Pharma by 44.3% in the 3rd quarter. Farther Finance Advisors LLC now owns 2,060 shares of the biopharmaceutical company’s stock valued at $73,000 after buying an additional 632 shares during the last quarter. Finally, Versant Capital Management Inc grew its position in shares of Royalty Pharma by 389.8% in the 3rd quarter. Versant Capital Management Inc now owns 2,586 shares of the biopharmaceutical company’s stock valued at $91,000 after buying an additional 2,058 shares during the last quarter. 54.35% of the stock is currently owned by institutional investors and hedge funds.

Royalty Pharma Stock Performance

NASDAQ:RPRX opened at $45.19 on Tuesday. The company has a quick ratio of 2.40, a current ratio of 2.40 and a debt-to-equity ratio of 0.88. Royalty Pharma PLC has a twelve month low of $29.66 and a twelve month high of $45.91. The company has a fifty day moving average of $40.53 and a 200-day moving average of $38.34. The firm has a market capitalization of $26.09 billion, a P/E ratio of 33.47 and a beta of 0.42.

Royalty Pharma (NASDAQ:RPRX) last issued its earnings results on Wednesday, February 11th. The biopharmaceutical company reported $1.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.33 by $0.13. Royalty Pharma had a net margin of 32.38% and a return on equity of 28.21%. The business had revenue of $621.99 million for the quarter, compared to analyst estimates of $839.97 million. As a group, sell-side analysts anticipate that Royalty Pharma PLC will post 4.49 EPS for the current year.

Royalty Pharma Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, March 10th. Investors of record on Friday, February 20th will be given a $0.235 dividend. This represents a $0.94 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date of this dividend is Friday, February 20th. This is a positive change from Royalty Pharma’s previous quarterly dividend of $0.22. Royalty Pharma’s dividend payout ratio is presently 65.19%.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the company. TD Cowen restated a “buy” rating on shares of Royalty Pharma in a research report on Thursday, December 11th. Weiss Ratings upgraded shares of Royalty Pharma from a “hold (c+)” rating to a “buy (b-)” rating in a report on Thursday. Wall Street Zen downgraded shares of Royalty Pharma from a “strong-buy” rating to a “buy” rating in a research report on Saturday. The Goldman Sachs Group reiterated a “buy” rating on shares of Royalty Pharma in a research report on Thursday. Finally, Citigroup lifted their target price on shares of Royalty Pharma from $48.00 to $50.00 and gave the stock a “buy” rating in a research note on Tuesday, January 27th. Six analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $48.67.

Insider Transactions at Royalty Pharma

In related news, CFO Terrance P. Coyne sold 20,163 shares of the company’s stock in a transaction that occurred on Wednesday, February 4th. The stock was sold at an average price of $43.29, for a total transaction of $872,856.27. Following the transaction, the chief financial officer directly owned 22,885 shares of the company’s stock, valued at approximately $990,691.65. This represents a 46.84% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Marshall Urist sold 20,000 shares of the stock in a transaction that occurred on Friday, January 30th. The stock was sold at an average price of $41.09, for a total value of $821,800.00. The SEC filing for this sale provides additional information. Insiders sold a total of 1,170,028 shares of company stock valued at $46,545,276 over the last ninety days. 18.90% of the stock is currently owned by corporate insiders.

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.