Royalty Pharma plc (NASDAQ:RPRX) Position Reduced by Cannon Global Investment Management LLC

Cannon Global Investment Management LLC reduced its position in shares of Royalty Pharma plc (NASDAQ:RPRX) by 11.6% in the fourth quarter, HoldingsChannel.com reports. The firm owned 30,500 shares of the biopharmaceutical company’s stock after selling 4,000 shares during the period. Royalty Pharma comprises about 1.7% of Cannon Global Investment Management LLC’s investment portfolio, making the stock its 16th biggest holding. Cannon Global Investment Management LLC’s holdings in Royalty Pharma were worth $778,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Swedbank AB lifted its holdings in shares of Royalty Pharma by 10.3% in the fourth quarter. Swedbank AB now owns 12,164,170 shares of the biopharmaceutical company’s stock valued at $310,308,000 after buying an additional 1,136,800 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in Royalty Pharma by 58.1% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 3,001,603 shares of the biopharmaceutical company’s stock valued at $84,915,000 after acquiring an additional 1,103,341 shares during the last quarter. Two Sigma Advisers LP boosted its position in shares of Royalty Pharma by 44.7% during the 3rd quarter. Two Sigma Advisers LP now owns 3,033,200 shares of the biopharmaceutical company’s stock valued at $85,809,000 after purchasing an additional 936,900 shares in the last quarter. Raymond James Financial Inc. acquired a new position in shares of Royalty Pharma in the 4th quarter worth approximately $19,990,000. Finally, Point72 Asset Management L.P. bought a new stake in shares of Royalty Pharma in the 3rd quarter worth approximately $14,898,000. 54.35% of the stock is owned by institutional investors.

Royalty Pharma Stock Performance

Royalty Pharma stock opened at $33.70 on Monday. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.44 and a quick ratio of 1.44. The company has a market cap of $19.43 billion, a P/E ratio of 23.24, a price-to-earnings-growth ratio of 2.31 and a beta of 0.47. Royalty Pharma plc has a fifty-two week low of $24.05 and a fifty-two week high of $34.20. The firm’s 50 day simple moving average is $32.25 and its 200-day simple moving average is $28.71.

Royalty Pharma (NASDAQ:RPRX) last released its earnings results on Tuesday, February 11th. The biopharmaceutical company reported $1.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.99 by $0.16. Royalty Pharma had a return on equity of 24.40% and a net margin of 37.94%. As a group, equities research analysts predict that Royalty Pharma plc will post 4.49 EPS for the current year.

Royalty Pharma Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 10th. Stockholders of record on Friday, February 21st were given a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.61%. This is a positive change from Royalty Pharma’s previous quarterly dividend of $0.21. The ex-dividend date of this dividend was Friday, February 21st. Royalty Pharma’s dividend payout ratio is 60.69%.

Wall Street Analyst Weigh In

Separately, TD Cowen upgraded shares of Royalty Pharma to a “strong-buy” rating in a report on Tuesday, December 24th. One research analyst has rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $41.60.

Royalty Pharma Company Profile

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.