Corton Capital Inc. Buys New Stake in Royalty Pharma PLC $RPRX

Corton Capital Inc. purchased a new position in Royalty Pharma PLC (NASDAQ:RPRX) during the 2nd quarter, HoldingsChannel.com reports. The institutional investor purchased 6,859 shares of the biopharmaceutical company’s stock, valued at approximately $247,000.

Several other hedge funds and other institutional investors have also made changes to their positions in RPRX. Amalgamated Bank lifted its position in shares of Royalty Pharma by 4.4% in the first quarter. Amalgamated Bank now owns 20,423 shares of the biopharmaceutical company’s stock worth $636,000 after buying an additional 866 shares in the last quarter. Envestnet Asset Management Inc. increased its stake in Royalty Pharma by 55.6% in the 1st quarter. Envestnet Asset Management Inc. now owns 103,862 shares of the biopharmaceutical company’s stock worth $3,233,000 after acquiring an additional 37,102 shares during the last quarter. M&T Bank Corp increased its stake in Royalty Pharma by 23.4% in the 1st quarter. M&T Bank Corp now owns 28,967 shares of the biopharmaceutical company’s stock worth $902,000 after acquiring an additional 5,500 shares during the last quarter. DekaBank Deutsche Girozentrale raised its holdings in shares of Royalty Pharma by 0.4% during the 1st quarter. DekaBank Deutsche Girozentrale now owns 749,344 shares of the biopharmaceutical company’s stock worth $22,770,000 after acquiring an additional 3,057 shares in the last quarter. Finally, Rehmann Capital Advisory Group bought a new position in shares of Royalty Pharma during the 1st quarter valued at approximately $549,000. Institutional investors own 54.35% of the company’s stock.

Analyst Ratings Changes

Several brokerages recently weighed in on RPRX. Weiss Ratings cut shares of Royalty Pharma from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Saturday, October 25th. The Goldman Sachs Group assumed coverage on shares of Royalty Pharma in a research note on Tuesday, September 30th. They issued a “buy” rating and a $42.00 price objective for the company. Citigroup upped their target price on shares of Royalty Pharma from $40.00 to $42.00 and gave the company a “buy” rating in a research report on Tuesday, July 22nd. Wall Street Zen raised shares of Royalty Pharma from a “hold” rating to a “buy” rating in a report on Saturday. Finally, Morgan Stanley dropped their price target on Royalty Pharma from $55.00 to $54.00 and set an “overweight” rating for the company in a research report on Friday, October 10th. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $46.00.

Royalty Pharma Price Performance

RPRX stock opened at $37.30 on Tuesday. The stock has a market cap of $21.75 billion, a PE ratio of 21.56, a P/E/G ratio of 2.06 and a beta of 0.56. Royalty Pharma PLC has a 12 month low of $24.05 and a 12 month high of $38.00. The company has a 50-day moving average price of $36.22 and a 200 day moving average price of $35.27. The company has a current ratio of 1.26, a quick ratio of 1.26 and a debt-to-equity ratio of 0.74.

Royalty Pharma (NASDAQ:RPRX) last posted its quarterly earnings data on Wednesday, August 6th. The biopharmaceutical company reported $1.14 earnings per share for the quarter, topping analysts’ consensus estimates of $1.10 by $0.04. The company had revenue of $578.67 million for the quarter, compared to analyst estimates of $750.06 million. Royalty Pharma had a net margin of 44.23% and a return on equity of 25.54%. Equities research analysts anticipate that Royalty Pharma PLC will post 4.49 earnings per share for the current year.

Royalty Pharma Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 10th. Investors of record on Friday, November 14th will be paid a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date of this dividend is Friday, November 14th. Royalty Pharma’s dividend payout ratio (DPR) is currently 50.87%.

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.