Industrial Alliance Investment Management Inc. Lowers Stock Position in Royalty Pharma plc (NASDAQ:RPRX)

Industrial Alliance Investment Management Inc. reduced its stake in shares of Royalty Pharma plc (NASDAQ:RPRX – Get Rating) by 15.9% during the third quarter, Holdings Channel reports. The institutional investor owned 91,650 shares of the biopharmaceutical company’s stock after selling 17,300 shares during the period. Industrial Alliance Investment Management Inc.’s holdings in Royalty Pharma were worth $3,682,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in RPRX. Envestnet Asset Management Inc. lifted its position in shares of Royalty Pharma by 34.3% during the 1st quarter. Envestnet Asset Management Inc. now owns 8,524 shares of the biopharmaceutical company’s stock valued at $332,000 after buying an additional 2,176 shares in the last quarter. Advisor Group Holdings Inc. raised its stake in Royalty Pharma by 9.4% during the 1st quarter. Advisor Group Holdings Inc. now owns 4,265 shares of the biopharmaceutical company’s stock valued at $151,000 after purchasing an additional 366 shares during the period. US Bancorp DE raised its stake in Royalty Pharma by 48.1% during the 1st quarter. US Bancorp DE now owns 11,105 shares of the biopharmaceutical company’s stock valued at $433,000 after purchasing an additional 3,608 shares during the period. PNC Financial Services Group Inc. raised its stake in Royalty Pharma by 54.5% during the 1st quarter. PNC Financial Services Group Inc. now owns 3,423 shares of the biopharmaceutical company’s stock valued at $133,000 after purchasing an additional 1,208 shares during the period. Finally, Healthcare of Ontario Pension Plan Trust Fund raised its stake in Royalty Pharma by 644.1% during the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 5,759 shares of the biopharmaceutical company’s stock valued at $224,000 after purchasing an additional 4,985 shares during the period. 55.36% of the stock is owned by hedge funds and other institutional investors.

Royalty Pharma Trading Up 3.9 %

Shares of NASDAQ:RPRX opened at $34.50 on Thursday. The business’s 50-day moving average is $37.38 and its 200 day moving average is $40.15. Royalty Pharma plc has a 1 year low of $32.68 and a 1 year high of $44.75. The firm has a market capitalization of $20.95 billion, a P/E ratio of 431.25, a P/E/G ratio of 0.72 and a beta of 0.42. The company has a debt-to-equity ratio of 0.64, a current ratio of 2.19 and a quick ratio of 2.19.

Royalty Pharma Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, March 15th. Investors of record on Thursday, February 16th were given a dividend of $0.20 per share. This is a positive change from Royalty Pharma’s previous quarterly dividend of $0.19. This represents a $0.80 annualized dividend and a yield of 2.32%. The ex-dividend date of this dividend was Wednesday, February 15th. Royalty Pharma’s dividend payout ratio is currently 1,000.00%.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on RPRX. StockNews.com assumed coverage on Royalty Pharma in a report on Thursday. They issued a “buy” rating for the company. TheStreet lowered Royalty Pharma from a “c-” rating to a “d+” rating in a research report on Tuesday, February 21st. Morgan Stanley reduced their price target on Royalty Pharma from $54.00 to $51.00 and set an “overweight” rating for the company in a research report on Tuesday, December 6th. Finally, UBS Group reduced their price target on Royalty Pharma from $51.00 to $48.00 and set a “buy” rating for the company in a research report on Thursday, February 16th. Seven analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus target price of $53.86.

Insider Activity at Royalty Pharma

In other news, EVP Marshall Urist sold 23,333 shares of the stock in a transaction dated Wednesday, February 22nd. The stock was sold at an average price of $37.30, for a total value of $870,320.90. Following the transaction, the executive vice president now directly owns 46,667 shares of the company’s stock, valued at $1,740,679.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 24.86% of the stock is currently owned by corporate insiders.

About Royalty Pharma

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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.