Bank of America Trims Royalty Pharma (NASDAQ:RPRX) Target Price to $38.00

Royalty Pharma (NASDAQ:RPRX) had its price objective trimmed by Bank of America from $40.00 to $38.00 in a research note issued to investors on Friday, Benzinga reports. The brokerage currently has a buy rating on the biopharmaceutical company’s stock.

RPRX has been the topic of several other research reports. The Goldman Sachs Group cut their price target on Royalty Pharma from $56.00 to $50.00 and set a buy rating on the stock in a research note on Tuesday, February 20th. StockNews.com raised shares of Royalty Pharma from a hold rating to a buy rating in a report on Thursday. Finally, JPMorgan Chase & Co. cut their price target on shares of Royalty Pharma from $45.00 to $42.00 and set an overweight rating on the stock in a report on Tuesday, February 20th. Five research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has a consensus rating of Buy and an average price target of $46.75.

Royalty Pharma Price Performance

Shares of NASDAQ:RPRX opened at $28.22 on Friday. The company has a quick ratio of 7.90, a current ratio of 7.90 and a debt-to-equity ratio of 0.61. The company’s fifty day moving average is $29.89 and its 200 day moving average is $28.50. The stock has a market cap of $16.86 billion, a PE ratio of 14.93, a PEG ratio of 0.81 and a beta of 0.45. Royalty Pharma has a 52 week low of $25.92 and a 52 week high of $36.67.

Royalty Pharma (NASDAQ:RPRX) last released its quarterly earnings results on Thursday, February 15th. The biopharmaceutical company reported $1.15 EPS for the quarter, beating analysts’ consensus estimates of $1.03 by $0.12. The business had revenue of $736.00 million during the quarter, compared to analyst estimates of $702.90 million. Royalty Pharma had a return on equity of 26.93% and a net margin of 48.22%. Research analysts anticipate that Royalty Pharma will post 3.89 earnings per share for the current year.

Royalty Pharma Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 15th. Investors of record on Friday, February 16th were issued a $0.21 dividend. The ex-dividend date was Thursday, February 15th. This represents a $0.84 annualized dividend and a yield of 2.98%. This is a boost from Royalty Pharma’s previous quarterly dividend of $0.20. Royalty Pharma’s dividend payout ratio (DPR) is currently 44.44%.

Hedge Funds Weigh In On Royalty Pharma

Hedge funds and other institutional investors have recently modified their holdings of the company. Envestnet Asset Management Inc. increased its position in Royalty Pharma by 34.3% during the first quarter. Envestnet Asset Management Inc. now owns 8,524 shares of the biopharmaceutical company’s stock valued at $332,000 after acquiring an additional 2,176 shares during the last quarter. Advisor Group Holdings Inc. increased its position in shares of 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 last quarter. US Bancorp DE lifted its stake in shares of Royalty Pharma by 48.1% in the 1st quarter. US Bancorp DE now owns 11,105 shares of the biopharmaceutical company’s stock worth $433,000 after purchasing an additional 3,608 shares during the period. PNC Financial Services Group Inc. lifted its stake in shares of Royalty Pharma by 54.5% in the 1st quarter. PNC Financial Services Group Inc. now owns 3,423 shares of the biopharmaceutical company’s stock worth $133,000 after purchasing an additional 1,208 shares during the period. Finally, Healthcare of Ontario Pension Plan Trust Fund boosted its holdings in shares of Royalty Pharma by 644.1% in the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 5,759 shares of the biopharmaceutical company’s stock worth $224,000 after buying an additional 4,985 shares during the last quarter. 54.35% of the stock is owned by institutional investors.

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.