Summit Global Investments Invests $735,000 in Royalty Pharma plc (NASDAQ:RPRX)

Summit Global Investments acquired a new stake in Royalty Pharma plc (NASDAQ:RPRX) during the third quarter, Holdings Channel reports. The fund acquired 25,991 shares of the biopharmaceutical company’s stock, valued at approximately $735,000.

Several other hedge funds also recently added to or reduced their stakes in the business. Versant Capital Management Inc grew its holdings in shares of Royalty Pharma by 5,215.0% during the 2nd quarter. Versant Capital Management Inc now owns 1,063 shares of the biopharmaceutical company’s stock worth $28,000 after purchasing an additional 1,043 shares during the period. Gladius Capital Management LP acquired a new position in Royalty Pharma in the second quarter valued at about $32,000. Blue Trust Inc. lifted its position in Royalty Pharma by 362.7% in the third quarter. Blue Trust Inc. now owns 1,203 shares of the biopharmaceutical company’s stock valued at $32,000 after buying an additional 943 shares during the last quarter. EverSource Wealth Advisors LLC boosted its stake in Royalty Pharma by 32.1% during the second quarter. EverSource Wealth Advisors LLC now owns 2,698 shares of the biopharmaceutical company’s stock worth $76,000 after buying an additional 655 shares during the period. Finally, Allspring Global Investments Holdings LLC increased its position in shares of Royalty Pharma by 4,335.5% during the first quarter. Allspring Global Investments Holdings LLC now owns 2,750 shares of the biopharmaceutical company’s stock valued at $84,000 after acquiring an additional 2,688 shares during the last quarter. 54.35% of the stock is currently owned by hedge funds and other institutional investors.

Royalty Pharma Price Performance

Shares of NASDAQ RPRX opened at $26.21 on Friday. The company has a debt-to-equity ratio of 0.78, a current ratio of 9.35 and a quick ratio of 9.35. The company has a market cap of $15.55 billion, a price-to-earnings ratio of 13.58, a price-to-earnings-growth ratio of 3.92 and a beta of 0.47. The stock’s 50-day moving average is $27.78 and its two-hundred day moving average is $27.53. Royalty Pharma plc has a 1-year low of $25.20 and a 1-year high of $31.66.

Royalty Pharma (NASDAQ:RPRX) last issued its earnings results on Thursday, August 8th. The biopharmaceutical company reported $0.96 earnings per share for the quarter, beating the consensus estimate of $0.95 by $0.01. Royalty Pharma had a net margin of 50.53% and a return on equity of 24.87%. The firm had revenue of $537.00 million for the quarter, compared to analysts’ expectations of $600.83 million. During the same quarter last year, the company earned $0.85 earnings per share. Analysts forecast that Royalty Pharma plc will post 4.05 EPS for the current fiscal year.

Royalty Pharma Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 10th. Stockholders of record on Friday, November 15th will be issued a $0.21 dividend. The ex-dividend date is Friday, November 15th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 3.20%. Royalty Pharma’s payout ratio is 43.52%.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on RPRX. Citigroup decreased their price objective on shares of Royalty Pharma from $60.00 to $40.00 and set a “buy” rating on the stock in a report on Friday, October 25th. StockNews.com raised Royalty Pharma from a “hold” rating to a “buy” rating in a research note on Tuesday, November 5th. Finally, The Goldman Sachs Group increased their target price on Royalty Pharma from $50.00 to $51.00 and gave the stock a “buy” rating in a research note on Wednesday, August 14th. One research analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $41.67.

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.