Cannon Global Investment Management LLC Decreases Stock Holdings in Royalty Pharma plc (NASDAQ:RPRX)

Cannon Global Investment Management LLC lessened its holdings in Royalty Pharma plc (NASDAQ:RPRX) by 11.6% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 30,500 shares of the biopharmaceutical company’s stock after selling 4,000 shares during the period. Royalty Pharma comprises approximately 1.7% of Cannon Global Investment Management LLC’s holdings, 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.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Brooklyn Investment Group raised its position in Royalty Pharma by 1,006.9% in the fourth quarter. Brooklyn Investment Group now owns 963 shares of the biopharmaceutical company’s stock valued at $25,000 after purchasing an additional 876 shares during the period. Allworth Financial LP grew its stake in shares of Royalty Pharma by 417.6% in the fourth quarter. Allworth Financial LP now owns 1,087 shares of the biopharmaceutical company’s stock valued at $28,000 after buying an additional 877 shares in the last quarter. Riverview Trust Co raised its holdings in shares of Royalty Pharma by 3,953.3% during the 4th quarter. Riverview Trust Co now owns 1,216 shares of the biopharmaceutical company’s stock valued at $31,000 after buying an additional 1,186 shares during the period. Fifth Third Bancorp lifted its position in Royalty Pharma by 187.1% during the 4th quarter. Fifth Third Bancorp now owns 1,530 shares of the biopharmaceutical company’s stock worth $39,000 after acquiring an additional 997 shares in the last quarter. Finally, Blue Trust Inc. boosted its holdings in Royalty Pharma by 31.3% in the 4th quarter. Blue Trust Inc. now owns 1,579 shares of the biopharmaceutical company’s stock worth $45,000 after acquiring an additional 376 shares during the period. Institutional investors and hedge funds own 54.35% of the company’s stock.

Royalty Pharma Trading Up 0.6 %

Shares of NASDAQ RPRX opened at $33.70 on Monday. The company has a market cap of $19.43 billion, a price-to-earnings ratio of 23.24, a price-to-earnings-growth ratio of 2.31 and a beta of 0.47. The stock’s 50 day simple moving average is $32.25 and its 200 day simple moving average is $28.71. The company has a current ratio of 1.44, a quick ratio of 1.44 and a debt-to-equity ratio of 0.64. Royalty Pharma plc has a 12-month low of $24.05 and a 12-month high of $34.20.

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

Royalty Pharma Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 10th. Investors of record on Friday, February 21st were given a $0.22 dividend. This is a boost from Royalty Pharma’s previous quarterly dividend of $0.21. This represents a $0.88 annualized dividend and a yield of 2.61%. The ex-dividend date of this dividend was Friday, February 21st. Royalty Pharma’s dividend payout ratio (DPR) is currently 60.69%.

Wall Street Analysts Forecast Growth

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