Royalty Pharma (NASDAQ:RPRX) Rating Increased to Strong-Buy at TD Cowen

TD Cowen upgraded shares of Royalty Pharma (NASDAQ:RPRX) to a strong-buy rating in a research note issued to investors on Tuesday,Zacks.com reports.

Several other equities analysts have also recently issued reports on RPRX. Citigroup reduced their price objective on Royalty Pharma from $60.00 to $40.00 and set a “buy” rating for the company in a report on Friday, October 25th. StockNews.com upgraded shares of Royalty Pharma from a “hold” rating to a “buy” rating in a research report on Tuesday, November 5th. One analyst has rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Royalty Pharma currently has a consensus rating of “Buy” and a consensus price target of $41.67.

Royalty Pharma Price Performance

RPRX stock opened at $25.23 on Tuesday. The firm has a 50 day moving average of $26.32 and a 200-day moving average of $27.13. The company has a market cap of $14.87 billion, a price-to-earnings ratio of 13.07, a PEG ratio of 4.36 and a beta of 0.46. The company has a current ratio of 1.54, a quick ratio of 1.54 and a debt-to-equity ratio of 0.64. Royalty Pharma has a 12-month low of $24.05 and a 12-month high of $31.66.

Royalty Pharma Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, December 10th. Investors of record on Friday, November 15th were given a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a yield of 3.33%. The ex-dividend date of this dividend was Friday, November 15th. Royalty Pharma’s dividend payout ratio is presently 43.52%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Bank of New York Mellon Corp lifted its stake in shares of Royalty Pharma by 6.0% during the second quarter. Bank of New York Mellon Corp now owns 1,533,094 shares of the biopharmaceutical company’s stock valued at $40,428,000 after buying an additional 86,248 shares during the period. State of Michigan Retirement System boosted its holdings in shares of Royalty Pharma by 40.3% during the second quarter. State of Michigan Retirement System now owns 16,700 shares of the biopharmaceutical company’s stock worth $440,000 after purchasing an additional 4,800 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its holdings in shares of Royalty Pharma by 11,203.7% during the second quarter. Allspring Global Investments Holdings LLC now owns 310,852 shares of the biopharmaceutical company’s stock worth $8,197,000 after purchasing an additional 308,102 shares during the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. grew its position in shares of Royalty Pharma by 119.8% in the second quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 399,510 shares of the biopharmaceutical company’s stock valued at $10,535,000 after purchasing an additional 217,767 shares during the period. Finally, iA Global Asset Management Inc. increased its stake in Royalty Pharma by 274.7% in the second quarter. iA Global Asset Management Inc. now owns 6,388 shares of the biopharmaceutical company’s stock valued at $168,000 after purchasing an additional 4,683 shares during the last quarter. 54.35% of the stock is currently owned by hedge funds and other institutional investors.

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.