Allstate Corp Makes New $299,000 Investment in Royalty Pharma plc (NASDAQ:RPRX)

Allstate Corp bought a new stake in shares of Royalty Pharma plc (NASDAQ:RPRX) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund bought 11,718 shares of the biopharmaceutical company’s stock, valued at approximately $299,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Cerity Partners LLC boosted its stake in Royalty Pharma by 11.1% during the third quarter. Cerity Partners LLC now owns 32,896 shares of the biopharmaceutical company’s stock worth $931,000 after acquiring an additional 3,291 shares in the last quarter. Verition Fund Management LLC boosted its position in shares of Royalty Pharma by 39.7% in the 3rd quarter. Verition Fund Management LLC now owns 27,869 shares of the biopharmaceutical company’s stock worth $788,000 after purchasing an additional 7,919 shares in the last quarter. Investment Management Corp of Ontario grew its stake in shares of Royalty Pharma by 47.5% in the 3rd quarter. Investment Management Corp of Ontario now owns 12,733 shares of the biopharmaceutical company’s stock worth $360,000 after buying an additional 4,100 shares during the last quarter. Portolan Capital Management LLC bought a new position in Royalty Pharma during the 3rd quarter valued at approximately $4,822,000. Finally, Point72 Asset Management L.P. purchased a new position in Royalty Pharma during the third quarter valued at $14,898,000. 54.35% of the stock is owned by hedge funds and other institutional investors.

Royalty Pharma Trading Up 0.4 %

Royalty Pharma stock opened at $31.28 on Thursday. Royalty Pharma plc has a one year low of $24.05 and a one year high of $34.20. The business’s fifty day moving average is $32.49 and its 200 day moving average is $28.92. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.44 and a quick ratio of 1.44. The stock has a market capitalization of $18.03 billion, a PE ratio of 21.57, a price-to-earnings-growth ratio of 2.31 and a beta of 0.47.

Royalty Pharma (NASDAQ:RPRX) last announced its quarterly earnings results on Tuesday, February 11th. The biopharmaceutical company reported $1.15 earnings per share (EPS) for the quarter, beating 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%. On average, sell-side analysts predict that Royalty Pharma plc will post 4.49 EPS for the current year.

Royalty Pharma Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 10th. Shareholders of record on Friday, February 21st were paid a dividend of $0.22 per share. The ex-dividend date of this dividend was Friday, February 21st. This is a positive change from Royalty Pharma’s previous quarterly dividend of $0.21. This represents a $0.88 dividend on an annualized basis and a yield of 2.81%. Royalty Pharma’s payout ratio is currently 60.69%.

Analyst Ratings Changes

A number of equities research analysts have recently commented on RPRX shares. TD Cowen raised Royalty Pharma to a “strong-buy” rating in a research note on Tuesday, December 24th. Citigroup restated a “buy” rating on shares of Royalty Pharma in a research note on Friday, March 28th. One investment 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’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $41.60.

Royalty Pharma 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.