Cannon Global Investment Management LLC Invests $976,000 in Royalty Pharma plc (NASDAQ:RPRX)

Cannon Global Investment Management LLC bought a new stake in shares of Royalty Pharma plc (NASDAQ:RPRX) during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund bought 34,500 shares of the biopharmaceutical company’s stock, valued at approximately $976,000. Royalty Pharma accounts for approximately 1.6% of Cannon Global Investment Management LLC’s portfolio, making the stock its 13th largest holding.

Several other institutional investors and hedge funds have also bought and sold shares of RPRX. Swedbank AB acquired a new position in shares of Royalty Pharma during the first quarter valued at about $251,461,000. New South Capital Management Inc. bought a new position in Royalty Pharma in the first quarter worth approximately $44,384,000. Homestead Advisers Corp grew its stake in Royalty Pharma by 40.7% in the first quarter. Homestead Advisers Corp now owns 1,892,540 shares of the biopharmaceutical company’s stock valued at $57,502,000 after acquiring an additional 547,000 shares during the period. Dark Forest Capital Management LP increased its holdings in shares of Royalty Pharma by 2,974.4% during the second quarter. Dark Forest Capital Management LP now owns 338,675 shares of the biopharmaceutical company’s stock valued at $8,931,000 after acquiring an additional 327,659 shares in the last quarter. Finally, AQR Capital Management LLC increased its holdings in shares of Royalty Pharma by 69.0% during the second quarter. AQR Capital Management LLC now owns 785,567 shares of the biopharmaceutical company’s stock valued at $20,715,000 after acquiring an additional 320,606 shares in the last quarter. 54.35% of the stock is owned by institutional investors.

Royalty Pharma Stock Performance

Shares of RPRX stock traded up $0.10 during trading on Friday, hitting $27.10. The company’s stock had a trading volume of 1,810,287 shares, compared to its average volume of 1,886,183. The company has a current ratio of 9.35, a quick ratio of 9.35 and a debt-to-equity ratio of 0.78. The company has a market cap of $16.08 billion, a PE ratio of 23.98, a P/E/G ratio of 3.97 and a beta of 0.47. The business has a fifty day moving average of $27.97 and a 200-day moving average of $27.57. Royalty Pharma plc has a 52 week low of $25.20 and a 52 week high of $31.66.

Royalty Pharma (NASDAQ:RPRX) last announced its quarterly earnings data on Thursday, August 8th. The biopharmaceutical company reported $0.96 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.95 by $0.01. The firm had revenue of $537.00 million during the quarter, compared to the consensus estimate of $600.83 million. Royalty Pharma had a return on equity of 23.61% and a net margin of 30.08%. During the same quarter in the prior year, the company earned $0.85 EPS. As a group, research analysts anticipate that Royalty Pharma plc will post 4.05 earnings per share for the current year.

Royalty Pharma Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 10th. Stockholders of record on Friday, November 15th will be given a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a dividend yield of 3.10%. The ex-dividend date is Friday, November 15th. Royalty Pharma’s dividend payout ratio is currently 74.34%.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the stock. Citigroup decreased their price target on shares of Royalty Pharma from $60.00 to $40.00 and set a “buy” rating for the company in a research note on Friday, October 25th. StockNews.com cut shares of Royalty Pharma from a “buy” rating to a “hold” rating in a research report on Monday, October 28th. Morgan Stanley lifted their price target on Royalty Pharma from $48.00 to $51.00 and gave the company an “overweight” rating in a research note on Thursday, July 11th. Finally, The Goldman Sachs Group increased their price objective on Royalty Pharma from $50.00 to $51.00 and gave the stock a “buy” rating in a research note on Wednesday, August 14th. Two analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $41.67.

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.