Cannon Global Investment Management LLC Purchases Shares of 34,500 Royalty Pharma plc (NASDAQ:RPRX)

Cannon Global Investment Management LLC purchased a new position in Royalty Pharma plc (NASDAQ:RPRX - Free Report) in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased 34,500 shares of the biopharmaceutical company's stock, valued at approximately $976,000. Royalty Pharma makes up 1.6% of Cannon Global Investment Management LLC's portfolio, making the stock its 13th biggest holding.

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

Royalty Pharma Stock Performance

Shares of RPRX traded up $0.10 on Friday, reaching $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 debt-to-equity ratio of 0.78, a current ratio of 9.35 and a quick ratio of 9.35. The stock has a market capitalization of $16.08 billion, a P/E ratio of 23.98, a PEG ratio of 3.97 and a beta of 0.47. The stock's 50 day simple moving average is $27.97 and its two-hundred day simple moving average is $27.57. Royalty Pharma plc has a 12-month low of $25.20 and a 12-month high of $31.66.

Royalty Pharma (NASDAQ:RPRX - Get Free Report) last posted its quarterly earnings data on Thursday, August 8th. The biopharmaceutical company reported $0.96 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.95 by $0.01. The company had revenue of $537.00 million for the quarter, compared to the consensus estimate of $600.83 million. Royalty Pharma had a net margin of 30.08% and a return on equity of 23.61%. During the same quarter last year, the firm posted $0.85 earnings per share. Research analysts forecast that Royalty Pharma plc will post 4.05 earnings per share for the current fiscal year.

Royalty Pharma Announces Dividend

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

Wall Street Analysts Forecast Growth

RPRX has been the topic of several recent analyst reports. Morgan Stanley increased their price objective on shares of Royalty Pharma from $48.00 to $51.00 and gave the company an "overweight" rating in a research report on Thursday, July 11th. Citigroup dropped their price target 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 downgraded shares of Royalty Pharma from a "buy" rating to a "hold" rating in a report on Monday, October 28th. Finally, The Goldman Sachs Group raised their price target on shares of Royalty Pharma from $50.00 to $51.00 and gave the company a "buy" rating in a report on Wednesday, August 14th. Two investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, Royalty Pharma has an average 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.