TD Asset Management Inc Sells 71,064 Shares of Franco-Nevada Corporation $FNV

TD Asset Management Inc reduced its position in shares of Franco-Nevada Corporation (NYSE:FNV) (TSE:FNV) by 3.5% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 1,959,620 shares of the basic materials company’s stock after selling 71,064 shares during the quarter. TD Asset Management Inc owned approximately 1.02% of Franco-Nevada worth $406,735,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. GAMMA Investing LLC raised its holdings in Franco-Nevada by 112.3% in the 4th quarter. GAMMA Investing LLC now owns 121 shares of the basic materials company’s stock worth $25,000 after purchasing an additional 64 shares in the last quarter. Burkett Financial Services LLC bought a new position in Franco-Nevada in the 3rd quarter worth $28,000. Private Trust Co. NA bought a new position in Franco-Nevada in the 4th quarter worth $29,000. Navalign LLC bought a new position in Franco-Nevada in the 4th quarter worth $34,000. Finally, Stephens Consulting LLC bought a new position in Franco-Nevada in the 4th quarter worth $36,000. 77.06% of the stock is currently owned by institutional investors.

Franco-Nevada Stock Down 2.8%

Shares of NYSE FNV opened at $229.31 on Thursday. The firm’s 50-day moving average price is $239.98 and its 200-day moving average price is $235.11. The company has a market cap of $44.23 billion, a PE ratio of 32.30, a PEG ratio of 2.05 and a beta of 0.34. Franco-Nevada Corporation has a 52-week low of $152.89 and a 52-week high of $285.67.

Franco-Nevada (NYSE:FNV) (TSE:FNV) last announced its quarterly earnings results on Tuesday, May 12th. The basic materials company reported $2.38 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.09 by $0.29. Franco-Nevada had a net margin of 65.12% and a return on equity of 18.10%. The firm had revenue of $650.70 million for the quarter, compared to the consensus estimate of $634.43 million. During the same quarter last year, the firm posted $1.07 EPS. The business’s quarterly revenue was up 76.6% compared to the same quarter last year. As a group, equities research analysts anticipate that Franco-Nevada Corporation will post 8.85 EPS for the current fiscal year.

Franco-Nevada Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, June 25th. Shareholders of record on Thursday, June 11th will be paid a dividend of $0.44 per share. The ex-dividend date is Thursday, June 11th. This represents a $1.76 dividend on an annualized basis and a yield of 0.8%. Franco-Nevada’s dividend payout ratio (DPR) is presently 24.79%.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the stock. TD Securities raised shares of Franco-Nevada from a “hold” rating to a “buy” rating and set a $291.00 target price on the stock in a research report on Wednesday, May 20th. Scotiabank upped their target price on shares of Franco-Nevada from $286.00 to $290.00 and gave the stock a “sector perform” rating in a research report on Thursday, May 14th. TD Cowen raised shares of Franco-Nevada from a “hold” rating to a “buy” rating and reduced their target price for the stock from $292.00 to $291.00 in a research report on Wednesday, May 20th. HC Wainwright reaffirmed a “buy” rating and issued a $305.00 target price on shares of Franco-Nevada in a research report on Wednesday, May 13th. Finally, Canadian Imperial Bank of Commerce reaffirmed an “outperform” rating on shares of Franco-Nevada in a research report on Wednesday, February 4th. Eleven analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $271.00.

Franco-Nevada Profile

Franco-Nevada Corporation is a Toronto-based royalty and streaming company that specializes in securing and managing long-term interests in mining properties. The firm focuses primarily on precious metals, particularly gold, while also holding interests related to silver, copper, platinum-group metals and select base metals. Rather than operating mines directly, Franco-Nevada acquires royalty and streaming agreements that entitle it to a percentage of production or revenue from producing and developing assets in exchange for upfront or staged financing.

The company’s business model centers on providing capital to mining companies in return for a sustained share of production or metal revenue, which can reduce exposure to operating and capital cost risks typical of mine operators.