Scharf Investments LLC Buys Shares of 478,933 Franco-Nevada Corporation $FNV

Key Points

• Scharf Investments LLC has acquired 478,933 shares of Franco-Nevada Corporation, valued at approximately $78.5 million, making it the firm's 22nd largest position.
• Franco-Nevada reported a 1.24 EPS for the last quarter, surpassing the consensus estimate of $1.10, with quarterly revenue up 42% year-over-year.
• The company has recently declared a quarterly dividend of $0.38 per share, representing a dividend yield of 0.7% and a payout ratio of 37.35%.

Scharf Investments LLC bought a new position in Franco-Nevada Corporation (NYSE:FNV - Free Report) TSE: FNV in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 478,933 shares of the basic materials company's stock, valued at approximately $78,509,000. Franco-Nevada makes up about 2.3% of Scharf Investments LLC's portfolio, making the stock its 22nd biggest position. Scharf Investments LLC owned 0.25% of Franco-Nevada as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in FNV. Connor Clark & Lunn Investment Management Ltd. boosted its position in Franco-Nevada by 198.1% during the 1st quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,705,489 shares of the basic materials company's stock valued at $268,280,000 after purchasing an additional 1,133,373 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp raised its stake in Franco-Nevada by 101.1% during the 1st quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 672,148 shares of the basic materials company's stock valued at $105,731,000 after acquiring an additional 337,926 shares in the last quarter. Canada Pension Plan Investment Board raised its stake in Franco-Nevada by 53.8% during the 1st quarter. Canada Pension Plan Investment Board now owns 883,293 shares of the basic materials company's stock valued at $138,945,000 after acquiring an additional 309,161 shares in the last quarter. Caisse DE Depot ET Placement DU Quebec raised its stake in Franco-Nevada by 280.7% during the 1st quarter. Caisse DE Depot ET Placement DU Quebec now owns 365,812 shares of the basic materials company's stock valued at $57,526,000 after acquiring an additional 269,730 shares in the last quarter. Finally, Amundi raised its stake in Franco-Nevada by 29.3% during the 1st quarter. Amundi now owns 1,137,345 shares of the basic materials company's stock valued at $180,519,000 after acquiring an additional 257,996 shares in the last quarter. Institutional investors and hedge funds own 77.06% of the company's stock.

Franco-Nevada Trading Up 0.0%

Shares of NYSE FNV traded up $0.10 during mid-day trading on Monday, reaching $214.03. The company had a trading volume of 869,606 shares, compared to its average volume of 744,335. The stock has a market cap of $41.25 billion, a PE ratio of 52.59, a P/E/G ratio of 2.81 and a beta of 0.41. The company has a 50-day moving average price of $179.47 and a two-hundred day moving average price of $168.56. Franco-Nevada Corporation has a 1-year low of $112.70 and a 1-year high of $218.58.

Franco-Nevada (NYSE:FNV - Get Free Report) TSE: FNV last issued its quarterly earnings results on Monday, August 11th. The basic materials company reported $1.24 earnings per share for the quarter, beating analysts' consensus estimates of $1.10 by $0.14. Franco-Nevada had a return on equity of 12.56% and a net margin of 58.82%.The business had revenue of $369.40 million for the quarter, compared to the consensus estimate of $382.70 million. During the same quarter in the previous year, the company posted $0.75 earnings per share. Franco-Nevada's revenue for the quarter was up 42.0% compared to the same quarter last year. On average, research analysts expect that Franco-Nevada Corporation will post 3.09 EPS for the current year.

Franco-Nevada Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 25th. Stockholders of record on Thursday, September 11th will be issued a dividend of $0.38 per share. The ex-dividend date is Thursday, September 11th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 0.7%. Franco-Nevada's payout ratio is currently 37.35%.

Wall Street Analyst Weigh In

Several brokerages have weighed in on FNV. UBS Group lifted their target price on Franco-Nevada from $210.00 to $250.00 and gave the company a "buy" rating in a research note on Friday. Zacks Research downgraded Franco-Nevada from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, August 20th. National Bankshares reissued a "sector perform" rating on shares of Franco-Nevada in a research note on Tuesday, June 24th. TD Securities boosted their price objective on Franco-Nevada from $182.00 to $184.00 and gave the stock a "hold" rating in a research note on Tuesday, August 12th. Finally, Wall Street Zen raised Franco-Nevada from a "hold" rating to a "buy" rating in a research note on Saturday. Seven investment analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company. According to MarketBeat.com, Franco-Nevada currently has a consensus rating of "Moderate Buy" and an average price target of $183.88.

Franco-Nevada Profile

Franco-Nevada Corporation operates as a gold-focused royalty and streaming company in South America, Central America, Mexico, the United States, Canada, and internationally. It operates through Mining and Energy segments. The company manages its portfolio with a focus on precious metals, such as gold, silver, and platinum group metals; and engages in the sale of crude oil, natural gas, and natural gas liquids through a third-party marketing agent.