TD Asset Management Inc Purchases 2,709,005 Shares of Agnico Eagle Mines Limited (NYSE:AEM)

Key Points

• TD Asset Management Inc increased its stake in Agnico Eagle Mines Limited by 42.8% in Q1, owning approximately 9,033,296 shares, which makes up 0.9% of its holdings.
• Agnico Eagle Mines reported a 34.9% increase in quarterly revenue year-over-year, amounting to $2.38 billion, with earnings per share of $1.53, surpassing analysts' expectations.
• The company declared a dividend of $0.40 per share, representing a dividend yield of 1.36% and a payout ratio of 34.04%.

TD Asset Management Inc lifted its holdings in Agnico Eagle Mines Limited (NYSE:AEM - Free Report) TSE: AEM by 42.8% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 9,033,296 shares of the mining company's stock after purchasing an additional 2,709,005 shares during the period. Agnico Eagle Mines accounts for approximately 0.9% of TD Asset Management Inc's portfolio, making the stock its 23rd biggest holding. TD Asset Management Inc owned 1.79% of Agnico Eagle Mines worth $978,553,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in the business. Vanguard Group Inc. increased its stake in shares of Agnico Eagle Mines by 1.7% in the fourth quarter. Vanguard Group Inc. now owns 19,865,285 shares of the mining company's stock worth $1,554,180,000 after purchasing an additional 331,087 shares during the period. Capital World Investors increased its stake in Agnico Eagle Mines by 41.9% during the fourth quarter. Capital World Investors now owns 13,952,061 shares of the mining company's stock valued at $1,091,550,000 after acquiring an additional 4,121,164 shares during the period. Massachusetts Financial Services Co. MA increased its stake in Agnico Eagle Mines by 3.9% during the first quarter. Massachusetts Financial Services Co. MA now owns 13,441,198 shares of the mining company's stock valued at $1,457,160,000 after acquiring an additional 499,362 shares during the period. Deutsche Bank AG increased its stake in Agnico Eagle Mines by 0.7% during the fourth quarter. Deutsche Bank AG now owns 11,916,739 shares of the mining company's stock valued at $932,008,000 after acquiring an additional 87,410 shares during the period. Finally, Norges Bank bought a new position in Agnico Eagle Mines during the fourth quarter valued at about $573,446,000. 68.34% of the stock is currently owned by institutional investors.

Agnico Eagle Mines Stock Down 1.2%

Shares of AEM stock traded down $1.54 during trading hours on Wednesday, reaching $124.76. The company had a trading volume of 1,247,559 shares, compared to its average volume of 2,983,274. Agnico Eagle Mines Limited has a 12 month low of $69.72 and a 12 month high of $129.77. The business has a fifty day simple moving average of $120.59 and a 200-day simple moving average of $109.28. The company has a debt-to-equity ratio of 0.05, a current ratio of 2.37 and a quick ratio of 1.20. The company has a market cap of $62.73 billion, a price-to-earnings ratio of 26.54, a price-to-earnings-growth ratio of 0.89 and a beta of 0.50.

Agnico Eagle Mines Dividend Announcement

The company also recently disclosed a dividend, which was paid on Monday, June 16th. Investors of record on Monday, June 2nd were paid a $0.40 dividend. The ex-dividend date of this dividend was Friday, May 30th. This represents a yield of 1.36%. Agnico Eagle Mines's payout ratio is 34.04%.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the company. TD Securities upgraded Agnico Eagle Mines to a "strong-buy" rating in a research note on Thursday, July 17th. Bank of America upped their price objective on Agnico Eagle Mines from $170.00 to $173.00 and gave the stock a "buy" rating in a report on Monday, June 23rd. Cfra Research raised Agnico Eagle Mines to a "strong-buy" rating in a report on Friday, April 25th. Scotiabank restated an "outperform" rating on shares of Agnico Eagle Mines in a research report on Monday, April 14th. Finally, CIBC reiterated an "outperform" rating on shares of Agnico Eagle Mines in a report on Tuesday, July 15th. Two equities research analysts have rated the stock with a hold rating, eight have given a buy rating and five have issued a strong buy rating to the company's stock. According to data from MarketBeat.com, Agnico Eagle Mines presently has a consensus rating of "Buy" and an average target price of $136.90.

About Agnico Eagle Mines

Agnico Eagle Mines Limited, a gold mining company, exploration, development, and production of precious metals. It explores for gold. The company's mines are located in Canada, Australia, Finland and Mexico, with exploration and development activities in Canada, Australia, Europe, Latin America, and the United States.