Covea Finance Trims Stock Holdings in Franco-Nevada Corporation $FNV

Key Points

• Covea Finance has reduced its stake in Franco-Nevada Corporation by 13.2%, now holding 248,358 shares, which represents 1.5% of its total portfolio.
• In addition to Covea Finance, several other institutional investors have changed their positions in Franco-Nevada, with 77.06% of the stock now owned by hedge funds and institutional investors overall.
• Franco-Nevada recently reported earnings of $1.24 per share, surpassing expectations, and has announced a quarterly dividend of $0.38 per share, reflecting a 0.7% yield.

Covea Finance trimmed its position in Franco-Nevada Corporation (NYSE:FNV - Free Report) TSE: FNV by 13.2% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 248,358 shares of the basic materials company's stock after selling 37,812 shares during the period. Franco-Nevada accounts for 1.5% of Covea Finance's portfolio, making the stock its 23rd biggest position. Covea Finance owned approximately 0.13% of Franco-Nevada worth $40,604,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Opal Wealth Advisors LLC purchased a new stake in Franco-Nevada in the second quarter worth $57,000. Scharf Investments LLC purchased a new stake in Franco-Nevada in the second quarter worth $78,509,000. Physician Wealth Advisors Inc. grew its stake in shares of Franco-Nevada by 22.7% in the second quarter. Physician Wealth Advisors Inc. now owns 513 shares of the basic materials company's stock worth $84,000 after acquiring an additional 95 shares during the last quarter. Farther Finance Advisors LLC grew its stake in shares of Franco-Nevada by 257.7% in the second quarter. Farther Finance Advisors LLC now owns 973 shares of the basic materials company's stock worth $159,000 after acquiring an additional 701 shares during the last quarter. Finally, Clare Market Investments LLC purchased a new stake in shares of Franco-Nevada in the second quarter worth $760,000. 77.06% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the company. CIBC reissued an "outperform" rating on shares of Franco-Nevada in a research note on Tuesday, July 15th. TD Securities increased their target price on Franco-Nevada from $182.00 to $184.00 and gave the stock a "hold" rating in a research note on Tuesday, August 12th. Wall Street Zen raised Franco-Nevada from a "hold" rating to a "buy" rating in a research note on Saturday. BMO Capital Markets reaffirmed an "outperform" rating on shares of Franco-Nevada in a report on Wednesday, May 28th. Finally, Raymond James Financial upped their price target on Franco-Nevada from $186.00 to $188.00 and gave the company an "outperform" rating in a report on Tuesday, August 12th. Seven research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company. Based on data from MarketBeat.com, Franco-Nevada has an average rating of "Moderate Buy" and a consensus target price of $183.88.

Franco-Nevada Trading Up 0.0%

Shares of FNV opened at $214.03 on Tuesday. The business's 50 day moving average is $179.47 and its 200 day moving average is $168.56. The company has a market capitalization of $41.25 billion, a PE ratio of 52.59, a price-to-earnings-growth ratio of 2.81 and a beta of 0.41. Franco-Nevada Corporation has a 12-month low of $112.70 and a 12-month high of $218.58.

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

Franco-Nevada Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 25th. Investors of record on Thursday, September 11th will be paid a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a yield of 0.7%. The ex-dividend date of this dividend is Thursday, September 11th. Franco-Nevada's dividend payout ratio (DPR) is 37.35%.

About Franco-Nevada

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.

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