Mackenzie Financial Corp Raises Stock Holdings in Franco-Nevada Corporation (NYSE:FNV)

Key Points

• Mackenzie Financial Corp has increased its stake in Franco-Nevada Corporation by 16.0%, now owning 1,756,344 shares worth approximately $276 million.
• Franco-Nevada reported a quarterly EPS of $1.07, exceeding expectations by $0.07, with revenue reaching $368.4 million, up 43.5% year-over-year.
• The company recently announced a quarterly dividend of $0.38, yielding an annualized dividend of $1.52, with a payout ratio of 47.50%.

Mackenzie Financial Corp raised its position in Franco-Nevada Corporation (NYSE:FNV - Free Report) TSE: FNV by 16.0% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,756,344 shares of the basic materials company's stock after buying an additional 242,196 shares during the quarter. Mackenzie Financial Corp owned about 0.91% of Franco-Nevada worth $276,224,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Norges Bank acquired a new position in Franco-Nevada during the fourth quarter valued at approximately $237,643,000. EdgePoint Investment Group Inc. raised its holdings in shares of Franco-Nevada by 49.9% during the 4th quarter. EdgePoint Investment Group Inc. now owns 4,959,851 shares of the basic materials company's stock worth $582,100,000 after buying an additional 1,650,358 shares in the last quarter. Arrowstreet Capital Limited Partnership lifted its position in shares of Franco-Nevada by 246.3% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 1,164,394 shares of the basic materials company's stock worth $136,796,000 after buying an additional 828,166 shares during the last quarter. Capital World Investors grew its position in Franco-Nevada by 9.8% in the fourth quarter. Capital World Investors now owns 7,948,917 shares of the basic materials company's stock valued at $934,106,000 after acquiring an additional 711,591 shares during the last quarter. Finally, BLI Banque de Luxembourg Investments acquired a new position in Franco-Nevada during the fourth quarter worth about $52,857,000. Institutional investors own 77.06% of the company's stock.

Franco-Nevada Price Performance

Shares of Franco-Nevada stock traded up $1.62 during trading on Tuesday, reaching $162.20. 566,610 shares of the company traded hands, compared to its average volume of 656,161. The company has a 50 day moving average price of $164.93 and a 200-day moving average price of $155.14. Franco-Nevada Corporation has a 1-year low of $112.70 and a 1-year high of $179.99. The firm has a market capitalization of $31.25 billion, a PE ratio of 44.98, a P/E/G ratio of 2.14 and a beta of 0.41.

Franco-Nevada (NYSE:FNV - Get Free Report) TSE: FNV last issued its earnings results on Thursday, May 8th. The basic materials company reported $1.07 earnings per share for the quarter, topping analysts' consensus estimates of $1.00 by $0.07. The company had revenue of $368.40 million for the quarter, compared to analyst estimates of $328.79 million. Franco-Nevada had a return on equity of 11.40% and a net margin of 50.39%. Franco-Nevada's revenue for the quarter was up 43.5% on a year-over-year basis. During the same period in the prior year, the firm earned $0.76 earnings per share. Equities research analysts expect that Franco-Nevada Corporation will post 3.09 earnings per share for the current year.

Franco-Nevada Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 26th. Stockholders of record on Thursday, June 12th were paid a $0.38 dividend. This represents a $1.52 annualized dividend and a dividend yield of 0.94%. The ex-dividend date of this dividend was Thursday, June 12th. Franco-Nevada's dividend payout ratio (DPR) is presently 47.50%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on FNV. Scotiabank increased their price target on Franco-Nevada from $165.00 to $169.00 and gave the company a "sector perform" rating in a research note on Monday, May 12th. HC Wainwright reiterated a "buy" rating and set a $195.00 target price (up from $180.00) on shares of Franco-Nevada in a research report on Wednesday, May 28th. CIBC restated an "outperform" rating on shares of Franco-Nevada in a research report on Tuesday, July 15th. BMO Capital Markets reiterated an "outperform" rating on shares of Franco-Nevada in a report on Wednesday, May 28th. Finally, Royal Bank Of Canada boosted their price objective on shares of Franco-Nevada from $160.00 to $190.00 and gave the stock a "sector perform" rating in a research note on Wednesday, June 4th. Six analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $172.13.

Franco-Nevada Company 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.