Covea Finance Buys 184,850 Shares of Franco-Nevada Corporation (NYSE:FNV)

Covea Finance lifted its stake in Franco-Nevada Corporation (NYSE:FNV - Free Report) TSE: FNV by 182.4% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 286,170 shares of the basic materials company's stock after purchasing an additional 184,850 shares during the quarter. Franco-Nevada accounts for about 2.0% of Covea Finance's investment portfolio, making the stock its 13th largest holding. Covea Finance owned 0.15% of Franco-Nevada worth $45,096,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently bought and sold shares of the company. Norges Bank bought a new stake in Franco-Nevada during the fourth quarter worth approximately $237,643,000. EdgePoint Investment Group Inc. lifted its position in 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 acquiring an additional 1,650,358 shares during the last quarter. Arrowstreet Capital Limited Partnership boosted its stake in 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 valued at $136,796,000 after purchasing an additional 828,166 shares during the period. Capital World Investors grew its stake in shares of 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 worth $934,106,000 after acquiring an additional 711,591 shares during the last quarter. Finally, Proficio Capital Partners LLC grew its stake in shares of Franco-Nevada by 11,659.0% in the fourth quarter. Proficio Capital Partners LLC now owns 482,707 shares of the basic materials company's stock worth $56,762,000 after acquiring an additional 478,602 shares during the last quarter. Hedge funds and other institutional investors own 77.06% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on FNV. Scotiabank boosted 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. Royal Bank Of Canada upped their target price on Franco-Nevada from $160.00 to $190.00 and gave the company a "sector perform" rating in a research note on Wednesday, June 4th. UBS Group lifted their price target on shares of Franco-Nevada from $170.00 to $190.00 and gave the stock a "buy" rating in a research note on Friday, April 11th. BMO Capital Markets restated an "outperform" rating on shares of Franco-Nevada in a research note on Wednesday, May 28th. Finally, Raymond James Financial set a $186.00 price objective on shares of Franco-Nevada and gave the stock an "outperform" rating in a report on Wednesday, May 28th. Six investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat, Franco-Nevada currently has an average rating of "Moderate Buy" and a consensus target price of $169.63.

Franco-Nevada Stock Down 1.3%

FNV traded down $2.25 during trading on Tuesday, hitting $165.00. The company's stock had a trading volume of 860,253 shares, compared to its average volume of 740,888. The firm's 50 day moving average price is $168.05 and its two-hundred day moving average price is $148.05. The stock has a market capitalization of $31.79 billion, a price-to-earnings ratio of 51.56, a price-to-earnings-growth ratio of 2.30 and a beta of 0.42. Franco-Nevada Corporation has a 12 month low of $112.70 and a 12 month high of $179.99.

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

Franco-Nevada Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, June 26th. Stockholders of record on Thursday, June 12th will be given a dividend of $0.38 per share. The ex-dividend date of this dividend is Thursday, June 12th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 0.92%. Franco-Nevada's payout ratio is currently 47.50%.

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.