TD Asset Management Inc Reduces Stock Holdings in Royal Gold, Inc. (NASDAQ:RGLD)

Key Points

• TD Asset Management Inc has reduced its stake in Royal Gold, Inc. by 25.2%, owning approximately $5.58 million worth of shares as of the end of the last reporting period.
• Institutional ownership of Royal Gold is significant, with 83.65% of the stock held by institutional investors and hedge funds, including large acquisitions by GAMMA Investing LLC and Victory Capital Management Inc.
• Equities analysts have recently raised price targets for Royal Gold, with a consensus target price of $192.13 and multiple ratings indicating a positive outlook for the stock.

TD Asset Management Inc lowered its stake in Royal Gold, Inc. (NASDAQ:RGLD - Free Report) TSE: RGL by 25.2% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 34,117 shares of the basic materials company's stock after selling 11,474 shares during the period. TD Asset Management Inc owned approximately 0.05% of Royal Gold worth $5,578,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently modified their holdings of RGLD. GAMMA Investing LLC increased its holdings in Royal Gold by 17,722.4% in the first quarter. GAMMA Investing LLC now owns 457,501 shares of the basic materials company's stock worth $74,806,000 after purchasing an additional 454,934 shares in the last quarter. Select Equity Group L.P. bought a new stake in Royal Gold during the fourth quarter worth $55,825,000. Norges Bank bought a new stake in Royal Gold during the fourth quarter worth $44,009,000. Victory Capital Management Inc. boosted its position in Royal Gold by 117.0% in the first quarter. Victory Capital Management Inc. now owns 415,179 shares of the basic materials company's stock worth $67,886,000 after purchasing an additional 223,870 shares during the last quarter. Finally, BLI Banque de Luxembourg Investments purchased a new position in Royal Gold in the fourth quarter worth $27,536,000. Institutional investors own 83.65% of the company's stock.

Royal Gold Price Performance

Shares of NASDAQ RGLD traded up $3.75 during mid-day trading on Tuesday, reaching $160.18. The company's stock had a trading volume of 1,411,182 shares, compared to its average volume of 614,509. The firm has a market capitalization of $10.54 billion, a PE ratio of 26.52, a P/E/G ratio of 1.08 and a beta of 0.40. The stock has a fifty day moving average of $169.91 and a two-hundred day moving average of $163.97. Royal Gold, Inc. has a 52 week low of $127.31 and a 52 week high of $191.78.

Royal Gold (NASDAQ:RGLD - Get Free Report) TSE: RGL last posted its earnings results on Wednesday, May 7th. The basic materials company reported $1.51 EPS for the quarter, topping analysts' consensus estimates of $1.37 by $0.14. The company had revenue of $193.44 million for the quarter, compared to the consensus estimate of $176.17 million. Royal Gold had a return on equity of 12.48% and a net margin of 52.15%. The firm's revenue for the quarter was up 29.9% on a year-over-year basis. During the same period in the previous year, the business earned $0.91 earnings per share. Analysts anticipate that Royal Gold, Inc. will post 6.2 EPS for the current fiscal year.

Royal Gold Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, July 17th. Investors of record on Thursday, July 3rd were paid a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date of this dividend was Thursday, July 3rd. Royal Gold's dividend payout ratio (DPR) is currently 29.80%.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on RGLD. BMO Capital Markets set a $197.00 price target on Royal Gold and gave the company a "market perform" rating in a research report on Thursday, May 22nd. Canaccord Genuity Group increased their price objective on Royal Gold from $202.00 to $203.00 in a report on Wednesday, June 11th. Scotiabank raised Royal Gold from a "sector perform" rating to a "sector outperform" rating and increased their price objective for the stock from $166.00 to $189.00 in a report on Monday, April 14th. Wall Street Zen cut Royal Gold from a "strong-buy" rating to a "buy" rating in a report on Saturday. Finally, CIBC raised their price target on Royal Gold from $202.00 to $215.00 and gave the company a "neutral" rating in a report on Thursday, May 8th. Two research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, Royal Gold has a consensus rating of "Moderate Buy" and an average target price of $192.13.

About Royal Gold

Royal Gold, Inc, together with its subsidiaries, acquires and manages precious metal streams, royalties, and related interests. The company engages in acquiring stream and royalty interests or to finance projects that are in production, development, or in the exploration stage in exchange for stream or royalty interests, which primarily consists of gold, silver, copper, nickel, zinc, lead, and other metals.