TD Waterhouse Canada Inc. Purchases 39,935 Shares of Franco-Nevada Corporation $FNV

Key Points

• TD Waterhouse Canada increased its Franco-Nevada stake by 5.1% in the second quarter, adding 39,935 shares to own 817,307 shares valued at approximately $172.1 million. Institutional investors and hedge funds collectively own 77.06% of the company.
• Franco-Nevada reported quarterly EPS of $1.81, below the $1.95 consensus estimate, while revenue rose 57.3% year over year to $580.9 million, also missing expectations.
• The company declared a quarterly dividend of $0.44, equivalent to $1.76 annually and a 0.6% yield. Analysts maintain a “Moderate Buy” consensus, with an average price target of $273.40.

TD Waterhouse Canada Inc. lifted its position in shares of Franco-Nevada Corporation (NYSE:FNV - Free Report) TSE: FNV by 5.1% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 817,307 shares of the basic materials company's stock after purchasing an additional 39,935 shares during the quarter. TD Waterhouse Canada Inc. owned approximately 0.42% of Franco-Nevada worth $172,066,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also modified their holdings of the company. Van ECK Associates Corp lifted its position in Franco-Nevada by 12.8% in the fourth quarter. Van ECK Associates Corp now owns 7,441,133 shares of the basic materials company's stock worth $1,542,402,000 after purchasing an additional 842,132 shares during the period. First Eagle Investment Management LLC raised its stake in shares of Franco-Nevada by 26.5% in the 4th quarter. First Eagle Investment Management LLC now owns 5,123,444 shares of the basic materials company's stock valued at $1,062,037,000 after buying an additional 1,074,257 shares in the last quarter. EdgePoint Investment Group Inc. raised its stake in shares of Franco-Nevada by 3.3% in the 1st quarter. EdgePoint Investment Group Inc. now owns 3,461,224 shares of the basic materials company's stock valued at $857,196,000 after buying an additional 110,222 shares in the last quarter. Royal Bank of Canada lifted its holdings in shares of Franco-Nevada by 10.2% during the 4th quarter. Royal Bank of Canada now owns 2,808,645 shares of the basic materials company's stock worth $582,177,000 after acquiring an additional 260,793 shares during the period. Finally, Norges Bank bought a new position in shares of Franco-Nevada during the 4th quarter worth about $578,577,000. 77.06% of the stock is currently owned by institutional investors and hedge funds.

Franco-Nevada Stock Up 4.5%

Shares of NYSE FNV opened at $271.32 on Friday. Franco-Nevada Corporation has a 12-month low of $181.50 and a 12-month high of $285.67. The firm's 50-day simple moving average is $228.04 and its 200 day simple moving average is $236.54. The company has a market cap of $52.33 billion, a price-to-earnings ratio of 35.47, a price-to-earnings-growth ratio of 2.40 and a beta of 0.39.

Franco-Nevada (NYSE:FNV - Get Free Report) TSE: FNV last released its quarterly earnings results on Tuesday, August 11th. The basic materials company reported $1.81 EPS for the quarter, missing the consensus estimate of $1.95 by ($0.14). The company had revenue of $580.90 million for the quarter, compared to the consensus estimate of $616.66 million. Franco-Nevada had a net margin of 63.79% and a return on equity of 18.58%. Franco-Nevada's revenue for the quarter was up 57.3% compared to the same quarter last year. During the same period last year, the company earned $1.24 earnings per share. On average, equities analysts expect that Franco-Nevada Corporation will post 7.54 earnings per share for the current year.

Franco-Nevada Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 24th. Investors of record on Thursday, September 10th will be given a $0.44 dividend. This represents a $1.76 dividend on an annualized basis and a yield of 0.6%. The ex-dividend date is Thursday, September 10th. Franco-Nevada's dividend payout ratio (DPR) is presently 23.01%.

Analysts Set New Price Targets

Several analysts recently commented on the company. UBS Group decreased their price target on Franco-Nevada from $310.00 to $280.00 and set a "buy" rating on the stock in a research note on Tuesday, June 30th. Royal Bank Of Canada dropped their price objective on Franco-Nevada from $295.00 to $285.00 and set an "outperform" rating for the company in a research note on Thursday, July 9th. TD raised Franco-Nevada from a "hold" rating to a "buy" rating and cut their price objective for the company from $292.00 to $291.00 in a report on Wednesday, May 20th. TD Securities upgraded shares of Franco-Nevada from a "hold" rating to a "buy" rating and set a $291.00 target price on the stock in a research note on Wednesday, May 20th. Finally, National Bank Financial raised shares of Franco-Nevada from a "sector perform" rating to an "outperform" rating in a report on Wednesday, May 13th. Eleven investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $273.40.

Franco-Nevada Company Profile

Franco-Nevada Corporation is a Toronto-based royalty and streaming company that specializes in securing and managing long-term interests in mining properties. The firm focuses primarily on precious metals, particularly gold, while also holding interests related to silver, copper, platinum-group metals and select base metals. Rather than operating mines directly, Franco-Nevada acquires royalty and streaming agreements that entitle it to a percentage of production or revenue from producing and developing assets in exchange for upfront or staged financing.

The company’s business model centers on providing capital to mining companies in return for a sustained share of production or metal revenue, which can reduce exposure to operating and capital cost risks typical of mine operators.

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