Royal Gold (NASDAQ:RGLD) Hits New 52-Week High - Still a Buy?

Key Points

• Royal Gold's shares reached a new 52-week high of $198.13, closing at $197.35 after trading volume of 175,367 shares on a recent trading day.
• Wall Street analysts have mixed ratings for Royal Gold, with Canaccord Genuity increasing the target price to $203.00 while Zacks downgraded their rating to "hold"; the consensus rating is currently a "Moderate Buy".
• The company announced a quarterly dividend of $0.45 per share, with an annualized yield of 0.9%, set to be paid on October 17th, 2023.

Shares of Royal Gold, Inc. (NASDAQ:RGLD - Get Free Report) TSE: RGL reached a new 52-week high during mid-day trading on Friday . The company traded as high as $198.13 and last traded at $197.35, with a volume of 175367 shares trading hands. The stock had previously closed at $193.11.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on RGLD. Canaccord Genuity Group upped their target price on Royal Gold from $202.00 to $203.00 in a research note on Wednesday, June 11th. Wall Street Zen raised Royal Gold from a "hold" rating to a "buy" rating in a research note on Saturday, August 30th. Zacks Research lowered Royal Gold from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, August 19th. Finally, TD Securities reissued a "buy" rating and set a $237.00 price target (up previously from $229.00) on shares of Royal Gold in a research note on Friday, August 8th. Five analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, Royal Gold currently has an average rating of "Moderate Buy" and an average target price of $198.63.

Royal Gold Trading Up 1.6%

The firm has a market capitalization of $12.91 billion, a PE ratio of 28.74, a price-to-earnings-growth ratio of 1.50 and a beta of 0.43. The firm has a 50-day moving average of $173.55 and a two-hundred day moving average of $172.61.

Royal Gold (NASDAQ:RGLD - Get Free Report) TSE: RGL last issued its earnings results on Wednesday, August 6th. The basic materials company reported $1.81 earnings per share for the quarter, topping the consensus estimate of $1.70 by $0.11. The business had revenue of $209.64 million for the quarter, compared to analyst estimates of $186.63 million. Royal Gold had a return on equity of 13.30% and a net margin of 56.24%.The business's quarterly revenue was up 20.4% on a year-over-year basis. During the same period last year, the company posted $1.25 EPS. Equities research analysts expect that Royal Gold, Inc. will post 6.2 earnings per share for the current fiscal year.

Royal Gold Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 17th. Investors of record on Friday, October 3rd will be given a $0.45 dividend. This represents a $1.80 annualized dividend and a dividend yield of 0.9%. The ex-dividend date of this dividend is Friday, October 3rd. Royal Gold's dividend payout ratio (DPR) is 26.39%.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in RGLD. WPG Advisers LLC acquired a new stake in Royal Gold in the 1st quarter valued at $27,000. Cullen Frost Bankers Inc. increased its holdings in Royal Gold by 548.1% in the 2nd quarter. Cullen Frost Bankers Inc. now owns 175 shares of the basic materials company's stock valued at $31,000 after purchasing an additional 148 shares in the last quarter. Alpine Bank Wealth Management acquired a new stake in Royal Gold in the 1st quarter valued at $32,000. Banque Cantonale Vaudoise acquired a new stake in Royal Gold in the 1st quarter valued at $34,000. Finally, Blue Trust Inc. increased its holdings in Royal Gold by 56.8% in the 2nd quarter. Blue Trust Inc. now owns 196 shares of the basic materials company's stock valued at $35,000 after purchasing an additional 71 shares in the last quarter. 83.65% of the stock is owned by hedge funds and other institutional investors.

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.

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