Franco-Nevada Corp. (NYSE:FNV)’s share price dropped 2.3% on Friday . The stock traded as low as $76.29 and last traded at $76.81, with a volume of 364,237 shares trading hands. The stock had previously closed at $78.64.

FNV has been the topic of several recent analyst reports. Zacks Investment Research upgraded Franco-Nevada Corp. from a “hold” rating to a “buy” rating and set a $88.00 price objective on the stock in a report on Tuesday, July 5th. BMO Capital Markets cut Franco-Nevada Corp. from an “outperform” rating to a “market perform” rating in a research note on Thursday, May 12th. Dundee Securities cut Franco-Nevada Corp. from a “buy” rating to a “neutral” rating in a research note on Wednesday, April 20th. Deutsche Bank AG restated a “sell” rating on shares of Franco-Nevada Corp. in a research note on Thursday, July 7th. Finally, HSBC restated a “buy” rating on shares of Franco-Nevada Corp. in a research note on Thursday, July 7th. Three investment analysts have rated the stock with a sell rating, nine have given a hold rating and four have issued a buy rating to the stock. Franco-Nevada Corp. has a consensus rating of “Hold” and a consensus target price of $65.03.

The firm has a market cap of $13.71 billion and a price-to-earnings ratio of 347.34. The firm has a 50-day moving average price of $75.07 and a 200-day moving average price of $64.60.

Other hedge funds and institutional investors have recently made changes to their positions in the company. Morgan Stanley raised its position in shares of Franco-Nevada Corp. by 25.4% in the fourth quarter. Morgan Stanley now owns 660,298 shares of the company’s stock valued at $30,208,000 after buying an additional 133,764 shares during the last quarter. I.G. Investment Management LTD. raised its position in shares of Franco-Nevada Corp. by 3.7% in the fourth quarter. I.G. Investment Management LTD. now owns 321,319 shares of the company’s stock valued at $14,707,000 after buying an additional 11,609 shares during the last quarter. Gulf International Bank UK Ltd raised its position in shares of Franco-Nevada Corp. by 4.6% in the fourth quarter. Gulf International Bank UK Ltd now owns 45,083 shares of the company’s stock valued at $2,064,000 after buying an additional 2,000 shares during the last quarter. Finally, Marshall Wace LLP raised its position in shares of Franco-Nevada Corp. by 141.5% in the fourth quarter. Marshall Wace LLP now owns 34,778 shares of the company’s stock valued at $1,591,000 after buying an additional 20,378 shares during the last quarter.

Franco-Nevada Corporation (Franco-Nevada) is a gold-focused royalty and stream company. The Company’s additional interests are in platinum group metals and other resource assets. The Company operates in the segment of resource sector royalty/stream acquisitions and management activities. The Company’s business model provides investors with gold price and exploration optionality.

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