TD Asset Management Inc Acquires 18,897 Shares of Franco-Nevada Corporation $FNV

TD Asset Management Inc increased its stake in shares of Franco-Nevada Corporation (NYSE:FNV) (TSE:FNV) by 0.9% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,030,684 shares of the basic materials company’s stock after buying an additional 18,897 shares during the quarter. TD Asset Management Inc owned about 1.05% of Franco-Nevada worth $452,095,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its position in shares of Franco-Nevada by 1.6% in the third quarter. Vanguard Group Inc. now owns 8,216,318 shares of the basic materials company’s stock worth $1,828,821,000 after purchasing an additional 129,898 shares during the period. Arrowstreet Capital Limited Partnership grew its stake in Franco-Nevada by 35.2% during the second quarter. Arrowstreet Capital Limited Partnership now owns 3,220,029 shares of the basic materials company’s stock worth $528,289,000 after buying an additional 838,853 shares in the last quarter. Norges Bank bought a new position in Franco-Nevada in the 2nd quarter valued at about $460,218,000. Geode Capital Management LLC raised its position in shares of Franco-Nevada by 20.2% in the 2nd quarter. Geode Capital Management LLC now owns 1,500,290 shares of the basic materials company’s stock valued at $247,051,000 after buying an additional 252,540 shares in the last quarter. Finally, Amundi raised its position in shares of Franco-Nevada by 6.5% in the 2nd quarter. Amundi now owns 1,211,835 shares of the basic materials company’s stock valued at $199,274,000 after buying an additional 74,490 shares in the last quarter. 77.06% of the stock is owned by institutional investors and hedge funds.

Franco-Nevada Stock Up 1.0%

NYSE FNV opened at $273.60 on Wednesday. The company has a market cap of $52.75 billion, a price-to-earnings ratio of 57.36, a price-to-earnings-growth ratio of 1.35 and a beta of 0.47. Franco-Nevada Corporation has a twelve month low of $137.05 and a twelve month high of $275.56. The business’s fifty day moving average is $236.51 and its 200 day moving average is $211.87.

Franco-Nevada Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, March 26th. Investors of record on Thursday, March 12th will be issued a $0.44 dividend. This is a boost from Franco-Nevada’s previous quarterly dividend of $0.38. The ex-dividend date is Thursday, March 12th. This represents a $1.76 dividend on an annualized basis and a yield of 0.6%. Franco-Nevada’s dividend payout ratio (DPR) is 31.87%.

Analysts Set New Price Targets

FNV has been the topic of a number of recent analyst reports. Canadian Imperial Bank of Commerce reissued an “outperform” rating on shares of Franco-Nevada in a research note on Wednesday, February 4th. Canaccord Genuity Group lowered Franco-Nevada from a “strong-buy” rating to a “hold” rating in a research note on Friday, January 23rd. Scotiabank boosted their price target on Franco-Nevada from $225.00 to $283.00 and gave the stock a “sector perform” rating in a report on Monday, January 26th. Jefferies Financial Group reaffirmed a “hold” rating and issued a $228.00 price objective on shares of Franco-Nevada in a research note on Sunday, December 7th. Finally, UBS Group reissued a “buy” rating and set a $310.00 target price on shares of Franco-Nevada in a research note on Friday, January 30th. Seven research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company’s stock. According to MarketBeat.com, Franco-Nevada has an average rating of “Moderate Buy” and an average price target of $254.38.

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.