Veritas Asset Management LLP Sells 6,003 Shares of Franco-Nevada Co. (NYSE:FNV)

Veritas Asset Management LLP lowered its holdings in shares of Franco-Nevada Co. (NYSE:FNV) (TSE:FNV) by 7.7% in the fourth quarter, according to its most recent disclosure with the SEC. The firm owned 72,266 shares of the basic materials company’s stock after selling 6,003 shares during the period. Franco-Nevada accounts for approximately 0.1% of Veritas Asset Management LLP’s holdings, making the stock its 26th largest position. Veritas Asset Management LLP’s holdings in Franco-Nevada were worth $8,498,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Laurel Wealth Advisors LLC bought a new position in Franco-Nevada during the fourth quarter worth about $47,000. Point72 DIFC Ltd bought a new stake in shares of Franco-Nevada during the third quarter worth approximately $52,000. Erste Asset Management GmbH bought a new stake in shares of Franco-Nevada during the third quarter worth approximately $55,000. Principal Securities Inc. boosted its holdings in shares of Franco-Nevada by 290.5% during the fourth quarter. Principal Securities Inc. now owns 863 shares of the basic materials company’s stock worth $101,000 after acquiring an additional 642 shares during the period. Finally, Birch Capital Management LLC boosted its holdings in shares of Franco-Nevada by 37.9% during the fourth quarter. Birch Capital Management LLC now owns 1,085 shares of the basic materials company’s stock worth $128,000 after acquiring an additional 298 shares during the period. Institutional investors own 77.06% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on FNV. UBS Group began coverage on Franco-Nevada in a report on Monday, November 18th. They set a “buy” rating and a $160.00 price objective for the company. Royal Bank of Canada boosted their price objective on shares of Franco-Nevada from $145.00 to $155.00 and gave the company a “sector perform” rating in a research report on Tuesday, February 11th. Canaccord Genuity Group upgraded shares of Franco-Nevada from a “hold” rating to a “buy” rating in a research report on Monday, November 18th. Canaccord Genuity Group upgraded shares of Franco-Nevada from a “hold” rating to a “buy” rating in a research report on Monday, November 18th. Finally, HC Wainwright reiterated a “buy” rating and set a $155.00 price target on shares of Franco-Nevada in a report on Tuesday, January 28th. Five investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $146.71.

Franco-Nevada Stock Up 0.7 %

Shares of Franco-Nevada stock opened at $139.72 on Tuesday. Franco-Nevada Co. has a twelve month low of $103.64 and a twelve month high of $144.27. The company’s fifty day moving average is $129.37 and its 200 day moving average is $126.04. The stock has a market cap of $26.90 billion, a price-to-earnings ratio of -44.21, a P/E/G ratio of 9.78 and a beta of 0.74.

Franco-Nevada Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, March 27th. Investors of record on Thursday, March 13th will be given a dividend of $0.38 per share. This is a positive change from Franco-Nevada’s previous quarterly dividend of $0.36. The ex-dividend date of this dividend is Thursday, March 13th. This represents a $1.52 annualized dividend and a dividend yield of 1.09%. Franco-Nevada’s dividend payout ratio is presently -48.10%.

Franco-Nevada Company Profile

Franco-Nevada Corporation operates as a gold-focused royalty and streaming company in South America, Central America, Mexico, the United States, Canada, and internationally. It operates through Mining and Energy segments. The company manages its portfolio with a focus on precious metals, such as gold, silver, and platinum group metals; and engages in the sale of crude oil, natural gas, and natural gas liquids through a third-party marketing agent.