Royal Gold (NASDAQ:RGLD) Price Target Raised to $246.00 at Scotiabank

Royal Gold (NASDAQ:RGLD) (TSE:RGL) had its price target raised by Scotiabank from $194.00 to $246.00 in a report released on Thursday, MarketBeat Ratings reports. Scotiabank currently has a sector outperform rating on the basic materials company’s stock.

A number of other research analysts also recently commented on the stock. Zacks Research raised shares of Royal Gold from a “hold” rating to a “strong-buy” rating in a research report on Friday, October 17th. Bank of America lifted their price objective on shares of Royal Gold from $193.00 to $203.00 and gave the stock an “underperform” rating in a research report on Thursday, October 16th. Wall Street Zen raised shares of Royal Gold from a “hold” rating to a “buy” rating in a research report on Saturday, August 30th. Raymond James Financial set a $257.00 price objective on shares of Royal Gold and gave the stock an “outperform” rating in a research report on Tuesday. Finally, CIBC lifted their price objective on shares of Royal Gold from $225.00 to $250.00 and gave the stock a “neutral” rating in a research report on Friday, October 10th. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Royal Gold presently has an average rating of “Moderate Buy” and an average price target of $220.44.

Royal Gold Price Performance

Shares of RGLD opened at $183.41 on Thursday. Royal Gold has a 1-year low of $130.67 and a 1-year high of $209.42. The company has a 50-day moving average of $188.36 and a 200 day moving average of $177.94. The firm has a market capitalization of $12.07 billion, a price-to-earnings ratio of 26.89, a PEG ratio of 0.99 and a beta of 0.41.

Royal Gold (NASDAQ:RGLD) (TSE:RGL) last announced its quarterly earnings data on Wednesday, August 6th. The basic materials company reported $1.81 earnings per share for the quarter, beating analysts’ consensus estimates of $1.70 by $0.11. The company had revenue of $209.64 million during the quarter, compared to analyst estimates of $186.63 million. Royal Gold had a net margin of 56.24% and a return on equity of 13.30%. The firm’s revenue for the quarter was up 20.4% on a year-over-year basis. During the same quarter last year, the business posted $1.25 EPS. On average, equities analysts anticipate that Royal Gold will post 6.2 earnings per share for the current fiscal year.

Royal Gold Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, October 17th. Shareholders of record on Friday, October 3rd were given a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a yield of 1.0%. The ex-dividend date of this dividend was Friday, October 3rd. Royal Gold’s payout ratio is currently 26.39%.

Institutional Trading of Royal Gold

Several large investors have recently bought and sold shares of RGLD. WPG Advisers LLC purchased a new stake in Royal Gold during the 1st quarter worth approximately $27,000. Cullen Frost Bankers Inc. grew its position in Royal Gold by 548.1% during the 2nd quarter. Cullen Frost Bankers Inc. now owns 175 shares of the basic materials company’s stock worth $31,000 after purchasing an additional 148 shares during the last quarter. Alpine Bank Wealth Management purchased a new stake in Royal Gold during the 1st quarter worth approximately $32,000. Banque Cantonale Vaudoise purchased a new stake in Royal Gold during the 1st quarter worth approximately $34,000. Finally, Blue Trust Inc. grew its position in Royal Gold by 56.8% during the 2nd quarter. Blue Trust Inc. now owns 196 shares of the basic materials company’s stock worth $35,000 after purchasing an additional 71 shares during the last quarter. Hedge funds and other institutional investors own 83.65% of the company’s stock.

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.