Raymond James Weighs in on Wheaton Precious Metals Corp.’s Q2 2024 Earnings (NYSE:WPM)

Wheaton Precious Metals Corp. (NYSE:WPM) – Investment analysts at Raymond James dropped their Q2 2024 earnings per share (EPS) estimates for shares of Wheaton Precious Metals in a research report issued to clients and investors on Monday, July 8th. Raymond James analyst B. Macarthur now expects that the company will post earnings per share of $0.25 for the quarter, down from their previous estimate of $0.33. The consensus estimate for Wheaton Precious Metals’ current full-year earnings is $1.29 per share. Raymond James also issued estimates for Wheaton Precious Metals’ Q3 2024 earnings at $0.36 EPS, Q4 2024 earnings at $0.38 EPS, Q1 2025 earnings at $0.36 EPS, Q2 2025 earnings at $0.37 EPS, Q3 2025 earnings at $0.38 EPS and Q4 2025 earnings at $0.39 EPS.

WPM has been the subject of several other reports. Berenberg Bank upped their price target on shares of Wheaton Precious Metals from $64.00 to $66.00 and gave the stock a “buy” rating in a report on Thursday, June 27th. Scotiabank upped their target price on Wheaton Precious Metals from $59.00 to $66.50 and gave the stock an “outperform” rating in a report on Thursday, May 23rd. Bank of America lifted their price target on Wheaton Precious Metals from $60.00 to $61.00 and gave the company a “buy” rating in a research note on Wednesday, June 26th. Jefferies Financial Group raised their price objective on shares of Wheaton Precious Metals from $52.00 to $61.00 and gave the company a “buy” rating in a report on Monday, April 22nd. Finally, BMO Capital Markets lifted their target price on shares of Wheaton Precious Metals from $59.00 to $61.00 and gave the stock an “outperform” rating in a research report on Tuesday, May 21st. Three equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, Wheaton Precious Metals currently has a consensus rating of “Moderate Buy” and an average target price of $64.33.

Wheaton Precious Metals Price Performance

Shares of NYSE:WPM opened at $59.27 on Wednesday. Wheaton Precious Metals has a one year low of $38.37 and a one year high of $59.67. The company has a market cap of $26.88 billion, a price-to-earnings ratio of 45.59, a PEG ratio of 1.96 and a beta of 0.76. The firm has a 50 day simple moving average of $54.70 and a 200 day simple moving average of $49.80.

Wheaton Precious Metals (NYSE:WPM) last issued its earnings results on Thursday, May 9th. The company reported $0.36 EPS for the quarter, topping the consensus estimate of $0.29 by $0.07. The firm had revenue of $296.80 million during the quarter, compared to the consensus estimate of $278.95 million. Wheaton Precious Metals had a return on equity of 8.53% and a net margin of 53.74%. The business’s quarterly revenue was up 38.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.23 earnings per share.

Wheaton Precious Metals Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 11th. Investors of record on Wednesday, May 29th were paid a dividend of $0.155 per share. This represents a $0.62 dividend on an annualized basis and a yield of 1.05%. The ex-dividend date of this dividend was Wednesday, May 29th. Wheaton Precious Metals’s dividend payout ratio is presently 47.69%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. CVA Family Office LLC bought a new stake in Wheaton Precious Metals in the fourth quarter worth approximately $26,000. McGlone Suttner Wealth Management Inc. acquired a new position in shares of Wheaton Precious Metals during the 4th quarter valued at $31,000. Principal Securities Inc. bought a new position in Wheaton Precious Metals during the fourth quarter worth $39,000. Fifth Third Bancorp grew its holdings in Wheaton Precious Metals by 230.7% in the fourth quarter. Fifth Third Bancorp now owns 863 shares of the company’s stock worth $43,000 after purchasing an additional 602 shares during the period. Finally, St. Johns Investment Management Company LLC bought a new stake in Wheaton Precious Metals in the first quarter valued at $52,000. 70.34% of the stock is owned by institutional investors and hedge funds.

About Wheaton Precious Metals

Wheaton Precious Metals Corp. primarily sells precious metals in North America, Europe, and South America. It produces and sells gold, silver, palladium, and cobalt deposits. The company was formerly known as Silver Wheaton Corp. and changed its name to Wheaton Precious Metals Corp. in May 2017. Wheaton Precious Metals Corp.