Scotiabank Raises Wheaton Precious Metals (NYSE:WPM) Price Target to $72.00

Wheaton Precious Metals (NYSE:WPM) had its target price increased by Scotiabank from $66.50 to $72.00 in a research report released on Monday morning, Benzinga reports. The brokerage currently has a sector outperform rating on the stock.

WPM has been the topic of several other research reports. BMO Capital Markets lifted their price objective on shares of Wheaton Precious Metals from $59.00 to $61.00 and gave the company an outperform rating in a research report on Tuesday, May 21st. Jefferies Financial Group lifted their price target on shares of Wheaton Precious Metals from $62.00 to $67.00 and gave the company a buy rating in a report on Friday, July 12th. CIBC increased their price objective on shares of Wheaton Precious Metals from $75.00 to $80.00 and gave the company an outperformer rating in a report on Wednesday, July 10th. Berenberg Bank lifted their target price on Wheaton Precious Metals from $64.00 to $66.00 and gave the stock a buy rating in a report on Thursday, June 27th. Finally, Bank of America increased 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. Three analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, Wheaton Precious Metals currently has a consensus rating of Moderate Buy and an average target price of $67.50.

Wheaton Precious Metals Stock Performance

WPM opened at $61.90 on Monday. Wheaton Precious Metals has a fifty-two week low of $38.37 and a fifty-two week high of $63.06. The stock has a market cap of $28.08 billion, a price-to-earnings ratio of 47.62, a price-to-earnings-growth ratio of 2.20 and a beta of 0.76. The firm’s fifty day moving average is $56.76 and its 200 day moving average is $52.02.

Wheaton Precious Metals (NYSE:WPM) last announced its quarterly earnings data on Wednesday, August 7th. The company reported $0.33 EPS for the quarter, beating the consensus estimate of $0.29 by $0.04. Wheaton Precious Metals had a return on equity of 8.54% and a net margin of 50.44%. The business had revenue of $299.06 million for the quarter, compared to the consensus estimate of $309.54 million. During the same period in the previous year, the business earned $0.31 earnings per share. The business’s revenue was up 12.9% on a year-over-year basis. On average, equities research analysts predict that Wheaton Precious Metals will post 1.38 earnings per share for the current year.

Wheaton Precious Metals Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 4th. Stockholders of record on Wednesday, August 21st will be issued a $0.155 dividend. This represents a $0.62 dividend on an annualized basis and a dividend yield of 1.00%. The ex-dividend date is Wednesday, August 21st. Wheaton Precious Metals’s dividend payout ratio (DPR) is 47.69%.

Institutional Trading of Wheaton Precious Metals

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Fielder Capital Group LLC purchased a new stake in shares of Wheaton Precious Metals in the fourth quarter valued at $1,046,000. King Luther Capital Management Corp bought a new stake in Wheaton Precious Metals in the fourth quarter worth about $6,154,000. Marketfield Asset Management LLC boosted its position in shares of Wheaton Precious Metals by 61.0% during the fourth quarter. Marketfield Asset Management LLC now owns 88,025 shares of the company’s stock valued at $4,343,000 after buying an additional 33,337 shares during the period. Financial Sense Advisors Inc. lifted its stake in shares of Wheaton Precious Metals by 54.0% during the 1st quarter. Financial Sense Advisors Inc. now owns 56,836 shares of the company’s stock worth $2,679,000 after acquiring an additional 19,924 shares during the last quarter. Finally, Mediolanum International Funds Ltd bought a new stake in shares of Wheaton Precious Metals during the 1st quarter worth approximately $1,752,000. Hedge funds and other institutional investors own 70.34% of the company’s stock.

Wheaton Precious Metals Company Profile

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.