Wheaton Precious Metals (NYSE:WPM) Sets New 1-Year High Following Analyst Upgrade

Wheaton Precious Metals Corp. (NYSE:WPM) shares hit a new 52-week high during mid-day trading on Wednesday after Raymond James raised their price target on the stock from $70.00 to $72.00. Raymond James currently has an outperform rating on the stock. Wheaton Precious Metals traded as high as $64.48 and last traded at $64.23, with a volume of 1152618 shares traded. The stock had previously closed at $63.47.

Several other research analysts have also weighed in on WPM. CIBC lifted their price objective on shares of Wheaton Precious Metals from $75.00 to $80.00 and gave the stock an “outperformer” rating in a research note on Wednesday, July 10th. TD Securities reduced their price target on shares of Wheaton Precious Metals from $71.00 to $70.00 and set a “buy” rating on the stock in a research report on Thursday, August 15th. Berenberg Bank upped their price objective on shares of Wheaton Precious Metals from $64.00 to $66.00 and gave the company a “buy” rating in a research report on Thursday, June 27th. Scotiabank lifted their target price on Wheaton Precious Metals from $66.50 to $72.00 and gave the stock a “sector outperform” rating in a report on Monday, August 19th. Finally, Jefferies Financial Group increased their price target on Wheaton Precious Metals from $62.00 to $67.00 and gave the stock a “buy” rating in a report on Friday, July 12th. Two analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $68.63.

Institutional Trading of Wheaton Precious Metals

A number of institutional investors have recently modified their holdings of WPM. Ridgewood Investments LLC bought a new position in shares of Wheaton Precious Metals during the second quarter worth about $31,000. Abich Financial Wealth Management LLC bought a new position in shares of Wheaton Precious Metals during the 2nd quarter worth approximately $31,000. Sunbelt Securities Inc. bought a new position in shares of Wheaton Precious Metals during the 2nd quarter worth approximately $47,000. St. Johns Investment Management Company LLC acquired a new stake in shares of Wheaton Precious Metals in the first quarter valued at approximately $52,000. Finally, Western Pacific Wealth Management LP lifted its position in shares of Wheaton Precious Metals by 19.6% in the first quarter. Western Pacific Wealth Management LP now owns 1,331 shares of the company’s stock worth $63,000 after purchasing an additional 218 shares in the last quarter. 70.34% of the stock is currently owned by institutional investors.

Wheaton Precious Metals Stock Up 0.1 %

The firm has a market cap of $29.13 billion, a price-to-earnings ratio of 49.40, a PEG ratio of 2.27 and a beta of 0.78. The company’s fifty day moving average is $59.93 and its 200 day moving average is $55.24.

Wheaton Precious Metals (NYSE:WPM) last posted its quarterly earnings data on Wednesday, August 7th. The company reported $0.33 EPS for the quarter, topping analysts’ consensus estimates of $0.29 by $0.04. The company had revenue of $299.06 million during the quarter, compared to the consensus estimate of $309.54 million. Wheaton Precious Metals had a net margin of 50.44% and a return on equity of 8.54%. The company’s quarterly revenue was up 12.9% on a year-over-year basis. During the same period in the prior year, the business posted $0.31 EPS. On average, equities research analysts forecast that Wheaton Precious Metals Corp. will post 1.41 EPS for the current fiscal year.

Wheaton Precious Metals Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, September 4th. Shareholders of record on Wednesday, August 21st were paid a $0.155 dividend. The ex-dividend date of this dividend was Wednesday, August 21st. This represents a $0.62 dividend on an annualized basis and a yield of 0.97%. Wheaton Precious Metals’s dividend payout ratio is 47.69%.

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.