Wheaton Precious Metals (NYSE:WPM) Reaches New 12-Month High on Analyst Upgrade

Wheaton Precious Metals (NYSE:WPM) reached a new 52-week high after Raymond James upgraded its price target. The stock traded at $48.23, with a volume of over 1.15 million shares. Analysts from Jefferies, TD Securities, CIBC, Scotiabank, and Berenberg Bank have also raised their price targets, with the consensus rating being "Moderate Buy". The company reported a 12.9% revenue increase year-over-year and announced a quarterly dividend of $0.155 per share, yielding 0.97%.

Shares of Wheaton Precious Metals Corp. (NYSE:WPM - Get Free Report) reached a new 52-week high 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.

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Several other analysts have also issued reports on the company. Jefferies Financial Group boosted their target price on Wheaton Precious Metals from $62.00 to $67.00 and gave the company a "buy" rating in a research note on Friday, July 12th. TD Securities lowered their target price on shares of Wheaton Precious Metals from $71.00 to $70.00 and set a "buy" rating on the stock in a report on Thursday, August 15th. CIBC increased their price objective on Wheaton Precious Metals from $75.00 to $80.00 and gave the stock an "outperformer" rating in a report on Wednesday, July 10th. Scotiabank lifted their target price on Wheaton Precious Metals from $66.50 to $72.00 and gave the company a "sector outperform" rating in a report on Monday, August 19th. Finally, Berenberg Bank boosted 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 note on Thursday, June 27th. Two investment analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat, Wheaton Precious Metals currently has an average rating of "Moderate Buy" and a consensus target price of $69.06.

Get Our Latest Report on WPM

Institutional Investors Weigh In On Wheaton Precious Metals

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Institutional investors have recently bought and sold shares of the stock. Ridgewood Investments LLC purchased a new stake in Wheaton Precious Metals during the 2nd quarter valued at $31,000. Abich Financial Wealth Management LLC bought a new stake in shares of Wheaton Precious Metals in the second quarter worth about $31,000. Sunbelt Securities Inc. purchased a new position in Wheaton Precious Metals during the 2nd quarter valued at about $47,000. St. Johns Investment Management Company LLC bought a new position in Wheaton Precious Metals during the 1st quarter valued at approximately $52,000. Finally, Western Pacific Wealth Management LP lifted its holdings in Wheaton Precious Metals by 19.6% in the 1st quarter. Western Pacific Wealth Management LP now owns 1,331 shares of the company's stock worth $63,000 after buying an additional 218 shares during the period. 70.34% of the stock is currently owned by hedge funds and other institutional investors.

Wheaton Precious Metals Trading Up 0.9 %

The firm has a market cap of $29.06 billion, a PE ratio of 49.41, a PEG ratio of 2.27 and a beta of 0.78. The firm has a fifty day simple moving average of $59.81 and a two-hundred day simple moving average of $55.11.

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Wheaton Precious Metals (NYSE:WPM - Get Free Report) last announced its earnings results on Wednesday, August 7th. The company reported $0.33 earnings per share for the quarter, beating analysts' consensus estimates of $0.29 by $0.04. Wheaton Precious Metals had a net margin of 50.44% and a return on equity of 8.54%. The firm had revenue of $299.06 million for the quarter, compared to analyst estimates of $309.54 million. During the same quarter in the previous year, the firm posted $0.31 EPS. The company's revenue for the quarter was up 12.9% compared to the same quarter last year. Equities analysts expect that Wheaton Precious Metals Corp. will post 1.41 earnings per share for the current fiscal year.

Wheaton Precious Metals Announces Dividend

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

Wheaton Precious Metals Company Profile

(Get Free Report)

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.

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