Wheaton Precious Metals (NYSE:WPM) Downgraded by Stifel Canada

Stifel Canada cut shares of Wheaton Precious Metals (NYSE:WPM) from a strong-buy rating to a hold rating in a research note published on Monday, Zacks.com reports. Stifel Canada also issued estimates for Wheaton Precious Metals’ FY2024 earnings at $1.43 EPS.

Several other research firms also recently issued reports on WPM. Scotiabank upped their price objective on shares of Wheaton Precious Metals from $66.50 to $72.00 and gave the company a “sector outperform” rating in a report on Monday, August 19th. TD Securities lowered their price target on 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. Jefferies Financial Group lifted their target price on shares of Wheaton Precious Metals from $67.00 to $77.00 and gave the company a “buy” rating in a research report on Friday, October 4th. Berenberg Bank boosted their price target on Wheaton Precious Metals from $64.00 to $66.00 and gave the stock a “buy” rating in a research report on Thursday, June 27th. Finally, National Bank Financial raised shares of Wheaton Precious Metals from a “sector perform” rating to an “outperform” rating in a research note on Thursday, October 10th. One investment analyst has rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $69.88.

Wheaton Precious Metals Trading Down 1.6 %

Shares of WPM stock opened at $67.45 on Monday. Wheaton Precious Metals has a twelve month low of $38.57 and a twelve month high of $68.64. The stock has a fifty day simple moving average of $61.69 and a two-hundred day simple moving average of $57.44. The stock has a market capitalization of $30.60 billion, a price-to-earnings ratio of 53.53, a P/E/G ratio of 2.45 and a beta of 0.78.

Wheaton Precious Metals (NYSE:WPM) last released its quarterly earnings data on Wednesday, August 7th. The company reported $0.33 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.29 by $0.04. The firm had revenue of $299.06 million for 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 last year, the firm earned $0.31 earnings per share. Research analysts predict that Wheaton Precious Metals will post 1.44 EPS for the current fiscal year.

Wheaton Precious Metals Announces Dividend

The business also recently disclosed 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 annualized dividend and a yield of 0.92%. Wheaton Precious Metals’s dividend payout ratio is presently 49.21%.

Institutional Investors Weigh In On Wheaton Precious Metals

A number of institutional investors and hedge funds have recently added to or reduced their stakes in WPM. Wellington Management Group LLP lifted its position in Wheaton Precious Metals by 20.9% during the 4th quarter. Wellington Management Group LLP now owns 86,639 shares of the company’s stock worth $4,295,000 after acquiring an additional 14,972 shares during the period. Fisher Asset Management LLC acquired a new position in Wheaton Precious Metals in the 4th quarter valued at $247,000. AdvisorNet Financial Inc raised its position in Wheaton Precious Metals by 14.2% during the 1st quarter. AdvisorNet Financial Inc now owns 3,140 shares of the company’s stock worth $148,000 after buying an additional 390 shares during the last quarter. Brookstone Capital Management raised its position in Wheaton Precious Metals by 5.3% during the 1st quarter. Brookstone Capital Management now owns 4,771 shares of the company’s stock worth $225,000 after buying an additional 240 shares during the last quarter. Finally, St. Johns Investment Management Company LLC acquired a new stake in shares of Wheaton Precious Metals in the 1st quarter worth $52,000. Hedge funds and other institutional investors own 70.34% of the company’s stock.

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.