Wheaton Precious Metals (NYSE:WPM) PT Raised to $72.00 at Raymond James

Wheaton Precious Metals (NYSE:WPM) had its target price hoisted by investment analysts at Raymond James from $70.00 to $72.00 in a note issued to investors on Wednesday, BayStreet.CA reports. The brokerage currently has an “outperform” rating on the stock. Raymond James’ target price would suggest a potential upside of 11.91% from the company’s previous close. Raymond James also issued estimates for Wheaton Precious Metals’ Q3 2024 earnings at $0.40 EPS, FY2024 earnings at $1.44 EPS, Q1 2025 earnings at $0.44 EPS, Q2 2025 earnings at $0.46 EPS, Q3 2025 earnings at $0.48 EPS and Q4 2025 earnings at $0.50 EPS.

Several other equities research analysts have also recently issued reports on the stock. Jefferies Financial Group boosted their price objective on shares of Wheaton Precious Metals from $62.00 to $67.00 and gave the company a “buy” rating in a research report on Friday, July 12th. Berenberg Bank upped their target price on shares of Wheaton Precious Metals from $64.00 to $66.00 and gave the stock a “buy” rating in a research note on Thursday, June 27th. Scotiabank upped their target price 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. CIBC increased their price target 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. Finally, TD Securities decreased 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 note on Thursday, August 15th. 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 an average rating of “Moderate Buy” and a consensus target price of $69.06.

Wheaton Precious Metals Stock Up 1.4 %

WPM stock traded up $0.87 during mid-day trading on Wednesday, reaching $64.34. 878,244 shares of the company traded hands, compared to its average volume of 1,776,566. Wheaton Precious Metals has a fifty-two week low of $38.37 and a fifty-two week high of $64.34. The firm’s 50 day moving average price is $59.81 and its 200 day moving average price is $55.11. The stock has a market cap of $29.19 billion, a price-to-earnings ratio of 49.41, a P/E/G ratio of 2.27 and a beta of 0.78.

Wheaton Precious Metals (NYSE:WPM) last posted its quarterly earnings results on Wednesday, August 7th. The company reported $0.33 earnings per share (EPS) for the quarter, beating the consensus estimate 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 business had revenue of $299.06 million during the quarter, compared to analyst estimates of $309.54 million. During the same period in the prior year, the business posted $0.31 earnings per share. The company’s revenue was up 12.9% on a year-over-year basis. On average, analysts anticipate that Wheaton Precious Metals will post 1.41 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Marketfield Asset Management LLC grew its position in shares of Wheaton Precious Metals by 61.0% in the fourth quarter. Marketfield Asset Management LLC now owns 88,025 shares of the company’s stock valued at $4,343,000 after purchasing an additional 33,337 shares in the last quarter. Financial Sense Advisors Inc. lifted its holdings 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 valued at $2,679,000 after buying an additional 19,924 shares during the period. Mediolanum International Funds Ltd purchased a new stake in shares of Wheaton Precious Metals in the 1st quarter worth $1,752,000. Alberta Investment Management Corp increased its stake in Wheaton Precious Metals by 0.8% in the 4th quarter. Alberta Investment Management Corp now owns 957,947 shares of the company’s stock worth $47,491,000 after buying an additional 7,610 shares in the last quarter. Finally, FIL Ltd grew its position in shares of Wheaton Precious Metals by 5.5% during the fourth quarter. FIL Ltd now owns 10,646,479 shares of the company’s stock valued at $525,235,000 after purchasing an additional 550,804 shares in the last quarter. 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.