Wheaton Precious Metals Corp. Forecasted to Post Q3 2024 Earnings of $0.40 Per Share (NYSE:WPM)

Wheaton Precious Metals Corp. (NYSE:WPM) – Raymond James increased their Q3 2024 earnings per share (EPS) estimates for Wheaton Precious Metals in a note issued to investors on Monday, September 23rd. Raymond James analyst B. Macarthur now forecasts that the company will post earnings per share of $0.40 for the quarter, up from their previous forecast of $0.37. Raymond James has a “Outperform” rating and a $72.00 price objective on the stock. The consensus estimate for Wheaton Precious Metals’ current full-year earnings is $1.41 per share. Raymond James also issued estimates for Wheaton Precious Metals’ 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.

Other research analysts have also issued reports about the company. Berenberg Bank upped their price target on Wheaton Precious Metals from $64.00 to $66.00 and gave the stock a “buy” rating in a report on Thursday, June 27th. Scotiabank raised their price target on shares of Wheaton Precious Metals from $66.50 to $72.00 and gave the stock a “sector outperform” rating in a research report on Monday, August 19th. Bank of America upped their price objective on shares of Wheaton Precious Metals from $60.00 to $61.00 and gave the company a “buy” rating in a research report on Wednesday, June 26th. Jefferies Financial Group lifted their target price on Wheaton Precious Metals from $62.00 to $67.00 and gave the stock a “buy” rating in a research report on Friday, July 12th. Finally, TD Securities cut their price target on Wheaton Precious Metals from $71.00 to $70.00 and set a “buy” rating for the company in a report on Thursday, August 15th. Two analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $68.63.

Wheaton Precious Metals Stock Performance

NYSE WPM opened at $64.14 on Wednesday. The stock has a market capitalization of $29.10 billion, a PE ratio of 49.34, a P/E/G ratio of 2.27 and a beta of 0.78. The stock has a 50-day simple moving average of $59.86 and a 200 day simple moving average of $55.18. Wheaton Precious Metals has a twelve month low of $38.37 and a twelve month high of $64.48.

Wheaton Precious Metals (NYSE:WPM) last released its earnings results on Wednesday, August 7th. The company reported $0.33 earnings per share for the quarter, topping analysts’ consensus estimates of $0.29 by $0.04. The firm had revenue of $299.06 million during the quarter, compared to analyst estimates of $309.54 million. Wheaton Precious Metals had a net margin of 50.44% and a return on equity of 8.54%. The business’s revenue was up 12.9% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.31 EPS.

Institutional Investors Weigh In On Wheaton Precious Metals

Large investors have recently made changes to their positions in the company. Marketfield Asset Management LLC boosted its position in 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 buying an additional 33,337 shares in the last quarter. Financial Sense Advisors Inc. grew its position in 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. Mediolanum International Funds Ltd acquired a new stake in Wheaton Precious Metals during the 1st quarter valued at $1,752,000. Alberta Investment Management Corp raised its position 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 valued at $47,491,000 after purchasing an additional 7,610 shares during the last quarter. Finally, FIL Ltd boosted its stake in Wheaton Precious Metals by 5.5% in the fourth quarter. FIL Ltd now owns 10,646,479 shares of the company’s stock worth $525,235,000 after purchasing an additional 550,804 shares in the last quarter. Institutional investors own 70.34% of the company’s stock.

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 issued a dividend of $0.155 per share. The ex-dividend date of this dividend was Wednesday, August 21st. This represents a $0.62 dividend on an annualized basis and a dividend yield of 0.97%. Wheaton Precious Metals’s payout ratio is presently 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.