Wheaton Precious Metals (NYSE:WPM) Lifted to Outperform at National Bank Financial

National Bank Financial upgraded shares of Wheaton Precious Metals (NYSE:WPM) from a sector perform rating to an outperform rating in a research note released on Thursday, MarketBeat Ratings reports. National Bank Financial also issued estimates for Wheaton Precious Metals’ Q3 2024 earnings at $0.37 EPS, Q4 2024 earnings at $0.41 EPS and FY2024 earnings at $1.46 EPS.

A number of other analysts have also weighed in on the company. Berenberg Bank increased their target price on Wheaton Precious Metals from $64.00 to $66.00 and gave the stock a buy rating in a research note on Thursday, June 27th. TD Securities reduced their target price on 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. Bank of America increased their target price on Wheaton Precious Metals from $60.00 to $61.00 and gave the stock a buy rating in a research note on Wednesday, June 26th. Jefferies Financial Group increased their target price on Wheaton Precious Metals from $67.00 to $77.00 and gave the stock a buy rating in a research note on Friday, October 4th. Finally, Scotiabank increased their target price on Wheaton Precious Metals from $66.50 to $72.00 and gave the stock a sector outperform rating in a research note on Monday, August 19th. Eight analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has a consensus rating of Buy and a consensus price target of $69.88.

Wheaton Precious Metals Stock Performance

NYSE:WPM opened at $60.71 on Thursday. The stock’s fifty day moving average is $60.27 and its 200 day moving average is $56.54. Wheaton Precious Metals has a fifty-two week low of $38.57 and a fifty-two week high of $64.82. The firm has a market capitalization of $27.53 billion, a PE ratio of 46.70, a PEG ratio of 2.15 and a beta of 0.78.

Wheaton Precious Metals (NYSE:WPM) last released its quarterly earnings results on Wednesday, August 7th. The company reported $0.33 earnings per share for the quarter, beating the consensus estimate of $0.29 by $0.04. Wheaton Precious Metals had a return on equity of 8.54% and a net margin of 50.44%. The company had revenue of $299.06 million for the quarter, compared to analyst estimates of $309.54 million. During the same quarter in the prior year, the firm posted $0.31 EPS. Wheaton Precious Metals’s quarterly revenue was up 12.9% compared to the same quarter last year. Equities analysts forecast that Wheaton Precious Metals will post 1.42 EPS for the current year.

Wheaton Precious Metals Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, September 4th. Investors of record on Wednesday, August 21st were given a dividend of $0.155 per share. This represents a $0.62 dividend on an annualized basis and a yield of 1.02%. The ex-dividend date of this dividend was Wednesday, August 21st. Wheaton Precious Metals’s payout ratio is currently 47.69%.

Institutional Investors Weigh In On Wheaton Precious Metals

A number of institutional investors have recently added to or reduced their stakes in WPM. TD Asset Management Inc boosted its position in Wheaton Precious Metals by 71.2% during the first quarter. TD Asset Management Inc now owns 4,857,837 shares of the company’s stock valued at $229,026,000 after purchasing an additional 2,019,722 shares in the last quarter. AMF Tjanstepension AB boosted its holdings in Wheaton Precious Metals by 593.5% in the second quarter. AMF Tjanstepension AB now owns 1,608,134 shares of the company’s stock worth $84,388,000 after acquiring an additional 1,376,231 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its holdings in Wheaton Precious Metals by 31.0% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 5,672,800 shares of the company’s stock worth $272,975,000 after acquiring an additional 1,342,264 shares in the last quarter. Barings LLC acquired a new stake in Wheaton Precious Metals in the second quarter worth about $65,405,000. Finally, Price T Rowe Associates Inc. MD boosted its holdings in Wheaton Precious Metals by 16.0% in the first quarter. Price T Rowe Associates Inc. MD now owns 7,309,175 shares of the company’s stock worth $344,483,000 after acquiring an additional 1,010,307 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.