Pinnacle Associates Ltd. Acquires 300 Shares of Wheaton Precious Metals Corp. (NYSE:WPM)

Pinnacle Associates Ltd. lifted its holdings in shares of Wheaton Precious Metals Corp. (NYSE:WPM) by 7.7% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,200 shares of the company’s stock after purchasing an additional 300 shares during the quarter. Pinnacle Associates Ltd.’s holdings in Wheaton Precious Metals were worth $257,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Ridgewood Investments LLC acquired a new stake in Wheaton Precious Metals during the 2nd quarter worth approximately $31,000. Abich Financial Wealth Management LLC acquired a new stake in shares of Wheaton Precious Metals in the 2nd quarter valued at about $31,000. St. Johns Investment Management Company LLC bought a new position in shares of Wheaton Precious Metals during the third quarter worth about $48,000. Sunbelt Securities Inc. bought a new position in shares of Wheaton Precious Metals during the second quarter worth about $47,000. Finally, Massmutual Trust Co. FSB ADV raised its position in Wheaton Precious Metals by 25.9% in the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 1,231 shares of the company’s stock valued at $65,000 after buying an additional 253 shares during the last quarter. Institutional investors own 70.34% of the company’s stock.

Wheaton Precious Metals Stock Down 1.3 %

Shares of NYSE WPM opened at $65.13 on Monday. Wheaton Precious Metals Corp. has a twelve month low of $38.57 and a twelve month high of $68.64. The company has a market cap of $29.55 billion, a PE ratio of 51.69, a price-to-earnings-growth ratio of 2.40 and a beta of 0.77. The business’s 50 day moving average price is $62.53 and its two-hundred day moving average price is $58.19.

Wheaton Precious Metals (NYSE:WPM) last posted 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 business had revenue of $299.06 million for the quarter, compared to analyst estimates of $309.54 million. Wheaton Precious Metals had a return on equity of 8.54% and a net margin of 50.44%. The firm’s revenue was up 12.9% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.31 EPS. As a group, research analysts anticipate that Wheaton Precious Metals Corp. will post 1.44 EPS for the current fiscal year.

Wheaton Precious Metals Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, September 4th. Stockholders of record on Wednesday, August 21st were issued a dividend of $0.155 per share. This represents a $0.62 dividend on an annualized basis and a dividend yield of 0.95%. The ex-dividend date was Wednesday, August 21st. Wheaton Precious Metals’s dividend payout ratio is currently 49.21%.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on WPM. Stifel Canada cut shares of Wheaton Precious Metals from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 21st. Scotiabank raised 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 research report on Monday, August 19th. Raymond James boosted their price target on shares of Wheaton Precious Metals from $74.00 to $75.00 and gave the stock an “outperform” rating in a research report on Friday, October 25th. Jefferies Financial Group raised their price objective on Wheaton Precious Metals from $67.00 to $77.00 and gave the company a “buy” rating in a report on Friday, October 4th. Finally, TD Securities reduced their price target on Wheaton Precious Metals from $71.00 to $70.00 and set a “buy” rating for the company in a research report on Thursday, August 15th. One analyst has rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat, Wheaton Precious Metals currently has a consensus rating of “Moderate Buy” and a consensus target price of $70.25.

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.