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 released on Monday morning, Zacks.com reports. Stifel Canada also issued estimates for Wheaton Precious Metals’ FY2024 earnings at $1.43 EPS.

Several other brokerages have also commented on WPM. CIBC boosted their price target on Wheaton Precious Metals from $75.00 to $80.00 and gave the stock an “outperformer” rating in a research note on Wednesday, July 10th. Jefferies Financial Group upped their target price on Wheaton Precious Metals from $67.00 to $77.00 and gave the company a “buy” rating in a report on Friday, October 4th. 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 research note on Thursday, August 15th. Bank of America increased 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 note on Wednesday, June 26th. Finally, Raymond James raised their target price on shares of Wheaton Precious Metals from $70.00 to $72.00 and gave the company an “outperform” rating in a report on Wednesday, September 25th. One investment analyst has rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, Wheaton Precious Metals has a consensus rating of “Moderate Buy” and an average target price of $69.88.

Wheaton Precious Metals Stock Performance

NYSE:WPM opened at $67.45 on Monday. Wheaton Precious Metals has a 1 year low of $38.57 and a 1 year high of $68.64. The stock has a fifty day moving average price of $61.69 and a two-hundred day moving average price of $57.44. The stock has a market capitalization of $30.60 billion, a price-to-earnings ratio of 53.53, a PEG ratio of 2.45 and a beta of 0.78.

Wheaton Precious Metals (NYSE:WPM) last announced its quarterly earnings results 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 business had revenue of $299.06 million during 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 business’s revenue was up 12.9% compared to the same quarter last year. During the same quarter last year, the firm posted $0.31 EPS. On average, analysts predict that Wheaton Precious Metals will post 1.44 EPS for the current year.

Wheaton Precious Metals Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, September 4th. Shareholders of record on Wednesday, August 21st were paid a dividend of $0.155 per share. The ex-dividend date was Wednesday, August 21st. This represents a $0.62 annualized dividend and a dividend yield of 0.92%. Wheaton Precious Metals’s dividend payout ratio is currently 49.21%.

Institutional Trading of Wheaton Precious Metals

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Wellington Management Group LLP boosted its holdings in shares of Wheaton Precious Metals by 20.9% during the fourth quarter. Wellington Management Group LLP now owns 86,639 shares of the company’s stock worth $4,295,000 after purchasing an additional 14,972 shares during the last quarter. Fisher Asset Management LLC purchased a new position in Wheaton Precious Metals during the fourth quarter worth about $247,000. AdvisorNet Financial Inc boosted its stake in Wheaton Precious Metals by 14.2% in 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 grew its holdings in Wheaton Precious Metals by 5.3% in the 1st quarter. Brookstone Capital Management now owns 4,771 shares of the company’s stock valued at $225,000 after buying an additional 240 shares during the period. Finally, St. Johns Investment Management Company LLC purchased a new stake in Wheaton Precious Metals in the 1st quarter valued at about $52,000. 70.34% of the stock is owned by hedge funds and other institutional investors.

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.