Stifel Canada Has Strong Estimate for WPM FY2024 Earnings

Wheaton Precious Metals Corp. (NYSE:WPM) – Investment analysts at Stifel Canada increased their FY2024 earnings per share estimates for Wheaton Precious Metals in a report issued on Monday, October 21st. Stifel Canada analyst I. Rico now forecasts that the company will earn $1.43 per share for the year, up from their previous estimate of $1.42. Stifel Canada currently has a “Hold” rating on the stock. The consensus estimate for Wheaton Precious Metals’ current full-year earnings is $1.45 per share.

Wheaton Precious Metals (NYSE:WPM) last issued its quarterly earnings data on Wednesday, August 7th. The company reported $0.33 EPS for the quarter, topping analysts’ consensus estimates 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 firm 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 earned $0.31 EPS. The company’s revenue was up 12.9% on a year-over-year basis.

A number of other research analysts have also commented on the company. Scotiabank increased their price objective on 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. National Bank Financial upgraded Wheaton Precious Metals from a “sector perform” rating to an “outperform” rating in a research report on Thursday, October 10th. CIBC boosted their price objective on Wheaton Precious Metals from $75.00 to $80.00 and gave the stock an “outperformer” rating in a report on Wednesday, July 10th. Berenberg Bank raised their target price on shares of Wheaton Precious Metals from $64.00 to $66.00 and gave the company a “buy” rating in a research note on Thursday, June 27th. Finally, Jefferies Financial Group boosted their price target on shares of Wheaton Precious Metals from $67.00 to $77.00 and gave the stock a “buy” rating in a research note on Friday, October 4th. One research analyst has rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $69.88.

Wheaton Precious Metals Price Performance

Shares of Wheaton Precious Metals stock opened at $67.13 on Wednesday. The firm has a 50 day simple moving average of $61.87 and a 200 day simple moving average of $57.51. Wheaton Precious Metals has a fifty-two week low of $38.57 and a fifty-two week high of $68.64. The firm has a market cap of $30.45 billion, a P/E ratio of 51.64, a P/E/G ratio of 2.48 and a beta of 0.78.

Institutional Investors Weigh In On Wheaton Precious Metals

Several hedge funds have recently bought and sold shares of WPM. Wellington Management Group LLP raised its stake in Wheaton Precious Metals by 20.9% during the 4th quarter. Wellington Management Group LLP now owns 86,639 shares of the company’s stock worth $4,295,000 after buying an additional 14,972 shares during the period. Fisher Asset Management LLC acquired a new stake in shares of Wheaton Precious Metals during the fourth quarter worth about $247,000. AdvisorNet Financial Inc lifted its holdings in shares of Wheaton Precious Metals by 14.2% during the 1st quarter. AdvisorNet Financial Inc now owns 3,140 shares of the company’s stock valued at $148,000 after purchasing an additional 390 shares in the last quarter. Brookstone Capital Management grew its position in shares of 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 purchasing an additional 240 shares during the period. Finally, GoalVest Advisory LLC bought a new stake in Wheaton Precious Metals during the 1st quarter worth approximately $573,000. 70.34% of the stock is currently owned by institutional investors and hedge funds.

Wheaton Precious Metals Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, September 4th. Shareholders of record on Wednesday, August 21st were paid a $0.155 dividend. This represents a $0.62 annualized dividend and a yield of 0.92%. The ex-dividend date of this dividend was Wednesday, August 21st. Wheaton Precious Metals’s payout ratio is presently 47.69%.

Wheaton Precious Metals Company Profile

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.