Wheaton Precious Metals (NYSE:WPM) Rating Lowered to Hold at 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 published on Monday morning, Zacks.com reports. Stifel Canada also issued estimates for Wheaton Precious Metals’ Q3 2024 earnings at $0.33 EPS, FY2024 earnings at $1.43 EPS, FY2025 earnings at $1.96 EPS and FY2026 earnings at $1.96 EPS.

Other research analysts have also recently issued research reports about the company. Raymond James upped their target price on Wheaton Precious Metals from $70.00 to $72.00 and gave the company an “outperform” rating in a research note on Wednesday, September 25th. TD Securities dropped their price objective 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. CIBC increased their price objective 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. National Bank Financial raised Wheaton Precious Metals from a “sector perform” rating to an “outperform” rating in a research note on Thursday, October 10th. Finally, Scotiabank increased their price objective 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. One research analyst has rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat, Wheaton Precious Metals presently has a consensus rating of “Moderate Buy” and an average target price of $69.88.

Wheaton Precious Metals Stock Performance

WPM opened at $67.13 on Monday. The stock has a market cap of $30.45 billion, a price-to-earnings ratio of 51.64, a P/E/G ratio of 2.48 and a beta of 0.78. The stock’s 50 day moving average price is $61.87 and its 200-day moving average price is $57.51. Wheaton Precious Metals has a one year low of $38.57 and a one year high of $68.64.

Wheaton Precious Metals (NYSE:WPM) last released its earnings results on Wednesday, August 7th. The company reported $0.33 EPS for the quarter, beating analysts’ consensus estimates of $0.29 by $0.04. The firm had revenue of $299.06 million for the quarter, compared to analysts’ expectations of $309.54 million. Wheaton Precious Metals had a return on equity of 8.54% and a net margin of 50.44%. The company’s quarterly revenue was up 12.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.31 earnings per share. As a group, analysts predict that Wheaton Precious Metals will post 1.45 earnings per share for the current fiscal year.

Wheaton Precious Metals Announces Dividend

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

Institutional Trading of Wheaton Precious Metals

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Financial Sense Advisors Inc. boosted 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 valued at $2,679,000 after acquiring an additional 19,924 shares in the last quarter. Mediolanum International Funds Ltd purchased a new stake in shares of Wheaton Precious Metals during the 1st quarter valued at $1,752,000. Russell Investments Group Ltd. lifted its holdings in shares of Wheaton Precious Metals by 8.5% during the 1st quarter. Russell Investments Group Ltd. now owns 878,049 shares of the company’s stock valued at $41,227,000 after purchasing an additional 68,755 shares during the last quarter. SageView Advisory Group LLC purchased a new stake in shares of Wheaton Precious Metals during the 1st quarter valued at $770,000. Finally, Well Done LLC lifted its holdings in shares of Wheaton Precious Metals by 173.9% during the 3rd quarter. Well Done LLC now owns 38,108 shares of the company’s stock valued at $2,328,000 after purchasing an additional 24,196 shares during 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.