Wheaton Precious Metals (NYSE:WPM) Announces Quarterly Earnings Results, Beats Estimates By $0.03 EPS

Wheaton Precious Metals (NYSE:WPM) released its earnings results on Thursday. The company reported $0.62 EPS for the quarter, topping the consensus estimate of $0.59 by $0.03, Briefing.com reports. The firm had revenue of $476.26 million during the quarter, compared to analysts’ expectations of $495.53 million. Wheaton Precious Metals had a return on equity of 11.96% and a net margin of 47.46%.Wheaton Precious Metals’s revenue for the quarter was up 54.5% on a year-over-year basis. During the same period in the previous year, the firm posted $0.34 EPS.

Wheaton Precious Metals Price Performance

NYSE WPM opened at $99.63 on Friday. Wheaton Precious Metals has a fifty-two week low of $55.47 and a fifty-two week high of $114.36. The stock’s 50-day moving average is $104.05 and its two-hundred day moving average is $94.43. The firm has a market cap of $45.23 billion, a P/E ratio of 56.52, a price-to-earnings-growth ratio of 1.67 and a beta of 0.38.

Analysts Set New Price Targets

Several research firms have issued reports on WPM. BMO Capital Markets restated an “outperform” rating on shares of Wheaton Precious Metals in a research note on Friday, August 8th. Wall Street Zen raised Wheaton Precious Metals from a “hold” rating to a “buy” rating in a research note on Monday, September 8th. Weiss Ratings reissued a “buy (b-)” rating on shares of Wheaton Precious Metals in a research note on Wednesday, October 8th. Berenberg Bank increased their price target on shares of Wheaton Precious Metals from $102.00 to $108.00 and gave the stock a “buy” rating in a research report on Friday, September 12th. Finally, CIBC raised their price target on shares of Wheaton Precious Metals from $135.00 to $160.00 and gave the company an “outperformer” rating in a research note on Friday, October 10th. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $119.00.

Institutional Trading of Wheaton Precious Metals

A number of institutional investors and hedge funds have recently modified their holdings of WPM. Smartleaf Asset Management LLC raised its stake in shares of Wheaton Precious Metals by 19.7% in the second quarter. Smartleaf Asset Management LLC now owns 1,722 shares of the company’s stock valued at $150,000 after acquiring an additional 284 shares during the last quarter. Redwood Investment Management LLC acquired a new position in shares of Wheaton Precious Metals in the 2nd quarter valued at approximately $201,000. MGB Wealth Management LLC acquired a new stake in shares of Wheaton Precious Metals in the 2nd quarter valued at about $201,000. Synergy Financial Group LTD acquired a new position in Wheaton Precious Metals during the second quarter worth $206,000. Finally, Acadian Asset Management LLC bought a new position in Wheaton Precious Metals in the first quarter valued at approximately $209,000. 70.34% of the stock is currently owned by institutional investors.

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.