Wheaton Precious Metals (NYSE:WPM) Downgraded by Zacks Investment Research

Zacks Investment Research downgraded shares of Wheaton Precious Metals (NYSE:WPM) from a buy rating to a hold rating in a report issued on Saturday morning, Zacks.com reports. They currently have $29.00 target price on the stock.

According to Zacks, “Wheaton Precious Metals Corp. operates as a silver and gold streaming company. Wheaton Precious Metals Corp, formerly known as Silver Wheaton Corp, is headquartered in Vancouver, Canada. “

A number of other brokerages also recently commented on WPM. Canaccord Genuity reissued a buy rating on shares of Wheaton Precious Metals in a research note on Friday, August 23rd. Raymond James reissued an outperform rating and issued a $29.00 price objective on shares of Wheaton Precious Metals in a research note on Monday, August 12th. Deutsche Bank set a $27.00 price objective on shares of Wheaton Precious Metals and gave the stock a buy rating in a research note on Thursday, July 11th. Barclays downgraded shares of Wheaton Precious Metals from an overweight rating to an equal weight rating and set a $28.00 price objective for the company. in a research note on Tuesday, October 15th. Finally, TheStreet downgraded shares of Wheaton Precious Metals from a b rating to a c+ rating in a research note on Friday, August 9th. Six research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. The company currently has a consensus rating of Buy and an average target price of $31.82.

Wheaton Precious Metals stock opened at $26.15 on Friday. The company has a 50 day moving average price of $27.29 and a 200-day moving average price of $24.78. The company has a debt-to-equity ratio of 0.22, a quick ratio of 3.65 and a current ratio of 3.65. Wheaton Precious Metals has a fifty-two week low of $15.08 and a fifty-two week high of $30.90. The company has a market capitalization of $11.79 billion, a PE ratio of 54.48, a P/E/G ratio of 9.50 and a beta of -0.12.

Wheaton Precious Metals (NYSE:WPM) last posted its quarterly earnings results on Thursday, August 8th. The company reported $0.10 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.10. Wheaton Precious Metals had a negative net margin of 3.33% and a positive return on equity of 3.35%. The firm had revenue of $189.47 million during the quarter, compared to the consensus estimate of $194.90 million. During the same quarter in the previous year, the firm posted $0.16 earnings per share. The company’s revenue was down 10.8% on a year-over-year basis. On average, analysts forecast that Wheaton Precious Metals will post 0.56 earnings per share for the current year.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in WPM. Flagship Harbor Advisors LLC grew its holdings in shares of Wheaton Precious Metals by 181.6% during the third quarter. Flagship Harbor Advisors LLC now owns 2,596 shares of the company’s stock valued at $68,000 after buying an additional 1,674 shares during the last quarter. Essex Investment Management Co. LLC grew its holdings in shares of Wheaton Precious Metals by 21.9% during the third quarter. Essex Investment Management Co. LLC now owns 96,177 shares of the company’s stock valued at $2,524,000 after buying an additional 17,274 shares during the last quarter. CWM LLC grew its holdings in shares of Wheaton Precious Metals by 11.4% during the third quarter. CWM LLC now owns 8,257 shares of the company’s stock valued at $217,000 after buying an additional 847 shares during the last quarter. EagleClaw Capital Managment LLC grew its holdings in shares of Wheaton Precious Metals by 2.1% during the third quarter. EagleClaw Capital Managment LLC now owns 109,575 shares of the company’s stock valued at $2,860,000 after buying an additional 2,300 shares during the last quarter. Finally, Moors & Cabot Inc. grew its holdings in shares of Wheaton Precious Metals by 8.2% during the third quarter. Moors & Cabot Inc. now owns 37,808 shares of the company’s stock valued at $985,000 after buying an additional 2,868 shares during the last quarter. 53.83% of the stock is currently owned by institutional investors and hedge funds.

About Wheaton Precious Metals

Wheaton Precious Metals Corp., a mining company, primarily sells precious metals in Canada and internationally. The company sells silver and gold ores. It has agreements for 19 operating mines and 9 development stage projects. The company was formerly known as Silver Wheaton Corp. and changed its name to Wheaton Precious Metals Corp.

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