Wheaton Precious Metals (NYSE:WPM) Downgraded by Stifel Canada to Hold

Stifel Canada downgraded shares of Wheaton Precious Metals (NYSE:WPM) from a strong-buy rating to a hold rating in a research report released on Monday, Zacks.com reports. Stifel Canada also issued estimates for Wheaton Precious Metals’ FY2024 earnings at $1.43 EPS.

Several other research analysts have also recently issued reports on WPM. Bank of America increased their price target on Wheaton Precious Metals from $60.00 to $61.00 and gave the stock a “buy” rating in a research note on Wednesday, June 26th. CIBC increased 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. Raymond James increased their price target on Wheaton Precious Metals from $70.00 to $72.00 and gave the stock an “outperform” rating in a research note on Wednesday, September 25th. TD Securities decreased 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. Finally, Jefferies Financial Group increased their price target on 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 analyst has rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $69.88.

Wheaton Precious Metals Price Performance

Shares of WPM opened at $68.53 on Monday. The company has a market cap of $31.09 billion, a P/E ratio of 54.39, a PEG ratio of 2.45 and a beta of 0.78. The stock has a fifty day moving average price of $61.49 and a 200 day moving average price of $57.37. Wheaton Precious Metals has a 12 month low of $38.57 and a 12 month high of $68.64.

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. The firm had revenue of $299.06 million during the quarter, compared to the consensus estimate of $309.54 million. Wheaton Precious Metals had a return on equity of 8.54% and a net margin of 50.44%. The firm’s revenue was up 12.9% on a year-over-year basis. During the same period in the prior year, the business earned $0.31 EPS. As a group, research analysts anticipate that Wheaton Precious Metals will post 1.44 earnings per share for the current year.

Wheaton Precious Metals Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, September 4th. Investors of record on Wednesday, August 21st were paid 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 0.90%. Wheaton Precious Metals’s dividend payout ratio is currently 49.21%.

Institutional Investors Weigh In On Wheaton Precious Metals

Several hedge funds have recently modified their holdings of the stock. First Eagle Investment Management LLC lifted its holdings in shares of Wheaton Precious Metals by 1.4% during the first quarter. First Eagle Investment Management LLC now owns 21,403,409 shares of the company’s stock valued at $1,008,743,000 after purchasing an additional 292,968 shares during the last quarter. Van ECK Associates Corp lifted its holdings in shares of Wheaton Precious Metals by 1.0% during the second quarter. Van ECK Associates Corp now owns 19,984,984 shares of the company’s stock valued at $1,047,621,000 after purchasing an additional 197,426 shares during the last quarter. Vanguard Group Inc. lifted its holdings in shares of Wheaton Precious Metals by 1.7% during the first quarter. Vanguard Group Inc. now owns 16,770,475 shares of the company’s stock valued at $790,392,000 after purchasing an additional 272,918 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in shares of Wheaton Precious Metals by 16.0% during the first quarter. Price T Rowe Associates Inc. MD now owns 7,309,175 shares of the company’s stock valued at $344,483,000 after purchasing an additional 1,010,307 shares during the last quarter. Finally, TD Asset Management Inc lifted its holdings in shares of Wheaton Precious Metals by 22.5% during the second quarter. TD Asset Management Inc now owns 5,950,317 shares of the company’s stock valued at $311,920,000 after purchasing an additional 1,092,480 shares during the last quarter. 70.34% of the stock is owned by hedge funds and other 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.