Wheaton Precious Metals (NYSE:WPM) Reaches New 52-Week High – Here’s Why

Wheaton Precious Metals Corp. (NYSE:WPM) shares hit a new 52-week high on Wednesday . The company traded as high as $70.45 and last traded at $70.31, with a volume of 205743 shares. The stock had previously closed at $68.94.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on WPM. UBS Group began coverage on shares of Wheaton Precious Metals in a research note on Monday, November 18th. They set a “buy” rating and a $78.00 target price for the company. Stifel Canada raised Wheaton Precious Metals from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, February 4th. Finally, TD Securities boosted their target price on Wheaton Precious Metals from $74.00 to $75.00 and gave the stock a “buy” rating in a report on Friday, November 8th. Nine investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Wheaton Precious Metals currently has a consensus rating of “Buy” and an average price target of $71.67.

Wheaton Precious Metals Stock Performance

The firm has a 50-day moving average of $61.25 and a 200-day moving average of $61.76. The firm has a market capitalization of $31.97 billion, a P/E ratio of 52.66, a PEG ratio of 1.91 and a beta of 0.77.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Versant Capital Management Inc bought a new stake in Wheaton Precious Metals in the 4th quarter worth about $29,000. Promus Capital LLC bought a new position in Wheaton Precious Metals during the 4th quarter valued at about $32,000. Bank Julius Baer & Co. Ltd Zurich purchased a new stake in shares of Wheaton Precious Metals during the 4th quarter valued at about $38,000. Laurel Wealth Advisors LLC bought a new stake in shares of Wheaton Precious Metals in the fourth quarter worth approximately $39,000. Finally, Quintet Private Bank Europe S.A. bought a new stake in shares of Wheaton Precious Metals in the fourth quarter worth approximately $39,000. 70.34% of the stock is 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.