UBS Group Increases Wheaton Precious Metals (NYSE:WPM) Price Target to $89.00

Wheaton Precious Metals (NYSE:WPM) had its target price lifted by analysts at UBS Group from $78.00 to $89.00 in a note issued to investors on Friday,Benzinga reports. The firm presently has a “buy” rating on the stock. UBS Group’s target price points to a potential upside of 8.44% from the stock’s current price.

A number of other equities research analysts also recently weighed in on the company. Scotiabank upped their target price on Wheaton Precious Metals from $78.00 to $79.00 and gave the stock a “sector outperform” rating in a research report on Monday, March 17th. Raymond James lifted their target price on Wheaton Precious Metals from $75.00 to $88.00 and gave the stock an “outperform” rating in a report on Friday, April 4th. Stifel Canada raised shares of Wheaton Precious Metals from a “hold” rating to a “strong-buy” rating in a report on Tuesday, February 4th. Finally, Royal Bank of Canada lifted their price objective on shares of Wheaton Precious Metals from $75.00 to $80.00 and gave the stock a “sector perform” rating in a research note on Friday, April 4th. One analyst has rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Wheaton Precious Metals has an average rating of “Buy” and a consensus target price of $75.60.

Wheaton Precious Metals Price Performance

WPM opened at $82.08 on Friday. The stock’s 50 day moving average price is $71.92 and its 200 day moving average price is $64.86. The stock has a market cap of $37.24 billion, a P/E ratio of 61.25, a P/E/G ratio of 1.91 and a beta of 0.74. Wheaton Precious Metals has a 12 month low of $49.71 and a 12 month high of $82.99.

Wheaton Precious Metals (NYSE:WPM) last issued its quarterly earnings data on Thursday, March 13th. The company reported $0.44 earnings per share for the quarter, missing analysts’ consensus estimates of $0.45 by ($0.01). The company had revenue of $380.52 million for the quarter, compared to the consensus estimate of $395.74 million. Wheaton Precious Metals had a net margin of 50.05% and a return on equity of 8.85%. Wheaton Precious Metals’s revenue for the quarter was up 21.4% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.36 earnings per share. Equities analysts anticipate that Wheaton Precious Metals will post 1.46 EPS for the current year.

Hedge Funds Weigh In On Wheaton Precious Metals

Several institutional investors and hedge funds have recently bought and sold shares of the business. Raymond James Financial Inc. purchased a new position in Wheaton Precious Metals during the fourth quarter valued at approximately $20,790,000. Sei Investments Co. increased its stake in shares of Wheaton Precious Metals by 25.7% in the fourth quarter. Sei Investments Co. now owns 40,769 shares of the company’s stock worth $2,293,000 after acquiring an additional 8,331 shares during the last quarter. CWA Asset Management Group LLC raised its holdings in shares of Wheaton Precious Metals by 19.7% during the fourth quarter. CWA Asset Management Group LLC now owns 163,514 shares of the company’s stock worth $9,196,000 after acquiring an additional 26,924 shares in the last quarter. Wellington Management Group LLP boosted its position in Wheaton Precious Metals by 42.7% during the third quarter. Wellington Management Group LLP now owns 133,627 shares of the company’s stock valued at $8,170,000 after purchasing an additional 39,979 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its position in Wheaton Precious Metals by 9.1% in the 4th quarter. Bank of New York Mellon Corp now owns 399,035 shares of the company’s stock worth $22,442,000 after purchasing an additional 33,256 shares during the last quarter. Hedge funds and other 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.