Wheaton Precious Metals (NYSE:WPM) Shares Gap Down – Here’s Why

Wheaton Precious Metals Corp. (NYSE:WPM)’s stock price gapped down before the market opened on Tuesday . The stock had previously closed at $86.62, but opened at $84.88. Wheaton Precious Metals shares last traded at $86.06, with a volume of 277,019 shares traded.

Analyst Ratings Changes

A number of analysts have issued reports on the stock. Raymond James boosted their price objective on shares of Wheaton Precious Metals from $88.00 to $90.00 and gave the company an “outperform” rating in a report on Tuesday, April 15th. Scotiabank increased their price objective on shares of Wheaton Precious Metals from $79.00 to $87.00 and gave the stock a “sector outperform” rating in a research note on Monday, April 14th. Stifel Canada upgraded Wheaton Precious Metals from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, February 4th. CIBC lifted their price target on Wheaton Precious Metals from $95.00 to $105.00 and gave the company an “outperformer” rating in a research note on Friday, May 9th. Finally, National Bankshares restated an “outperform” rating on shares of Wheaton Precious Metals in a research report on Wednesday, April 23rd. One investment analyst has rated the stock with a hold rating, ten have given a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $85.90.

Wheaton Precious Metals Stock Performance

The stock has a market capitalization of $38.94 billion, a price-to-earnings ratio of 64.02, a P/E/G ratio of 1.91 and a beta of 0.49. The company has a fifty day simple moving average of $79.90 and a 200 day simple moving average of $68.97.

Wheaton Precious Metals (NYSE:WPM) last announced its earnings results on Thursday, May 8th. The company reported $0.55 EPS for the quarter, beating the consensus estimate of $0.50 by $0.05. Wheaton Precious Metals had a return on equity of 8.85% and a net margin of 50.05%. The business had revenue of $470.41 million for the quarter, compared to analysts’ expectations of $446.33 million. During the same period in the prior year, the business posted $0.36 earnings per share. The firm’s revenue was up 58.4% on a year-over-year basis. As a group, equities analysts predict that Wheaton Precious Metals Corp. will post 1.46 earnings per share for the current fiscal year.

Wheaton Precious Metals Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 10th. Shareholders of record on Wednesday, May 28th will be issued a dividend of $0.165 per share. This represents a $0.66 dividend on an annualized basis and a dividend yield of 0.77%. The ex-dividend date of this dividend is Wednesday, May 28th. Wheaton Precious Metals’s payout ratio is 48.53%.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Barclays PLC increased its stake in Wheaton Precious Metals by 9.9% in the third quarter. Barclays PLC now owns 315,914 shares of the company’s stock valued at $19,297,000 after purchasing an additional 28,485 shares in the last quarter. Exchange Traded Concepts LLC acquired a new stake in Wheaton Precious Metals in the fourth quarter valued at approximately $54,000. Jamison Private Wealth Management Inc. increased its holdings in shares of Wheaton Precious Metals by 23.0% during the fourth quarter. Jamison Private Wealth Management Inc. now owns 4,093 shares of the company’s stock valued at $230,000 after acquiring an additional 766 shares in the last quarter. PFG Investments LLC raised its position in shares of Wheaton Precious Metals by 1.8% during the fourth quarter. PFG Investments LLC now owns 22,343 shares of the company’s stock worth $1,257,000 after purchasing an additional 393 shares during the period. Finally, Kingswood Wealth Advisors LLC lifted its holdings in shares of Wheaton Precious Metals by 44.3% in the 4th quarter. Kingswood Wealth Advisors LLC now owns 6,576 shares of the company’s stock worth $370,000 after purchasing an additional 2,019 shares in the last quarter. Institutional investors and hedge funds own 70.34% of the company’s stock.

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.