Wheaton Precious Metals (NYSE:WPM) Releases Quarterly Earnings Results, Beats Estimates By $0.03 EPS

Wheaton Precious Metals (NYSE:WPM) released its earnings results on Thursday. The company reported $0.62 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.59 by $0.03, Briefing.com reports. Wheaton Precious Metals had a return on equity of 11.96% and a net margin of 47.46%.The business had revenue of $476.26 million for the quarter, compared to the consensus estimate of $495.53 million. During the same quarter in the previous year, the business earned $0.34 earnings per share. Wheaton Precious Metals’s quarterly revenue was up 54.5% on a year-over-year basis.

Wheaton Precious Metals Price Performance

WPM traded up $2.77 during trading on Friday, hitting $99.05. The stock had a trading volume of 1,665,744 shares, compared to its average volume of 1,984,864. The company has a 50 day moving average price of $104.02 and a 200-day moving average price of $94.53. Wheaton Precious Metals has a one year low of $55.47 and a one year high of $114.36. The firm has a market cap of $44.97 billion, a price-to-earnings ratio of 57.25, a P/E/G ratio of 1.67 and a beta of 0.38.

Wheaton Precious Metals Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 4th. Investors of record on Thursday, November 20th will be paid a $0.165 dividend. The ex-dividend date is Thursday, November 20th. This represents a $0.66 annualized dividend and a yield of 0.7%. Wheaton Precious Metals’s payout ratio is 38.15%.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the company. Wall Street Zen upgraded Wheaton Precious Metals from a “hold” rating to a “buy” rating in a research note on Monday, September 8th. BMO Capital Markets reissued an “outperform” rating on shares of Wheaton Precious Metals in a research note on Friday, August 8th. Scotiabank restated an “outperform” rating on shares of Wheaton Precious Metals in a report on Thursday, October 23rd. UBS Group upped their price target on shares of Wheaton Precious Metals from $118.00 to $122.00 and gave the stock a “neutral” rating in a research report on Thursday, October 16th. Finally, Berenberg Bank lifted their price objective on shares of Wheaton Precious Metals from $102.00 to $108.00 and gave the company a “buy” rating in a research report on Friday, September 12th. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $124.50.

Hedge Funds Weigh In On Wheaton Precious Metals

A number of hedge funds have recently added to or reduced their stakes in the stock. Smartleaf Asset Management LLC grew its holdings in shares of Wheaton Precious Metals by 19.7% during the 2nd quarter. Smartleaf Asset Management LLC now owns 1,722 shares of the company’s stock worth $150,000 after purchasing an additional 284 shares in the last quarter. MGB Wealth Management LLC bought a new stake in Wheaton Precious Metals during the second quarter worth about $201,000. Redwood Investment Management LLC acquired a new stake in Wheaton Precious Metals during the second quarter worth about $201,000. Synergy Financial Group LTD bought a new position in Wheaton Precious Metals in the 2nd quarter valued at about $206,000. Finally, ICONIQ Capital LLC bought a new position in Wheaton Precious Metals in the second quarter valued at approximately $216,000. 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.