Wheaton Precious Metals (NYSE:WPM) Price Target Raised to $72.00 at Raymond James

Wheaton Precious Metals (NYSE:WPM) had its target price upped by Raymond James from $70.00 to $72.00 in a report released on Wednesday, BayStreet.CA reports. The firm currently has an outperform rating on the stock. Raymond James also issued estimates for Wheaton Precious Metals’ Q3 2024 earnings at $0.40 EPS, Q4 2024 earnings at $0.40 EPS, FY2024 earnings at $1.44 EPS, Q1 2025 earnings at $0.44 EPS, Q2 2025 earnings at $0.46 EPS, Q3 2025 earnings at $0.48 EPS, Q4 2025 earnings at $0.50 EPS and FY2025 earnings at $1.89 EPS.

A number of other research analysts have also recently weighed in on the stock. Berenberg Bank lifted their target price on shares of Wheaton Precious Metals from $64.00 to $66.00 and gave the company a buy rating in a research note on Thursday, June 27th. Jefferies Financial Group upped their price objective on Wheaton Precious Metals from $62.00 to $67.00 and gave the stock a buy rating in a research note on Friday, July 12th. Bank of America increased their target price on Wheaton Precious Metals from $60.00 to $61.00 and gave the stock a buy rating in a research report on Wednesday, June 26th. Scotiabank upped their price target on Wheaton Precious Metals from $66.50 to $72.00 and gave the stock a sector outperform rating in a research note on Monday, August 19th. Finally, TD Securities cut their price objective on shares of Wheaton Precious Metals from $71.00 to $70.00 and set a buy rating for the company in a report on Thursday, August 15th. Two research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of Moderate Buy and a consensus price target of $68.63.

Wheaton Precious Metals Stock Performance

NYSE:WPM opened at $62.45 on Wednesday. The stock has a 50-day simple moving average of $59.98 and a two-hundred day simple moving average of $55.36. Wheaton Precious Metals has a 52-week low of $38.37 and a 52-week high of $64.82. The firm has a market capitalization of $28.33 billion, a PE ratio of 48.04, a P/E/G ratio of 2.31 and a beta of 0.78.

Wheaton Precious Metals (NYSE:WPM) last released its earnings results on Wednesday, August 7th. The company reported $0.33 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.29 by $0.04. Wheaton Precious Metals had a net margin of 50.44% and a return on equity of 8.54%. The company had revenue of $299.06 million during the quarter, compared to analyst estimates of $309.54 million. During the same period in the prior year, the firm posted $0.31 EPS. The firm’s quarterly revenue was up 12.9% compared to the same quarter last year. Equities analysts forecast that Wheaton Precious Metals will post 1.42 earnings per share for the current fiscal year.

Wheaton Precious Metals Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, September 4th. Shareholders of record on Wednesday, August 21st were given a dividend of $0.155 per share. The ex-dividend date was Wednesday, August 21st. This represents a $0.62 annualized dividend and a yield of 0.99%. Wheaton Precious Metals’s dividend payout ratio (DPR) is currently 47.69%.

Institutional Trading of Wheaton Precious Metals

Large investors have recently made changes to their positions in the business. First Eagle Investment Management LLC grew its position in Wheaton Precious Metals by 1.4% in the first quarter. First Eagle Investment Management LLC now owns 21,403,409 shares of the company’s stock worth $1,008,743,000 after acquiring an additional 292,968 shares in the last quarter. Van ECK Associates Corp lifted its stake in shares of Wheaton Precious Metals by 1.0% in the 2nd 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. boosted its holdings in shares of Wheaton Precious Metals by 1.7% in the 1st quarter. Vanguard Group Inc. now owns 16,770,475 shares of the company’s stock worth $790,392,000 after purchasing an additional 272,918 shares during the period. FIL Ltd increased its position in shares of Wheaton Precious Metals by 5.5% during the 4th quarter. FIL Ltd now owns 10,646,479 shares of the company’s stock valued at $525,235,000 after purchasing an additional 550,804 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD raised its holdings in Wheaton Precious Metals by 16.0% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 7,309,175 shares of the company’s stock valued at $344,483,000 after buying an additional 1,010,307 shares during the period. 70.34% of the stock is currently owned by institutional investors.

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.