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

Wheaton Precious Metals Corp. (NYSE:WPM)’s stock price reached a new 52-week high on Wednesday . The company traded as high as $71.01 and last traded at $70.94, with a volume of 1817438 shares. The stock had previously closed at $69.00.

Analyst Upgrades and Downgrades

WPM has been the subject of several recent research reports. Stifel Canada upgraded shares of Wheaton Precious Metals from a “hold” rating to a “strong-buy” rating in a report on Tuesday, February 4th. UBS Group initiated coverage on Wheaton Precious Metals in a report on Monday, November 18th. They issued a “buy” rating and a $78.00 price objective for the company. Finally, TD Securities upped 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 equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Wheaton Precious Metals currently has a consensus rating of “Buy” and an average target price of $71.67.

Wheaton Precious Metals Price Performance

The stock has a market capitalization of $32.18 billion, a price-to-earnings ratio of 52.94, a P/E/G ratio of 1.91 and a beta of 0.76. The company’s 50-day simple moving average is $62.43 and its 200-day simple moving average is $62.15.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the business. Versant Capital Management Inc bought a new stake in shares of Wheaton Precious Metals during the 4th quarter valued at $29,000. Promus Capital LLC bought a new stake in Wheaton Precious Metals during the fourth quarter worth about $32,000. Bank Julius Baer & Co. Ltd Zurich acquired a new stake in Wheaton Precious Metals during the fourth quarter worth about $38,000. Laurel Wealth Advisors LLC bought a new position in Wheaton Precious Metals in the 4th quarter valued at about $39,000. Finally, Quintet Private Bank Europe S.A. acquired a new position in shares of Wheaton Precious Metals in the 4th quarter valued at approximately $39,000. Institutional investors and hedge funds 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.