Wheaton Precious Metals (NYSE:WPM) Price Target Raised to $79.00 at Scotiabank

Wheaton Precious Metals (NYSE:WPM) had its target price raised by analysts at Scotiabank from $78.00 to $79.00 in a report released on Monday,Benzinga reports. The brokerage currently has a “sector outperform” rating on the stock. Scotiabank’s price target suggests a potential upside of 4.66% from the stock’s previous close.

WPM has been the topic of several other reports. Stifel Canada raised shares of Wheaton Precious Metals from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, February 4th. UBS Group assumed coverage on shares of Wheaton Precious Metals in a research note on Monday, November 18th. They set a “buy” rating and a $78.00 price target on the stock. Nine investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Wheaton Precious Metals presently has an average rating of “Buy” and an average price target of $72.44.

Wheaton Precious Metals Stock Performance

NYSE:WPM traded up $1.66 during mid-day trading on Monday, hitting $75.48. 1,409,577 shares of the company’s stock traded hands, compared to its average volume of 1,574,271. The firm’s 50 day simple moving average is $64.72 and its 200 day simple moving average is $62.70. Wheaton Precious Metals has a 1 year low of $43.18 and a 1 year high of $76.19. The company has a market cap of $34.24 billion, a PE ratio of 56.35, a price-to-earnings-growth ratio of 1.91 and a beta of 0.77.

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of WPM. Norges Bank acquired a new position in Wheaton Precious Metals during the fourth quarter valued at approximately $472,648,000. Capital International Investors purchased a new stake in shares of Wheaton Precious Metals during the fourth quarter valued at approximately $263,810,000. FMR LLC raised its stake in shares of Wheaton Precious Metals by 33.7% during the third quarter. FMR LLC now owns 14,665,913 shares of the company’s stock valued at $895,723,000 after purchasing an additional 3,692,594 shares during the period. Arrowstreet Capital Limited Partnership purchased a new stake in shares of Wheaton Precious Metals during the fourth quarter valued at approximately $72,657,000. Finally, Van ECK Associates Corp raised its stake in shares of Wheaton Precious Metals by 6.4% during the fourth quarter. Van ECK Associates Corp now owns 20,534,104 shares of the company’s stock valued at $1,154,843,000 after purchasing an additional 1,231,999 shares during the period. 70.34% of the stock is owned by institutional investors and hedge funds.

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.