Wheaton Precious Metals (NYSE:WPM) Given New $165.00 Price Target at Royal Bank Of Canada

Key Points

• Royal Bank of Canada raised Wheaton Precious Metals’ price target to $165 from $160 while maintaining an “outperform” rating, implying approximately 11.94% upside from the prior close.
• Analyst sentiment remains favorable, with 11 Buy ratings and one Hold rating; the consensus target price is $166, despite several recent target reductions from other firms.
• Wheaton reported quarterly EPS of $1.19, exceeding estimates of $1.15, while revenue rose 84.7% year over year to $878 million. The stock fell 1.7% to $147.40 during Wednesday trading.

Wheaton Precious Metals (NYSE:WPM - Get Free Report) had its price target increased by equities researchers at Royal Bank Of Canada from $160.00 to $165.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The brokerage currently has an "outperform" rating on the stock. Royal Bank Of Canada's price target would indicate a potential upside of 11.94% from the company's previous close.

Other research analysts also recently issued research reports about the company. Jefferies Financial Group cut their price target on Wheaton Precious Metals from $182.00 to $177.00 and set a "buy" rating for the company in a research note on Monday, July 6th. Bank of America cut their price target on Wheaton Precious Metals from $163.00 to $145.00 and set a "buy" rating for the company in a report on Thursday, July 9th. Scotiabank decreased their price objective on Wheaton Precious Metals from $180.00 to $175.00 and set a "sector outperform" rating on the stock in a report on Tuesday, July 14th. UBS Group dropped their target price on Wheaton Precious Metals from $165.00 to $150.00 and set a "buy" rating for the company in a research note on Tuesday, June 30th. Finally, Berenberg Bank set a $157.00 target price on Wheaton Precious Metals in a research report on Tuesday, July 28th. Eleven analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, Wheaton Precious Metals presently has an average rating of "Moderate Buy" and a consensus target price of $166.00.

Wheaton Precious Metals Stock Down 1.7%

NYSE:WPM traded down $2.62 during midday trading on Wednesday, reaching $147.40. The company had a trading volume of 589,137 shares, compared to its average volume of 2,254,373. Wheaton Precious Metals has a 12-month low of $92.57 and a 12-month high of $165.76. The firm has a market capitalization of $66.94 billion, a price-to-earnings ratio of 32.73, a PEG ratio of 2.65 and a beta of 0.60. The company has a current ratio of 0.47, a quick ratio of 0.47 and a debt-to-equity ratio of 0.20. The stock's fifty day simple moving average is $131.75 and its 200-day simple moving average is $131.57.

Wheaton Precious Metals (NYSE:WPM - Get Free Report) last posted its quarterly earnings results on Thursday, August 6th. The company reported $1.19 earnings per share for the quarter, beating analysts' consensus estimates of $1.15 by $0.04. Wheaton Precious Metals had a return on equity of 21.97% and a net margin of 64.66%.The company had revenue of $878.00 million for the quarter, compared to analysts' expectations of $879.29 million. During the same period last year, the firm earned $0.63 earnings per share. Wheaton Precious Metals's quarterly revenue was up 84.7% on a year-over-year basis. On average, sell-side analysts anticipate that Wheaton Precious Metals will post 4.79 earnings per share for the current fiscal year.

Institutional Trading of Wheaton Precious Metals

A number of hedge funds have recently bought and sold shares of the stock. Cornerstone Planning Group LLC grew its holdings in Wheaton Precious Metals by 245.5% during the first quarter. Cornerstone Planning Group LLC now owns 228 shares of the company's stock worth $29,000 after purchasing an additional 162 shares during the period. Harvest Fund Management Co. Ltd boosted its position in Wheaton Precious Metals by 100.0% during the fourth quarter. Harvest Fund Management Co. Ltd now owns 234 shares of the company's stock worth $27,000 after purchasing an additional 117 shares during the period. Hollencrest Capital Management increased its holdings in shares of Wheaton Precious Metals by 73.5% in the first quarter. Hollencrest Capital Management now owns 236 shares of the company's stock valued at $31,000 after purchasing an additional 100 shares during the last quarter. Cary Street Partners Investment Advisory LLC acquired a new stake in shares of Wheaton Precious Metals during the 4th quarter worth about $28,000. Finally, Leonteq Securities AG bought a new stake in shares of Wheaton Precious Metals during the 4th quarter worth about $38,000. 70.34% of the stock is owned by institutional investors.

Wheaton Precious Metals Company Profile

Wheaton Precious Metals Corp. NYSE: WPM is a precious metals streaming company headquartered in Vancouver, British Columbia. Rather than operating mines directly, the company provides upfront financing to mining companies in exchange for the right to purchase a portion of the future production from specific mining projects at predetermined prices.

Wheaton's streaming portfolio is primarily focused on gold and silver, with additional exposure to palladium and cobalt through certain agreements.

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