Bank of America Issues Pessimistic Forecast for Wheaton Precious Metals (NYSE:WPM) Stock Price

Key Points

• Bank of America cut its price target on Wheaton Precious Metals from $163 to $145, while keeping a buy rating on the stock. The new target still implies about 34.9% upside from the prior close.
• Analyst sentiment remains mostly positive overall, with 12 Buy ratings and 1 Hold; MarketBeat shows a consensus rating of Moderate Buy and an average target price of $158.82.
• The stock was down 3.9% and opened at $107.52, well below its 52-week high of $165.76. The company recently beat quarterly earnings and revenue estimates, reporting $1.28 EPS and $901.47 million in revenue.

Wheaton Precious Metals (NYSE:WPM - Get Free Report) had its price target lowered by Bank of America from $163.00 to $145.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage currently has a "buy" rating on the stock. Bank of America's price objective points to a potential upside of 34.86% from the company's previous close.

Other equities research analysts also recently issued reports about the company. UBS Group cut their target price on Wheaton Precious Metals from $165.00 to $150.00 and set a "buy" rating for the company in a research report on Tuesday, June 30th. Wall Street Zen cut Wheaton Precious Metals from a "buy" rating to a "hold" rating in a research report on Saturday, May 16th. TD Cowen boosted their price objective on Wheaton Precious Metals from $164.00 to $165.00 and gave the stock a "buy" rating in a research note on Monday, March 16th. Weiss Ratings reissued a "buy (b)" rating on shares of Wheaton Precious Metals in a research note on Monday, June 29th. Finally, BMO Capital Markets assumed coverage on Wheaton Precious Metals in a report on Thursday, April 9th. They issued an "outperform" rating and a $240.00 price objective for the company. Twelve research analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $158.82.

Wheaton Precious Metals Trading Down 3.9%

WPM stock opened at $107.52 on Thursday. Wheaton Precious Metals has a 52 week low of $86.35 and a 52 week high of $165.76. The company has a market capitalization of $48.83 billion, a price-to-earnings ratio of 27.15, a price-to-earnings-growth ratio of 2.11 and a beta of 0.55. The firm's 50-day moving average is $123.66 and its two-hundred day moving average is $132.71.

Wheaton Precious Metals (NYSE:WPM - Get Free Report) last issued its quarterly earnings results on Thursday, May 7th. The company reported $1.28 earnings per share for the quarter, topping analysts' consensus estimates of $1.24 by $0.04. The company had revenue of $901.47 million during the quarter, compared to analyst estimates of $868.35 million. Wheaton Precious Metals had a net margin of 65.55% and a return on equity of 20.20%. The business's revenue for the quarter was up 91.7% compared to the same quarter last year. During the same period in the prior year, the business posted $0.55 EPS. On average, equities research analysts predict that Wheaton Precious Metals will post 4.99 earnings per share for the current year.

Institutional Investors Weigh In On Wheaton Precious Metals

Several hedge funds have recently modified their holdings of WPM. Assenagon Asset Management S.A. increased its stake in Wheaton Precious Metals by 9.0% in the 2nd quarter. Assenagon Asset Management S.A. now owns 20,587 shares of the company's stock worth $2,315,000 after purchasing an additional 1,699 shares in the last quarter. Fermata Advisors LLC increased its position in shares of Wheaton Precious Metals by 32.2% in the second quarter. Fermata Advisors LLC now owns 2,346 shares of the company's stock worth $264,000 after acquiring an additional 572 shares in the last quarter. Harbor Investment Advisory LLC acquired a new stake in shares of Wheaton Precious Metals during the second quarter valued at approximately $51,000. Confluence Investment Management LLC boosted its stake in Wheaton Precious Metals by 5.3% in the 2nd quarter. Confluence Investment Management LLC now owns 11,175 shares of the company's stock worth $1,255,000 after purchasing an additional 558 shares during the period. Finally, Rathbones Group PLC grew its position in Wheaton Precious Metals by 27.2% during the 1st quarter. Rathbones Group PLC now owns 19,205 shares of the company's stock worth $2,514,000 after purchasing an additional 4,107 shares in the last quarter. 70.34% of the stock is owned by hedge funds and other institutional investors.

About Wheaton Precious Metals

Wheaton Precious Metals Corp. is a Canada-based precious metals streaming company that acquires and manages long-term purchase agreements for metals produced by mining companies. Rather than operating mines, Wheaton provides upfront and ongoing financing to miners in exchange for the right to purchase a portion of the metals produced — typically silver and gold, and occasionally other precious metals — at predetermined prices. This streaming business model offers investors exposure to metal production with reduced operating and capital-cost risk compared with traditional mining companies.

The company's activities center on structuring and maintaining a diversified portfolio of streaming agreements across multiple jurisdictions.

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