CIBC Boosts Wheaton Precious Metals (NYSE:WPM) Price Target to $160.00

Key Points

• CIBC has raised its price target for Wheaton Precious Metals from $135.00 to $160.00, indicating a potential upside of 51.82% based on the stock's previous close.
• Wheaton Precious Metals reported a 68.2% increase in revenue year-over-year for the last quarter, reporting $503.22 million, and beat the earnings per share estimate by $0.05.
• Multiple research firms have issued ratings for Wheaton Precious Metals, with a consensus of "Moderate Buy" and a price target averaging $114.50.

Wheaton Precious Metals (NYSE:WPM - Get Free Report) had its price target upped by CIBC from $135.00 to $160.00 in a report released on Friday,Benzinga reports. The firm presently has an "outperformer" rating on the stock. CIBC's price objective indicates a potential upside of 51.82% from the company's previous close.

A number of other research firms have also weighed in on WPM. Raymond James Financial set a $127.00 price objective on Wheaton Precious Metals and gave the stock an "outperform" rating in a research note on Friday. BMO Capital Markets reissued an "outperform" rating on shares of Wheaton Precious Metals in a research note on Friday, August 8th. Weiss Ratings reissued a "buy (b-)" rating on shares of Wheaton Precious Metals in a research report on Wednesday. National Bankshares reissued an "outperform" rating on shares of Wheaton Precious Metals in a research report on Tuesday, June 24th. Finally, UBS Group raised their price objective on Wheaton Precious Metals from $106.00 to $118.00 and gave the stock a "neutral" rating in a research note on Friday, September 19th. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and three have assigned a Hold rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $114.50.

Wheaton Precious Metals Stock Performance

Wheaton Precious Metals stock traded up $2.01 during mid-day trading on Friday, hitting $105.39. 895,927 shares of the company traded hands, compared to its average volume of 1,919,212. Wheaton Precious Metals has a one year low of $55.47 and a one year high of $114.00. The stock has a market cap of $47.84 billion, a price-to-earnings ratio of 60.71, a price-to-earnings-growth ratio of 2.86 and a beta of 0.41. The stock has a fifty day moving average price of $102.17 and a 200-day moving average price of $91.14.

Wheaton Precious Metals (NYSE:WPM - Get Free Report) last issued its earnings results on Thursday, August 7th. The company reported $0.63 earnings per share for the quarter, beating the consensus estimate of $0.58 by $0.05. Wheaton Precious Metals had a return on equity of 11.96% and a net margin of 47.46%.The company had revenue of $503.22 million during the quarter, compared to analysts' expectations of $424.23 million. During the same period in the prior year, the business posted $0.33 EPS. Wheaton Precious Metals's quarterly revenue was up 68.2% compared to the same quarter last year. Sell-side analysts predict that Wheaton Precious Metals will post 1.46 EPS for the current year.

Hedge Funds Weigh In On Wheaton Precious Metals

A number of hedge funds have recently made changes to their positions in the stock. Norges Bank purchased a new position in Wheaton Precious Metals in the 2nd quarter valued at approximately $656,463,000. Invesco Ltd. boosted its stake in shares of Wheaton Precious Metals by 139.8% in the 2nd quarter. Invesco Ltd. now owns 2,085,042 shares of the company's stock valued at $187,237,000 after buying an additional 1,215,660 shares during the period. Canada Pension Plan Investment Board boosted its stake in shares of Wheaton Precious Metals by 57.6% in the 1st quarter. Canada Pension Plan Investment Board now owns 2,097,735 shares of the company's stock valued at $162,811,000 after buying an additional 766,947 shares during the period. Amundi lifted its position in shares of Wheaton Precious Metals by 33.2% during the 1st quarter. Amundi now owns 2,745,947 shares of the company's stock worth $215,557,000 after purchasing an additional 683,674 shares during the last quarter. Finally, Perpetual Ltd purchased a new stake in shares of Wheaton Precious Metals during the 1st quarter worth $50,430,000. Hedge funds and other institutional investors own 70.34% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.