Addenda Capital Inc. Cuts Stake in Wheaton Precious Metals Corp. $WPM

Key Points

• Addenda Capital Inc. sold 626,568 shares of Wheaton Precious Metals Corp., reducing its stake by 68.4%, now holding 289,167 shares worth about $25.97 million.
• Wheaton Precious Metals reported a 68.2% increase in revenue year-over-year, achieving $503.22 million in the last quarter, with EPS of $0.63, surpassing estimates.
• The average target price for Wheaton Precious Metals stock has been raised, with analysts predicting a consensus target price of $106.11 and a rating of "Moderate Buy."

Addenda Capital Inc. cut its holdings in Wheaton Precious Metals Corp. (NYSE:WPM - Free Report) by 68.4% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 289,167 shares of the company's stock after selling 626,568 shares during the quarter. Wheaton Precious Metals accounts for approximately 1.2% of Addenda Capital Inc.'s investment portfolio, making the stock its 25th largest position. Addenda Capital Inc. owned 0.06% of Wheaton Precious Metals worth $25,967,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in the company. Canada Pension Plan Investment Board boosted its position in Wheaton Precious Metals by 57.6% in the first 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 last quarter. Amundi grew its holdings 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 period. Perpetual Ltd purchased a new position in Wheaton Precious Metals during the 1st quarter valued at about $50,430,000. Nuveen LLC acquired a new stake in shares of Wheaton Precious Metals during the 1st quarter worth about $36,885,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of Wheaton Precious Metals by 10.2% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 5,072,786 shares of the company's stock worth $393,800,000 after acquiring an additional 470,651 shares in the last quarter. 70.34% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the company. Scotiabank boosted their target price on Wheaton Precious Metals from $108.00 to $109.00 and gave the stock a "sector perform" rating in a research report on Tuesday, August 12th. Royal Bank Of Canada lifted their target price on Wheaton Precious Metals from $80.00 to $90.00 and gave the company a "sector perform" rating in a research note on Wednesday, June 4th. National Bankshares reissued an "outperform" rating on shares of Wheaton Precious Metals in a research report on Tuesday, June 24th. UBS Group upped their price target 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. Finally, BMO Capital Markets reaffirmed an "outperform" rating on shares of Wheaton Precious Metals in a report on Friday, August 8th. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and three have given a Hold rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $106.11.

Wheaton Precious Metals Price Performance

WPM stock opened at $109.01 on Friday. Wheaton Precious Metals Corp. has a 1 year low of $55.47 and a 1 year high of $109.67. The stock has a market capitalization of $49.49 billion, a PE ratio of 63.01, a price-to-earnings-growth ratio of 2.94 and a beta of 0.42. The company's 50-day moving average is $99.28 and its 200-day moving average is $89.11.

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

Wheaton Precious Metals Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 4th. Shareholders of record on Thursday, August 21st were given a $0.165 dividend. The ex-dividend date was Thursday, August 21st. This represents a $0.66 annualized dividend and a yield of 0.6%. Wheaton Precious Metals's dividend payout ratio (DPR) is presently 38.15%.

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.

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