Allspring Global Investments Holdings LLC Raises Stake in Wheaton Precious Metals Corp. $WPM

Key Points

• Allspring Global Investments increased its Wheaton Precious Metals stake by 8.3% in the first quarter, bringing its holdings to 327,150 shares worth about $44.7 million.
• Wheaton Precious Metals reported strong quarterly results, with EPS of $1.28 beating estimates and revenue of $901.5 million, up 91.7% from a year earlier.
• Analysts remain largely positive on the stock, with 12 Buy ratings and 1 Hold and a consensus price target of $161.09, despite several firms recently trimming their targets.

Allspring Global Investments Holdings LLC increased its holdings in Wheaton Precious Metals Corp. (NYSE:WPM - Free Report) by 8.3% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 327,150 shares of the company's stock after buying an additional 25,000 shares during the quarter. Allspring Global Investments Holdings LLC owned about 0.07% of Wheaton Precious Metals worth $44,660,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of WPM. Norges Bank acquired a new stake in Wheaton Precious Metals during the 4th quarter valued at approximately $864,977,000. Arrowstreet Capital Limited Partnership boosted its holdings in shares of Wheaton Precious Metals by 40.9% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 5,912,588 shares of the company's stock valued at $694,951,000 after acquiring an additional 1,715,540 shares during the last quarter. Van ECK Associates Corp increased its stake in shares of Wheaton Precious Metals by 10.7% in the fourth quarter. Van ECK Associates Corp now owns 14,469,877 shares of the company's stock worth $1,700,517,000 after acquiring an additional 1,402,092 shares during the period. Qube Research & Technologies Ltd increased its stake in shares of Wheaton Precious Metals by 1,655.4% in the third quarter. Qube Research & Technologies Ltd now owns 1,245,766 shares of the company's stock worth $139,333,000 after acquiring an additional 1,174,799 shares during the period. Finally, AQR Capital Management LLC raised its holdings in shares of Wheaton Precious Metals by 2,621.8% during the fourth quarter. AQR Capital Management LLC now owns 903,678 shares of the company's stock worth $106,239,000 after purchasing an additional 870,476 shares during the last quarter. 70.34% of the stock is owned by hedge funds and other institutional investors.

Wheaton Precious Metals Stock Performance

WPM opened at $104.16 on Friday. Wheaton Precious Metals Corp. has a fifty-two week low of $87.96 and a fifty-two week high of $165.76. The company has a fifty day moving average of $120.54 and a two-hundred day moving average of $131.94. The stock has a market capitalization of $47.30 billion, a price-to-earnings ratio of 26.30, a PEG ratio of 1.85 and a beta of 0.55.

Wheaton Precious Metals (NYSE:WPM - Get Free Report) last issued its quarterly earnings data 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. Wheaton Precious Metals had a net margin of 65.55% and a return on equity of 20.20%. The business had revenue of $901.47 million during the quarter, compared to the consensus estimate of $868.35 million. During the same quarter in the prior year, the firm posted $0.55 earnings per share. The company's revenue was up 91.7% compared to the same quarter last year. On average, equities research analysts forecast that Wheaton Precious Metals Corp. will post 4.82 earnings per share for the current year.

Wheaton Precious Metals Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 9th. Investors of record on Wednesday, May 27th were issued a $0.195 dividend. The ex-dividend date of this dividend was Wednesday, May 27th. This represents a $0.78 dividend on an annualized basis and a yield of 0.7%. Wheaton Precious Metals's dividend payout ratio is presently 19.70%.

Wall Street Analyst Weigh In

WPM has been the subject of a number of research reports. BMO Capital Markets started coverage on shares of Wheaton Precious Metals in a research report on Thursday, April 9th. They set an "outperform" rating and a $240.00 target price for the company. Scotiabank cut their price target on Wheaton Precious Metals from $180.00 to $175.00 and set a "sector outperform" rating on the stock in a research report on Tuesday, July 14th. UBS Group reduced their price objective 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. Bank of America decreased their price objective 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. Finally, Royal Bank Of Canada lowered their target price on Wheaton Precious Metals from $165.00 to $160.00 and set an "outperform" rating on the stock in a research note on Thursday, July 9th. Twelve equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $161.09.

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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