Bank of New York Mellon Corp Buys New Holdings in Wheaton Precious Metals Corp. $WPM

Key Points

• Bank of New York Mellon purchased 475,727 shares of Wheaton Precious Metals valued at approximately $53.4 million, while institutional investors collectively own 70.34% of the company.
• Analysts remain broadly bullish, with 12 Buy ratings and one Hold rating; the consensus rating is “Moderate Buy” with an average price target of $165.55.
• Wheaton reported quarterly EPS of $1.19, exceeding estimates, while revenue rose 84.7% year over year to $878 million. The company also declared a quarterly dividend of $0.195 per share, equivalent to a 0.5% annual yield.

Bank of New York Mellon Corp purchased a new position in Wheaton Precious Metals Corp. (NYSE:WPM - Free Report) during the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 475,727 shares of the company's stock, valued at approximately $53,434,000. Bank of New York Mellon Corp owned 0.10% of Wheaton Precious Metals at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of WPM. Cornerstone Planning Group LLC increased its stake in shares of Wheaton Precious Metals by 245.5% in the first quarter. Cornerstone Planning Group LLC now owns 228 shares of the company's stock worth $29,000 after acquiring an additional 162 shares during the period. Harvest Fund Management Co. Ltd lifted 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 valued at $27,000 after purchasing an additional 117 shares during the period. Hollencrest Capital Management lifted its position in Wheaton Precious Metals by 73.5% during 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 period. Cary Street Partners Investment Advisory LLC purchased a new stake in Wheaton Precious Metals in the fourth quarter valued at $28,000. Finally, Navalign LLC purchased a new stake in Wheaton Precious Metals in the fourth quarter valued at $30,000. 70.34% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts have weighed in on WPM shares. Bank of America reduced their price objective on Wheaton Precious Metals from $163.00 to $145.00 and set a "buy" rating for the company in a research note on Thursday, July 9th. Weiss Ratings downgraded Wheaton Precious Metals from a "buy (b)" rating to a "buy (b-)" rating in a research note on Thursday, July 16th. Berenberg Bank set a $157.00 target price on Wheaton Precious Metals in a report on Tuesday, July 28th. Wall Street Zen cut Wheaton Precious Metals from a "buy" rating to a "hold" rating in a research report on Saturday, May 16th. Finally, Jefferies Financial Group decreased their price target on Wheaton Precious Metals from $182.00 to $177.00 and set a "buy" rating for the company in a report on Monday, July 6th. Twelve research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, Wheaton Precious Metals has a consensus rating of "Moderate Buy" and an average target price of $165.55.

Wheaton Precious Metals Price Performance

Shares of Wheaton Precious Metals stock opened at $158.26 on Friday. The company has a quick ratio of 0.47, a current ratio of 0.47 and a debt-to-equity ratio of 0.20. Wheaton Precious Metals Corp. has a twelve month low of $92.57 and a twelve month high of $165.76. The business has a 50-day moving average price of $121.93 and a 200 day moving average price of $131.13. The firm has a market cap of $71.88 billion, a PE ratio of 35.09, a P/E/G ratio of 2.76 and a beta of 0.55.

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

Wheaton Precious Metals Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 3rd. Stockholders of record on Thursday, August 20th will be given a dividend of $0.195 per share. The ex-dividend date is Thursday, August 20th. This represents a $0.78 dividend on an annualized basis and a dividend yield of 0.5%. Wheaton Precious Metals's dividend payout ratio (DPR) is 17.29%.

Wheaton Precious Metals Profile

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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