Canoe Financial LP Has $88.20 Million Stock Holdings in Wheaton Precious Metals Corp. $WPM

Key Points

• Canoe Financial LP has reduced its holdings in Wheaton Precious Metals Corp. by 44.7%, now owning 980,013 shares valued at approximately $88.2 million.
• Wheaton Precious Metals reported a 68.2% increase in quarterly revenue year-over-year, reaching $503.22 million, with earnings per share of $0.63, surpassing estimates.
• The company's stock is currently rated as a Moderate Buy with an average target price of $101.44, reflecting analysts' positive outlook on the stock.

Canoe Financial LP trimmed its stake in Wheaton Precious Metals Corp. (NYSE:WPM - Free Report) by 44.7% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 980,013 shares of the company's stock after selling 792,030 shares during the quarter. Canoe Financial LP owned approximately 0.22% of Wheaton Precious Metals worth $88,197,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the stock. Quantinno Capital Management LP grew its holdings in shares of Wheaton Precious Metals by 11.8% during the fourth quarter. Quantinno Capital Management LP now owns 14,699 shares of the company's stock valued at $827,000 after buying an additional 1,552 shares in the last quarter. Twinbeech Capital LP purchased a new position in shares of Wheaton Precious Metals during the fourth quarter valued at $749,000. USS Investment Management Ltd purchased a new position in shares of Wheaton Precious Metals during the fourth quarter valued at $5,707,000. Vise Technologies Inc. grew its holdings in shares of Wheaton Precious Metals by 102.7% during the fourth quarter. Vise Technologies Inc. now owns 8,587 shares of the company's stock valued at $483,000 after buying an additional 4,351 shares in the last quarter. Finally, Public Employees Retirement System of Ohio grew its holdings in shares of Wheaton Precious Metals by 163.7% during the fourth quarter. Public Employees Retirement System of Ohio now owns 100,791 shares of the company's stock valued at $5,670,000 after buying an additional 62,573 shares in the last quarter. 70.34% of the stock is currently owned by institutional investors and hedge funds.

Wheaton Precious Metals Stock Down 0.1%

Shares of NYSE:WPM traded down $0.13 on Monday, reaching $107.53. The company had a trading volume of 2,881,253 shares, compared to its average volume of 1,900,938. Wheaton Precious Metals Corp. has a twelve month low of $55.47 and a twelve month high of $109.67. The stock has a 50-day moving average price of $97.53 and a 200 day moving average price of $87.96. The stock has a market capitalization of $48.81 billion, a P/E ratio of 62.15, a P/E/G ratio of 2.91 and a beta of 0.42.

Wheaton Precious Metals (NYSE:WPM - Get Free Report) last announced its quarterly earnings results on Thursday, August 7th. The company reported $0.63 earnings per share for the quarter, topping analysts' consensus estimates 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 quarter in the previous year, the firm earned $0.33 earnings per share. The business's quarterly revenue was up 68.2% compared to the same quarter last year. On average, sell-side analysts predict 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 disclosed a quarterly dividend, which was paid on Thursday, September 4th. Investors of record on Thursday, August 21st were given a dividend of $0.165 per share. This represents a $0.66 annualized dividend and a dividend yield of 0.6%. The ex-dividend date of this dividend was Thursday, August 21st. Wheaton Precious Metals's payout ratio is currently 38.15%.

Analysts Set New Price Targets

WPM has been the topic of a number of research analyst reports. Raymond James Financial lifted their price target on Wheaton Precious Metals from $112.00 to $114.00 and gave the company an "outperform" rating in a report on Friday, September 12th. UBS Group boosted their target price on Wheaton Precious Metals from $106.00 to $118.00 and gave the company a "neutral" rating in a research note on Friday. Scotiabank boosted their target price on Wheaton Precious Metals from $108.00 to $109.00 and gave the company a "sector perform" rating in a research note on Tuesday, August 12th. Wall Street Zen upgraded Wheaton Precious Metals from a "hold" rating to a "buy" rating in a research note on Monday, September 8th. Finally, National Bankshares restated an "outperform" rating on shares of Wheaton Precious Metals in a research note on Tuesday, June 24th. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and three have issued a Hold rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $102.78.

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.