Canoe Financial LP Sells 792,030 Shares of 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 lowered its stake in Wheaton Precious Metals Corp. (NYSE:WPM - Free Report) by 44.7% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm 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 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently made changes to their positions in WPM. Bulwark Capital Corp bought a new stake in Wheaton Precious Metals in the second quarter worth $27,000. NBT Bank N A NY boosted its stake in shares of Wheaton Precious Metals by 129.3% in the first quarter. NBT Bank N A NY now owns 415 shares of the company's stock worth $32,000 after acquiring an additional 234 shares during the period. Wealth Preservation Advisors LLC bought a new position in shares of Wheaton Precious Metals in the first quarter worth about $38,000. Banque Cantonale Vaudoise bought a new position in shares of Wheaton Precious Metals in the first quarter worth about $49,000. Finally, Princeton Global Asset Management LLC bought a new position in shares of Wheaton Precious Metals in the first quarter worth about $52,000. 70.34% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

WPM has been the subject of a number of research reports. UBS Group increased their price target on Wheaton Precious Metals from $106.00 to $118.00 and gave the company a "neutral" rating in a research note on Friday. Raymond James Financial boosted their target price on Wheaton Precious Metals from $112.00 to $114.00 and gave the company an "outperform" rating in a research report on Friday, September 12th. Royal Bank Of Canada increased their price target on Wheaton Precious Metals from $80.00 to $90.00 and gave the company a "sector perform" rating in a report on Wednesday, June 4th. National Bankshares restated an "outperform" rating on shares of Wheaton Precious Metals in a report on Tuesday, June 24th. Finally, Wall Street Zen upgraded Wheaton Precious Metals from a "hold" rating to a "buy" rating in a report on Monday, September 8th. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and three have assigned a Hold rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $102.78.

Wheaton Precious Metals Stock Up 0.2%

NYSE:WPM traded up $0.27 during trading hours on Tuesday, hitting $107.94. 689,832 shares of the stock were exchanged, compared to its average volume of 1,897,888. The company's 50 day moving average is $97.86 and its two-hundred day moving average is $88.22. The company has a market capitalization of $49.00 billion, a P/E ratio of 62.37, a price-to-earnings-growth ratio of 2.91 and a beta of 0.42. Wheaton Precious Metals Corp. has a twelve month low of $55.47 and a twelve month high of $109.67.

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

Wheaton Precious Metals Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 4th. Investors 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 dividend on an annualized basis and a dividend yield of 0.6%. Wheaton Precious Metals's dividend payout ratio is currently 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.