Cardinal Point Capital Management ULC Acquires New Shares in Wheaton Precious Metals Corp. $WPM

Key Points

• Cardinal Point Capital Management ULC acquired a new stake in Wheaton Precious Metals Corp., purchasing 6,075 shares valued at approximately $545,000 in the second quarter.
• Wheaton Precious Metals has seen significant hedge fund interest, with the Canada Pension Plan Investment Board increasing its stake by 57.6% in the first quarter.
• Analysts show positive sentiment towards Wheaton Precious Metals, with up to eleven ratings of "Buy" or better, including a recent increase in target price from $127.00 to $132.00 by Bank of America.

Cardinal Point Capital Management ULC acquired a new stake in Wheaton Precious Metals Corp. (NYSE:WPM - Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 6,075 shares of the company's stock, valued at approximately $545,000.

Several other hedge funds have also recently bought and sold shares of WPM. Canada Pension Plan Investment Board increased its stake in Wheaton Precious Metals by 57.6% in the 1st quarter. Canada Pension Plan Investment Board now owns 2,097,735 shares of the company's stock valued at $162,811,000 after purchasing an additional 766,947 shares in the last quarter. Amundi grew its holdings in Wheaton Precious Metals by 33.2% during the 1st quarter. Amundi now owns 2,745,947 shares of the company's stock valued at $215,557,000 after buying an additional 683,674 shares during the last quarter. Perpetual Ltd acquired a new stake in Wheaton Precious Metals during the 1st quarter valued at $50,430,000. Nuveen LLC acquired a new stake in Wheaton Precious Metals during the 1st quarter valued at $36,885,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in 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 valued at $393,800,000 after buying an additional 470,651 shares during the last quarter. 70.34% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have commented on WPM. Scotiabank reiterated an "outperform" rating on shares of Wheaton Precious Metals in a report on Thursday. Weiss Ratings reiterated a "buy (b-)" rating on shares of Wheaton Precious Metals in a report on Friday. Bank of America increased their target price on Wheaton Precious Metals from $127.00 to $132.00 and gave the company a "buy" rating in a report on Thursday, October 16th. Berenberg Bank raised their price objective on Wheaton Precious Metals from $102.00 to $108.00 and gave the stock a "buy" rating in a report on Friday, September 12th. Finally, Raymond James Financial raised their price objective on Wheaton Precious Metals from $114.00 to $127.00 and gave the stock an "outperform" rating in a report on Friday, October 10th. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, Wheaton Precious Metals has a consensus rating of "Moderate Buy" and a consensus target price of $119.00.

Wheaton Precious Metals Stock Down 0.1%

WPM stock opened at $98.09 on Friday. Wheaton Precious Metals Corp. has a 52-week low of $55.47 and a 52-week high of $114.36. The stock's fifty day simple moving average is $103.84 and its 200-day simple moving average is $93.33. The stock has a market capitalization of $44.53 billion, a price-to-earnings ratio of 56.70, a price-to-earnings-growth ratio of 1.76 and a beta of 0.41.

Wheaton Precious Metals (NYSE:WPM - Get Free Report) last issued its 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. Wheaton Precious Metals had a return on equity of 11.96% and a net margin of 47.46%.The firm had revenue of $503.22 million for the quarter, compared to analysts' expectations of $424.23 million. During the same quarter last year, the firm earned $0.33 earnings per share. The firm's revenue for the quarter was up 68.2% compared to the same quarter last year. As a group, 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 company also recently announced a quarterly dividend, which was paid on Thursday, September 4th. Investors of record on Thursday, August 21st were issued a $0.165 dividend. The ex-dividend date was Thursday, August 21st. This represents a $0.66 dividend on an annualized basis and a yield of 0.7%. Wheaton Precious Metals's dividend payout ratio (DPR) is presently 38.15%.

About Wheaton Precious Metals

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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