CIBC Asset Management Inc Decreases Stake in Wheaton Precious Metals Corp. $WPM

Key Points

• CIBC Asset Management cut its stake in Wheaton Precious Metals by 1.6% in the fourth quarter, selling 46,497 shares and leaving it with 2.79 million shares valued at about $330.3 million.
• Analysts remain broadly positive on WPM, with 13 Buy ratings and one Hold; the consensus view is Moderate Buy with an average price target of $155.64.
• Wheaton Precious Metals reported strong quarterly results, including EPS of $1.28 versus estimates of $1.24 and revenue of $901.47 million, while also announcing a quarterly dividend of $0.195 per share.

CIBC Asset Management Inc trimmed its holdings in shares of Wheaton Precious Metals Corp. (NYSE:WPM - Free Report) by 1.6% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 2,790,601 shares of the company's stock after selling 46,497 shares during the quarter. CIBC Asset Management Inc owned 0.61% of Wheaton Precious Metals worth $330,268,000 as of its most recent filing with the SEC.

Several other institutional investors have also modified their holdings of the business. Concurrent Investment Advisors LLC increased its holdings in Wheaton Precious Metals by 1.9% during the 4th quarter. Concurrent Investment Advisors LLC now owns 4,203 shares of the company's stock worth $494,000 after purchasing an additional 78 shares during the last quarter. Gables Capital Management Inc. boosted its stake in shares of Wheaton Precious Metals by 7.9% during the 4th quarter. Gables Capital Management Inc. now owns 1,079 shares of the company's stock valued at $127,000 after buying an additional 79 shares during the last quarter. Focus Financial Network Inc. boosted its stake in shares of Wheaton Precious Metals by 2.5% during the 4th quarter. Focus Financial Network Inc. now owns 3,305 shares of the company's stock valued at $388,000 after buying an additional 81 shares during the last quarter. Jamison Private Wealth Management Inc. grew its position in shares of Wheaton Precious Metals by 1.7% during the fourth quarter. Jamison Private Wealth Management Inc. now owns 5,375 shares of the company's stock worth $632,000 after buying an additional 92 shares in the last quarter. Finally, Capital Investment Advisors LLC grew its position in shares of Wheaton Precious Metals by 3.9% during the fourth quarter. Capital Investment Advisors LLC now owns 2,460 shares of the company's stock worth $289,000 after buying an additional 93 shares in the last quarter. Institutional investors and hedge funds own 70.34% of the company's stock.

Analysts Set New Price Targets

WPM has been the topic of several recent analyst reports. Scotiabank upped their price target on shares of Wheaton Precious Metals from $178.00 to $180.00 and gave the company an "outperform" rating in a report on Thursday, May 14th. UBS Group raised shares of Wheaton Precious Metals from a "neutral" rating to a "buy" rating and set a $160.00 target price for the company in a research report on Friday, March 27th. BMO Capital Markets began coverage on shares of Wheaton Precious Metals in a research note on Thursday, April 9th. They issued an "outperform" rating and a $240.00 target price on the stock. Wall Street Zen cut shares of Wheaton Precious Metals from a "buy" rating to a "hold" rating in a research report on Saturday, May 16th. Finally, TD Cowen lifted their price target on Wheaton Precious Metals from $164.00 to $165.00 and gave the stock a "buy" rating in a research note on Monday, March 16th. Thirteen investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. Based on data from MarketBeat, Wheaton Precious Metals presently has a consensus rating of "Moderate Buy" and a consensus price target of $155.64.

Wheaton Precious Metals Stock Up 1.1%

Shares of NYSE:WPM opened at $130.25 on Wednesday. The company has a market cap of $59.15 billion, a PE ratio of 32.89, a P/E/G ratio of 2.43 and a beta of 0.51. Wheaton Precious Metals Corp. has a fifty-two week low of $85.59 and a fifty-two week high of $165.76. The firm has a 50-day simple moving average of $133.78 and a 200 day simple moving average of $130.99.

Wheaton Precious Metals (NYSE:WPM - Get Free Report) last announced its quarterly earnings results 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 return on equity of 20.20% and a net margin of 65.55%.The business had revenue of $901.47 million for the quarter, compared to analysts' expectations of $868.35 million. During the same period in the prior year, the firm earned $0.55 EPS. The business's quarterly revenue was up 91.7% on a year-over-year basis. As a group, research analysts forecast that Wheaton Precious Metals Corp. will post 4.98 EPS for the current fiscal year.

Wheaton Precious Metals Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 9th. Investors of record on Wednesday, May 27th will be given a $0.195 dividend. The ex-dividend date is Wednesday, May 27th. This represents a $0.78 annualized dividend and a yield of 0.6%. Wheaton Precious Metals's dividend payout ratio (DPR) is currently 19.70%.

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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