Engineers Gate Manager LP Sells 28,989 Shares of Wheaton Precious Metals Corp. $WPM

Key Points

• Engineers Gate Manager LP cut its Wheaton Precious Metals stake by 50.7% in the second quarter, selling 28,989 shares and retaining 28,165 shares valued at approximately $3.16 million.
• Analysts remain broadly bullish, with 11 Buy ratings and one Hold rating. Despite several price-target reductions, WPM has a “Moderate Buy” consensus and an average 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 pays a quarterly dividend of $0.195, or $0.78 annually.

Engineers Gate Manager LP trimmed its holdings in Wheaton Precious Metals Corp. (NYSE:WPM - Free Report) by 50.7% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 28,165 shares of the company's stock after selling 28,989 shares during the period. Engineers Gate Manager LP's holdings in Wheaton Precious Metals were worth $3,163,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in WPM. Cornerstone Planning Group LLC raised its stake in Wheaton Precious Metals by 245.5% in the 1st quarter. Cornerstone Planning Group LLC now owns 228 shares of the company's stock valued at $29,000 after acquiring an additional 162 shares during the period. Harvest Fund Management Co. Ltd boosted 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 worth $27,000 after purchasing an additional 117 shares during the period. Hollencrest Capital Management boosted 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 worth $31,000 after purchasing an additional 100 shares during the period. Cary Street Partners Investment Advisory LLC acquired a new position in shares of Wheaton Precious Metals in the fourth quarter valued at $28,000. Finally, Quarry LP acquired a new position in shares of Wheaton Precious Metals in the fourth quarter valued at $34,000. 70.34% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several brokerages have recently weighed in on WPM. Scotiabank dropped their price objective on shares of Wheaton Precious Metals from $180.00 to $175.00 and set a "sector outperform" rating on the stock in a research report on Tuesday, July 14th. UBS Group decreased their price target on shares of Wheaton Precious Metals from $165.00 to $150.00 and set a "buy" rating on the stock in a research note on Tuesday, June 30th. Royal Bank Of Canada decreased their price target on shares of Wheaton Precious Metals from $165.00 to $160.00 and set an "outperform" rating on the stock in a research note on Thursday, July 9th. Bank of America lowered their price target on shares of Wheaton Precious Metals from $163.00 to $145.00 and set a "buy" rating on the stock in a report on Thursday, July 9th. Finally, Jefferies Financial Group cut their price objective on shares of Wheaton Precious Metals from $182.00 to $177.00 and set a "buy" rating for the company in a research report on Monday, July 6th. Eleven analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $165.55.

Wheaton Precious Metals Price Performance

NYSE:WPM opened at $154.09 on Monday. Wheaton Precious Metals Corp. has a 52 week low of $92.57 and a 52 week high of $165.76. The firm has a market cap of $69.98 billion, a price-to-earnings ratio of 34.17, a P/E/G ratio of 2.72 and a beta of 0.60. The firm's 50-day simple moving average is $130.29 and its 200 day simple moving average is $131.67. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.47 and a current ratio of 0.47.

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

Wheaton Precious Metals Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, September 3rd. Investors of record on Thursday, August 20th were paid a $0.195 dividend. This represents a $0.78 annualized dividend and a dividend yield of 0.5%. The ex-dividend date was Thursday, August 20th. Wheaton Precious Metals's payout ratio is 17.29%.

Wheaton Precious Metals Company Profile

Wheaton Precious Metals Corp. NYSE: WPM is a precious metals streaming company headquartered in Vancouver, British Columbia. Rather than operating mines directly, the company provides upfront financing to mining companies in exchange for the right to purchase a portion of the future production from specific mining projects at predetermined prices.

Wheaton's streaming portfolio is primarily focused on gold and silver, with additional exposure to palladium and cobalt through certain agreements.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.