Gabelli Funds LLC Sells 42,450 Shares of Wheaton Precious Metals Corp. $WPM

Key Points

• Gabelli Funds LLC trimmed its stake in Wheaton Precious Metals by 6.3%, selling 42,450 shares and leaving it with 628,800 shares worth about $70.33 million (≈0.14% ownership).
• Several large institutions added or initiated positions—most notably Norges Bank with a new ~$656.5 million position and big increases from Invesco, CIBC, Arrowstreet and Geode—leaving roughly 70.34% of the stock owned by institutions.
• Analysts have a consensus rating of "Moderate Buy" with a $140.44 average price target; the stock opened near $147.06, has a market cap of $66.77 billion and a 12‑month range of $68.03–$165.76.

Gabelli Funds LLC cut its holdings in shares of Wheaton Precious Metals Corp. (NYSE:WPM - Free Report) by 6.3% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 628,800 shares of the company's stock after selling 42,450 shares during the quarter. Gabelli Funds LLC owned approximately 0.14% of Wheaton Precious Metals worth $70,325,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the business. Norges Bank bought a new position in Wheaton Precious Metals during the second quarter valued at about $656,463,000. Invesco Ltd. increased its holdings in Wheaton Precious Metals by 139.8% during the second quarter. Invesco Ltd. now owns 2,085,042 shares of the company's stock worth $187,237,000 after buying an additional 1,215,660 shares during the last quarter. CIBC Asset Management Inc raised its position in Wheaton Precious Metals by 24.8% in the second quarter. CIBC Asset Management Inc now owns 3,185,420 shares of the company's stock worth $288,255,000 after acquiring an additional 632,464 shares during the period. Arrowstreet Capital Limited Partnership raised its position in Wheaton Precious Metals by 30.0% in the second quarter. Arrowstreet Capital Limited Partnership now owns 2,743,476 shares of the company's stock worth $246,572,000 after acquiring an additional 632,429 shares during the period. Finally, Geode Capital Management LLC boosted its stake in Wheaton Precious Metals by 20.5% in the second quarter. Geode Capital Management LLC now owns 3,653,717 shares of the company's stock valued at $332,793,000 after acquiring an additional 622,003 shares during the last quarter. 70.34% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

WPM has been the subject of a number of research reports. Zacks Research downgraded shares of Wheaton Precious Metals from a "strong-buy" rating to a "hold" rating in a research report on Thursday. Scotiabank reiterated an "outperform" rating and issued a $175.00 price objective on shares of Wheaton Precious Metals in a research note on Monday, January 26th. Royal Bank Of Canada raised Wheaton Precious Metals from a "sector perform" rating to an "outperform" rating and increased their price objective for the company from $115.00 to $130.00 in a report on Wednesday, December 10th. Canadian Imperial Bank of Commerce reissued an "outperform" rating on shares of Wheaton Precious Metals in a research report on Wednesday, February 4th. Finally, UBS Group restated a "neutral" rating and issued a $158.00 target price on shares of Wheaton Precious Metals in a research note on Friday, January 30th. Ten equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, Wheaton Precious Metals currently has a consensus rating of "Moderate Buy" and a consensus price target of $140.44.

Wheaton Precious Metals Stock Down 0.5%

Shares of NYSE:WPM opened at $147.06 on Friday. The firm has a market capitalization of $66.77 billion, a PE ratio of 66.85, a P/E/G ratio of 2.23 and a beta of 0.50. The company has a 50-day moving average price of $140.02 and a two-hundred day moving average price of $117.50. Wheaton Precious Metals Corp. has a twelve month low of $68.03 and a twelve month high of $165.76.

About Wheaton Precious Metals

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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