NewEdge Wealth LLC Takes $6.71 Million Position in Wheaton Precious Metals Corp. $WPM

Key Points

• NewEdge Wealth acquired 59,771 shares of Wheaton Precious Metals in the second quarter, representing a position valued at approximately $6.71 million. Institutional investors collectively own 70.34% of the company.
• Analysts remain broadly bullish, with 12 Buy ratings and one Hold rating, although several firms recently reduced their price targets. The stock has 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 declared a quarterly dividend of $0.195 per share, equivalent to a 0.5% annual yield.

NewEdge Wealth LLC acquired a new position in Wheaton Precious Metals Corp. (NYSE:WPM - Free Report) in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 59,771 shares of the company's stock, valued at approximately $6,713,000.

Other institutional investors have also recently made changes to their positions in the company. AQR Capital Management LLC bought a new position in Wheaton Precious Metals in the 1st quarter worth approximately $331,000. Focus Partners Wealth raised its position in shares of Wheaton Precious Metals by 10.7% during the first quarter. Focus Partners Wealth now owns 11,223 shares of the company's stock valued at $871,000 after buying an additional 1,081 shares during the last quarter. Acadian Asset Management LLC bought a new stake in shares of Wheaton Precious Metals during the first quarter valued at approximately $209,000. Sivia Capital Partners LLC purchased a new position in shares of Wheaton Precious Metals in the second quarter worth $239,000. Finally, Rhumbline Advisers lifted its holdings in shares of Wheaton Precious Metals by 28.3% in the second quarter. Rhumbline Advisers now owns 2,952 shares of the company's stock worth $265,000 after buying an additional 652 shares in the last quarter. Hedge funds and other institutional investors own 70.34% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on WPM shares. Weiss Ratings lowered shares of Wheaton Precious Metals from a "buy (b)" rating to a "buy (b-)" rating in a research report on Thursday, July 16th. Scotiabank decreased their price target on shares of Wheaton Precious Metals from $180.00 to $175.00 and set a "sector outperform" rating on the stock in a research note on Tuesday, July 14th. Bank of America dropped their price objective on shares of Wheaton Precious Metals from $163.00 to $145.00 and set a "buy" rating for the company in a report on Thursday, July 9th. UBS Group cut their price objective on Wheaton Precious Metals from $165.00 to $150.00 and set a "buy" rating for the company in a research report on Tuesday, June 30th. Finally, Wall Street Zen cut Wheaton Precious Metals from a "buy" rating to a "hold" rating in a report on Saturday, May 16th. Twelve research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $165.55.

Wheaton Precious Metals Trading Up 11.2%

Shares of WPM opened at $147.56 on Thursday. The company's fifty day moving average is $117.60 and its 200 day moving average is $130.16. Wheaton Precious Metals Corp. has a fifty-two week low of $91.65 and a fifty-two week high of $165.76. The stock has a market capitalization of $67.02 billion, a PE ratio of 32.72, a P/E/G ratio of 2.35 and a beta of 0.55. 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 released its quarterly earnings data on Thursday, August 6th. The company reported $1.19 EPS for the quarter, beating the consensus estimate 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 business had revenue of $878.00 million during the quarter, compared to analyst estimates of $879.29 million. During the same quarter last year, the business earned $0.63 earnings per share. Wheaton Precious Metals's quarterly revenue was up 84.7% compared to the same quarter last year. Sell-side analysts expect that Wheaton Precious Metals Corp. will post 4.79 earnings per share for the current fiscal year.

Wheaton Precious Metals Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 3rd. Stockholders of record on Thursday, August 20th will be given a dividend of $0.195 per share. This represents a $0.78 annualized dividend and a dividend yield of 0.5%. The ex-dividend date is Thursday, August 20th. Wheaton Precious Metals's dividend payout ratio is currently 17.29%.

Wheaton Precious Metals Company 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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