Raymond James Financial Inc. Cuts Stake in Wheaton Precious Metals Corp. $WPM

Key Points

• Raymond James Financial Inc. reduced its holdings in Wheaton Precious Metals Corp. by 0.7%, owning 366,921 shares valued at $28.48 million at the end of the first quarter.
• Wheaton Precious Metals reported a 68.2% year-over-year increase in revenue, reaching $503.22 million, with an EPS of $0.63, exceeding analyst expectations.
• The company announced a quarterly dividend of $0.165, representing a yield of 0.7% and a payout ratio of 38.15%.

Raymond James Financial Inc. reduced its stake in shares of Wheaton Precious Metals Corp. (NYSE:WPM - Free Report) by 0.7% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 366,921 shares of the company's stock after selling 2,752 shares during the period. Raymond James Financial Inc. owned approximately 0.08% of Wheaton Precious Metals worth $28,484,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Pacer Advisors Inc. lifted its stake in shares of Wheaton Precious Metals by 2.9% during the first quarter. Pacer Advisors Inc. now owns 4,144 shares of the company's stock worth $322,000 after buying an additional 117 shares during the period. Asahi Life Asset Management CO. LTD. lifted its stake in shares of Wheaton Precious Metals by 2.8% during the first quarter. Asahi Life Asset Management CO. LTD. now owns 5,070 shares of the company's stock worth $393,000 after buying an additional 140 shares during the period. Avantax Advisory Services Inc. lifted its stake in shares of Wheaton Precious Metals by 2.1% during the first quarter. Avantax Advisory Services Inc. now owns 6,737 shares of the company's stock worth $523,000 after buying an additional 140 shares during the period. Continuum Advisory LLC lifted its stake in shares of Wheaton Precious Metals by 9.0% during the first quarter. Continuum Advisory LLC now owns 1,823 shares of the company's stock worth $142,000 after buying an additional 151 shares during the period. Finally, Allworth Financial LP lifted its stake in shares of Wheaton Precious Metals by 2.9% during the first quarter. Allworth Financial LP now owns 5,715 shares of the company's stock worth $470,000 after buying an additional 161 shares during the period. 70.34% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

WPM has been the subject of a number of research reports. CIBC restated an "outperform" rating on shares of Wheaton Precious Metals in a research report on Tuesday, July 15th. Scotiabank boosted their target price on shares of Wheaton Precious Metals from $108.00 to $109.00 and gave the company a "sector perform" rating in a research report on Tuesday, August 12th. Wall Street Zen upgraded shares of Wheaton Precious Metals from a "hold" rating to a "buy" rating in a research report on Saturday. BMO Capital Markets restated an "outperform" rating on shares of Wheaton Precious Metals in a research report on Friday, August 8th. Finally, UBS Group set a $106.00 target price on shares of Wheaton Precious Metals and gave the company a "neutral" rating in a research report on Monday, August 11th. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, Wheaton Precious Metals presently has a consensus rating of "Moderate Buy" and a consensus price target of $97.33.

Wheaton Precious Metals Trading Down 0.1%

WPM traded down $0.11 on Wednesday, reaching $96.59. The stock had a trading volume of 1,821,512 shares, compared to its average volume of 1,882,168. Wheaton Precious Metals Corp. has a 12-month low of $55.47 and a 12-month high of $103.81. The business's 50-day moving average price is $92.63 and its two-hundred day moving average price is $83.55. The company has a market cap of $43.85 billion, a P/E ratio of 55.83, a price-to-earnings-growth ratio of 2.66 and a beta of 0.39.

Wheaton Precious Metals (NYSE:WPM - Get Free Report) last released its quarterly earnings data 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 net margin of 47.46% and a return on equity of 11.96%. The company had revenue of $503.22 million during the quarter, compared to analysts' expectations of $424.23 million. During the same quarter in the previous year, the company earned $0.33 earnings per share. The firm's revenue for the quarter was up 68.2% on a year-over-year basis. As a group, analysts predict that Wheaton Precious Metals Corp. will post 1.46 earnings per share for the current year.

Wheaton Precious Metals Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 4th. Stockholders of record on Thursday, August 21st will be paid a dividend of $0.165 per share. The ex-dividend date of this dividend is Thursday, August 21st. This represents a $0.66 dividend on an annualized basis and a dividend yield of 0.7%. Wheaton Precious Metals's payout ratio is currently 38.15%.

Wheaton Precious Metals Company Profile

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.