Summit Financial LLC Decreases Holdings in Wheaton Precious Metals Corp. $WPM

Key Points

• Summit Financial LLC has reduced its stake in Wheaton Precious Metals Corp. by 12.0%, selling 44,491 shares during the 1st quarter, leaving it with a total of 327,083 shares.
• Wheaton Precious Metals reported $0.63 earnings per share for the latest quarter, surpassing expectations and reflecting a revenue increase of 68.2% year-over-year.
• The company declared a $0.165 quarterly dividend, with a payout ratio of 38.15% and an annualized yield of 0.7%.

Summit Financial LLC lowered its position in shares of Wheaton Precious Metals Corp. (NYSE:WPM - Free Report) by 12.0% during the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 327,083 shares of the company's stock after selling 44,491 shares during the period. Wheaton Precious Metals comprises about 0.7% of Summit Financial LLC's holdings, making the stock its 26th largest position. Summit Financial LLC owned 0.07% of Wheaton Precious Metals worth $25,391,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Cerity Partners LLC increased its position in shares of Wheaton Precious Metals by 5.5% during the first quarter. Cerity Partners LLC now owns 20,271 shares of the company's stock worth $1,574,000 after purchasing an additional 1,058 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. grew its holdings in shares of Wheaton Precious Metals by 37.4% during the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 8,109 shares of the company's stock worth $630,000 after buying an additional 2,208 shares during the last quarter. Sequoia Financial Advisors LLC grew its holdings in shares of Wheaton Precious Metals by 5.8% during the first quarter. Sequoia Financial Advisors LLC now owns 5,392 shares of the company's stock worth $419,000 after buying an additional 297 shares during the last quarter. Dynamic Advisor Solutions LLC purchased a new position in shares of Wheaton Precious Metals during the first quarter worth about $531,000. Finally, Principal Financial Group Inc. grew its holdings in shares of Wheaton Precious Metals by 34.6% during the first quarter. Principal Financial Group Inc. now owns 25,244 shares of the company's stock worth $1,959,000 after buying an additional 6,486 shares during the last quarter. Institutional investors and hedge funds own 70.34% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on WPM. Wall Street Zen raised Wheaton Precious Metals from a "hold" rating to a "buy" rating in a report on Saturday. Berenberg Bank raised their price target on Wheaton Precious Metals from $87.00 to $95.00 and gave the stock a "buy" rating in a report on Thursday, July 3rd. Royal Bank Of Canada raised their price target on Wheaton Precious Metals from $80.00 to $90.00 and gave the stock a "sector perform" rating in a report on Wednesday, June 4th. BMO Capital Markets reissued an "outperform" rating on shares of Wheaton Precious Metals in a report on Friday, August 8th. Finally, Scotiabank raised their price target on Wheaton Precious Metals from $108.00 to $109.00 and gave the stock a "sector perform" rating in a report on Tuesday, August 12th. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $97.33.

Wheaton Precious Metals Stock Performance

WPM traded up $1.30 during trading on Tuesday, reaching $96.80. The company's stock had a trading volume of 636,783 shares, compared to its average volume of 1,837,153. Wheaton Precious Metals Corp. has a 52-week low of $55.47 and a 52-week high of $103.81. The company's fifty day moving average price is $92.42 and its 200-day moving average price is $83.37. The company has a market capitalization of $43.94 billion, a price-to-earnings ratio of 56.02, a price-to-earnings-growth ratio of 2.65 and a beta of 0.39.

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

Wheaton Precious Metals Announces Dividend

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

Wheaton Precious Metals 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.