Wellington Management Group LLP Makes New Investment in Wheaton Precious Metals Corp. $WPM

Key Points

• Wellington Management initiated a stake in Wheaton Precious Metals during the second quarter, purchasing 174,384 shares valued at approximately $19.6 million. Institutional investors collectively own 70.34% of the company.
• Analysts remain broadly bullish, with 12 Buy ratings and one Hold rating producing a “Moderate Buy” consensus and an average price target of $165.55, although several firms recently reduced their targets.
• Wheaton reported quarterly EPS of $1.19, beating 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.

Wellington Management Group LLP bought a new stake 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 and Exchange Commission (SEC). The firm bought 174,384 shares of the company's stock, valued at approximately $19,610,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Cornerstone Planning Group LLC lifted its position in Wheaton Precious Metals by 245.5% during the first quarter. Cornerstone Planning Group LLC now owns 228 shares of the company's stock worth $29,000 after acquiring an additional 162 shares during the last quarter. Harvest Fund Management Co. Ltd lifted its position in shares of Wheaton Precious Metals by 100.0% during the 4th quarter. Harvest Fund Management Co. Ltd now owns 234 shares of the company's stock valued at $27,000 after acquiring an additional 117 shares during the period. Hollencrest Capital Management grew its stake 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 buying an additional 100 shares in the last quarter. Cary Street Partners Investment Advisory LLC acquired a new stake in shares of Wheaton Precious Metals during the 4th quarter worth approximately $28,000. Finally, Navalign LLC acquired a new stake in shares of Wheaton Precious Metals in the 4th quarter valued at $30,000. Institutional investors own 70.34% of the company's stock.

Analyst Ratings Changes

WPM has been the topic of a number of research reports. Scotiabank decreased their target price 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. Berenberg Bank set a $157.00 price target on shares of Wheaton Precious Metals in a report on Tuesday, July 28th. Royal Bank Of Canada dropped their price objective on 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 cut their price objective on shares of Wheaton Precious Metals from $163.00 to $145.00 and set a "buy" rating on the stock in a research report on Thursday, July 9th. Finally, Wall Street Zen downgraded shares of Wheaton Precious Metals from a "buy" rating to a "hold" rating in a report on Saturday, May 16th. Twelve analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $165.55.

Wheaton Precious Metals Stock Down 0.0%

WPM opened at $154.94 on Monday. The firm has a market capitalization of $70.37 billion, a P/E ratio of 34.35, a price-to-earnings-growth ratio of 2.74 and a beta of 0.60. The company has a debt-to-equity ratio of 0.20, a current ratio of 0.47 and a quick ratio of 0.47. The company has a fifty day moving average price of $126.18 and a 200-day moving average price of $131.44. Wheaton Precious Metals Corp. has a one year low of $92.57 and a one year high of $165.76.

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, topping analysts' consensus estimates of $1.15 by $0.04. The company had revenue of $878.00 million during the quarter, compared to the consensus estimate of $879.29 million. Wheaton Precious Metals had a net margin of 64.66% and a return on equity of 21.97%. The firm's revenue was up 84.7% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.63 EPS. Equities research analysts expect that Wheaton Precious Metals Corp. will post 4.79 earnings per share for the current fiscal year.

Wheaton Precious Metals Announces Dividend

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

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.

Want to see what other hedge funds are holding WPM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Wheaton Precious Metals Corp. (NYSE:WPM - Free Report).

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.