Mackenzie Financial Corp Sells 239,738 Shares of Wheaton Precious Metals Corp. (NYSE:WPM)

Key Points

• Mackenzie Financial Corp reduced its stake in Wheaton Precious Metals by 7.4%, owning approximately 2,983,416 shares valued at $231,504,000 as of the latest SEC filing.
• Analysts have increased the target prices for Wheaton Precious Metals, with UBS raising it from $78 to $89 and Raymond James from $88 to $90, indicating a generally positive outlook.
• The company reported a net margin of 42.45% and revenue growth of 58.4% year-over-year, reaching $470.41 million for the last quarter.

Mackenzie Financial Corp trimmed its position in Wheaton Precious Metals Corp. (NYSE:WPM - Free Report) by 7.4% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,983,416 shares of the company's stock after selling 239,738 shares during the quarter. Mackenzie Financial Corp owned 0.66% of Wheaton Precious Metals worth $231,504,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in WPM. Cerity Partners LLC increased its stake in shares of Wheaton Precious Metals by 5.5% in the 1st quarter. Cerity Partners LLC now owns 20,271 shares of the company's stock valued at $1,574,000 after purchasing an additional 1,058 shares during the last quarter. Sei Investments Co. grew its position in Wheaton Precious Metals by 25.7% in the fourth quarter. Sei Investments Co. now owns 40,769 shares of the company's stock valued at $2,293,000 after acquiring an additional 8,331 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. raised its stake in 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 acquiring an additional 2,208 shares in the last quarter. Sequoia Financial Advisors LLC lifted its holdings in shares of Wheaton Precious Metals by 5.8% in the first quarter. Sequoia Financial Advisors LLC now owns 5,392 shares of the company's stock worth $419,000 after acquiring an additional 297 shares during the last quarter. Finally, Dynamic Advisor Solutions LLC acquired a new stake in shares of Wheaton Precious Metals in the 1st quarter valued at approximately $531,000. 70.34% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms recently issued reports on WPM. Berenberg Bank upped their price objective on shares of Wheaton Precious Metals from $87.00 to $95.00 and gave the stock a "buy" rating in a research report on Thursday, July 3rd. Royal Bank Of Canada raised their price objective on Wheaton Precious Metals from $80.00 to $90.00 and gave the company a "sector perform" rating in a report on Wednesday, June 4th. National Bankshares reaffirmed an "outperform" rating on shares of Wheaton Precious Metals in a report on Tuesday, June 24th. UBS Group increased their target price on Wheaton Precious Metals from $78.00 to $89.00 and gave the company a "buy" rating in a research report on Friday, April 11th. Finally, Wall Street Zen upgraded Wheaton Precious Metals from a "hold" rating to a "buy" rating in a report on Monday, May 12th. One research analyst has rated the stock with a hold rating, ten have assigned a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, Wheaton Precious Metals presently has an average rating of "Buy" and an average price target of $93.00.

Wheaton Precious Metals Stock Performance

Shares of NYSE WPM traded up $0.69 during midday trading on Thursday, reaching $91.69. The stock had a trading volume of 766,364 shares, compared to its average volume of 1,831,757. The company's 50 day moving average price is $90.06 and its 200 day moving average price is $78.74. Wheaton Precious Metals Corp. has a twelve month low of $53.05 and a twelve month high of $96.83. The firm has a market cap of $41.62 billion, a price-to-earnings ratio of 67.36, a price-to-earnings-growth ratio of 2.61 and a beta of 0.46.

Wheaton Precious Metals (NYSE:WPM - Get Free Report) last released its earnings results on Thursday, May 8th. The company reported $0.55 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.50 by $0.05. Wheaton Precious Metals had a net margin of 42.45% and a return on equity of 10.32%. The business had revenue of $470.41 million for the quarter, compared to analyst estimates of $446.33 million. During the same quarter in the previous year, the business earned $0.36 earnings per share. Wheaton Precious Metals's revenue for the quarter was up 58.4% on a year-over-year basis. Equities analysts forecast that Wheaton Precious Metals Corp. will post 1.46 earnings per share for the current fiscal year.

Wheaton Precious Metals Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 10th. Shareholders of record on Wednesday, May 28th were issued a dividend of $0.165 per share. This represents a $0.66 dividend on an annualized basis and a dividend yield of 0.72%. The ex-dividend date was Wednesday, May 28th. Wheaton Precious Metals's payout ratio is 48.53%.

About Wheaton Precious Metals

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.