Wheaton Precious Metals Corp. $WPM Shares Purchased by Canoe Financial LP

Key Points

• Canoe Financial LP increased its Wheaton Precious Metals stake by 78.8% in the third quarter, reaching 1.07 million shares worth approximately $142.7 million. Institutional investors collectively own 70.34% of the company.
• Analysts remain broadly positive, with 10 Buy ratings and one Hold rating, producing a consensus “Moderate Buy” rating and an average price target of $172.11.
• Wheaton reported quarterly earnings of $1.19 per share, beating estimates, while revenue rose 84.7% year over year to $878 million. The company also pays a quarterly dividend of $0.195, equivalent to a 0.6% annual yield.

Canoe Financial LP boosted its position in shares of Wheaton Precious Metals Corp. (NYSE:WPM - Free Report) by 78.8% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,070,765 shares of the company's stock after acquiring an additional 471,905 shares during the quarter. Wheaton Precious Metals accounts for approximately 1.7% of Canoe Financial LP's investment portfolio, making the stock its 27th biggest position. Canoe Financial LP owned 0.24% of Wheaton Precious Metals worth $142,671,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Guardian Partners Inc. boosted its stake in shares of Wheaton Precious Metals by 9.8% in the third quarter. Guardian Partners Inc. now owns 15,181 shares of the company's stock valued at $2,032,000 after purchasing an additional 1,356 shares during the period. Uncommon Cents Investing Inc grew its holdings in shares of Wheaton Precious Metals by 60.4% in the third quarter. Uncommon Cents Investing Inc now owns 16,775 shares of the company's stock valued at $2,243,000 after purchasing an additional 6,320 shares in the last quarter. Diversify Advisory Services LLC grew its holdings in shares of Wheaton Precious Metals by 15.1% in the third quarter. Diversify Advisory Services LLC now owns 2,939 shares of the company's stock valued at $391,000 after purchasing an additional 386 shares in the last quarter. Louisbourg Investments Inc. grew its holdings in shares of Wheaton Precious Metals by 11.3% in the third quarter. Louisbourg Investments Inc. now owns 72,610 shares of the company's stock valued at $9,726,000 after purchasing an additional 7,381 shares in the last quarter. Finally, Compound Global Advisors LLC increased its stake in Wheaton Precious Metals by 233.3% during the 3rd quarter. Compound Global Advisors LLC now owns 500 shares of the company's stock worth $67,000 after buying an additional 350 shares during the period. 70.34% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the stock. UBS Group increased their target price on shares of Wheaton Precious Metals from $153.00 to $160.00 and gave the stock a "buy" rating in a report on Thursday, October 8th. Jefferies Financial Group dropped their price target on shares of Wheaton Precious Metals from $182.00 to $177.00 and set a "buy" rating for the company in a research note on Monday, July 6th. Bank of America cut their price objective on 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. Royal Bank Of Canada upped their price objective on Wheaton Precious Metals from $160.00 to $165.00 and gave the stock an "outperform" rating in a research report on Wednesday, September 16th. Finally, Weiss Ratings upgraded Wheaton Precious Metals from a "buy (b)" rating to a "buy (b+)" rating in a research note on Friday, October 9th. Ten investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $172.11.

Wheaton Precious Metals Stock Performance

Shares of Wheaton Precious Metals stock opened at $132.07 on Thursday. Wheaton Precious Metals Corp. has a one year low of $92.57 and a one year high of $165.76. The company has a market cap of $59.98 billion, a PE ratio of 29.28, a P/E/G ratio of 2.55 and a beta of 0.54. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.47 and a current ratio of 0.47. The business has a 50-day simple moving average of $144.36 and a 200-day simple moving average of $131.63.

Wheaton Precious Metals (NYSE:WPM - Get Free Report) last released its earnings results on Thursday, August 6th. The company reported $1.19 earnings per share for the quarter, topping analysts' consensus estimates 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 firm had revenue of $878.00 million for the quarter, compared to analyst estimates of $879.29 million. During the same period in the prior year, the firm earned $0.63 earnings per share. The business's quarterly revenue was up 84.7% compared to the same quarter last year. On average, equities research analysts forecast that Wheaton Precious Metals Corp. will post 4.61 EPS for the current fiscal year.

Wheaton Precious Metals Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 3rd. Shareholders of record on Thursday, August 20th were given a $0.1950 dividend. The ex-dividend date of this dividend was Thursday, August 20th. This represents a $0.78 dividend on an annualized basis and a dividend yield of 0.6%. Wheaton Precious Metals's dividend payout ratio is currently 17.29%.

Wheaton Precious Metals Company Profile

Wheaton Precious Metals Corp. is a precious metals streaming company headquartered in Vancouver, British Columbia. Rather than operating mines directly, the company provides upfront financing to mining companies in exchange for the right to purchase a portion of the gold, silver, palladium and cobalt produced by specific mining operations at predetermined prices.

Wheaton sells the streamed metals to customers and uses the proceeds to support its operations and investments. Its portfolio is linked to mining assets operated by third parties, with exposure to projects in the Americas and other regions.

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