Wheaton Precious Metals Corp. $WPM Shares Sold by Summit Financial LLC

Key Points

• Summit Financial LLC trimmed its Wheaton Precious Metals stake by 4.6% in the fourth quarter, selling 14,978 shares and leaving it with 307,975 shares worth about $36.2 million.
• Wheaton Precious Metals beat earnings and revenue expectations in its latest quarterly report, posting $1.28 EPS on $901.47 million in revenue, with revenue up 91.7% year over year.
• The company also paid a quarterly dividend of $0.195 per share, and analysts remain broadly positive with a consensus rating of Moderate Buy and an average price target of $155.64.

Summit Financial LLC cut its holdings in Wheaton Precious Metals Corp. (NYSE:WPM - Free Report) by 4.6% in the 4th quarter, according to its most recent 13F filing with the SEC. The fund owned 307,975 shares of the company's stock after selling 14,978 shares during the period. Wheaton Precious Metals accounts for about 0.5% of Summit Financial LLC's holdings, making the stock its 28th biggest position. Summit Financial LLC owned 0.07% of Wheaton Precious Metals worth $36,193,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the business. Concurrent Investment Advisors LLC grew its position in Wheaton Precious Metals by 1.9% in the 4th quarter. Concurrent Investment Advisors LLC now owns 4,203 shares of the company's stock worth $494,000 after purchasing an additional 78 shares during the last quarter. Gables Capital Management Inc. grew its position in Wheaton Precious Metals by 7.9% in the 4th quarter. Gables Capital Management Inc. now owns 1,079 shares of the company's stock worth $127,000 after purchasing an additional 79 shares during the last quarter. Focus Financial Network Inc. grew its position in Wheaton Precious Metals by 2.5% in the 4th quarter. Focus Financial Network Inc. now owns 3,305 shares of the company's stock worth $388,000 after purchasing an additional 81 shares during the last quarter. J.W. Cole Advisors Inc. grew its position in Wheaton Precious Metals by 0.8% in the 4th quarter. J.W. Cole Advisors Inc. now owns 11,926 shares of the company's stock worth $1,343,000 after purchasing an additional 91 shares during the last quarter. Finally, Jamison Private Wealth Management Inc. boosted its holdings in shares of Wheaton Precious Metals by 1.7% in the fourth quarter. Jamison Private Wealth Management Inc. now owns 5,375 shares of the company's stock valued at $632,000 after acquiring an additional 92 shares in the last quarter. 70.34% of the stock is currently owned by institutional investors and hedge funds.

Wheaton Precious Metals Stock Performance

Shares of NYSE:WPM opened at $116.09 on Friday. The stock has a market capitalization of $52.72 billion, a price-to-earnings ratio of 29.31, a PEG ratio of 2.13 and a beta of 0.51. Wheaton Precious Metals Corp. has a 1-year low of $85.59 and a 1-year high of $165.76. The company has a 50 day moving average price of $132.81 and a 200 day moving average price of $131.73.

Wheaton Precious Metals (NYSE:WPM - Get Free Report) last issued its earnings results on Thursday, May 7th. The company reported $1.28 earnings per share for the quarter, topping analysts' consensus estimates of $1.24 by $0.04. The firm had revenue of $901.47 million during the quarter, compared to analysts' expectations of $868.35 million. Wheaton Precious Metals had a net margin of 65.55% and a return on equity of 20.20%. The firm's revenue for the quarter was up 91.7% compared to the same quarter last year. During the same period last year, the firm posted $0.55 earnings per share. On average, sell-side analysts expect that Wheaton Precious Metals Corp. will post 4.98 EPS for the current fiscal year.

Wheaton Precious Metals Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, June 9th. Investors of record on Wednesday, May 27th were given a $0.195 dividend. This represents a $0.78 annualized dividend and a dividend yield of 0.7%. The ex-dividend date was Wednesday, May 27th. Wheaton Precious Metals's dividend payout ratio is 19.70%.

Analyst Ratings Changes

Several research analysts have recently issued reports on WPM shares. UBS Group upgraded shares of Wheaton Precious Metals from a "neutral" rating to a "buy" rating and set a $160.00 price objective for the company in a report on Friday, March 27th. TD Cowen increased their price objective on shares of Wheaton Precious Metals from $164.00 to $165.00 and gave the company a "buy" rating in a report on Monday, March 16th. Wall Street Zen cut shares of Wheaton Precious Metals from a "buy" rating to a "hold" rating in a report on Saturday, May 16th. Zacks Research cut shares of Wheaton Precious Metals from a "strong-buy" rating to a "hold" rating in a report on Thursday, March 5th. Finally, Scotiabank increased their price objective on shares of Wheaton Precious Metals from $178.00 to $180.00 and gave the company an "outperform" rating in a report on Thursday, May 14th. Thirteen equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $155.64.

Wheaton Precious Metals Company Profile

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.

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.