Zurcher Kantonalbank Zurich Cantonalbank Raises Stock Holdings in Wheaton Precious Metals Corp. (NYSE:WPM)

Key Points

• Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Wheaton Precious Metals by 31.8%, acquiring an additional 62,540 shares during the first quarter, raising its total ownership to approximately 0.06% of the company valued at $20.13 million.
• Wheaton Precious Metals recently reported quarterly earnings of $0.55 per share, beating analysts' consensus estimates and achieving a 58.4% year-over-year increase in revenue.
• Equities analysts have a consensus rating of "Buy" for Wheaton Precious Metals with a target price of $93, and several firms have recently boosted their price targets significantly.

Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of Wheaton Precious Metals Corp. (NYSE:WPM - Free Report) by 31.8% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 259,449 shares of the company's stock after acquiring an additional 62,540 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank owned 0.06% of Wheaton Precious Metals worth $20,130,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also modified their holdings of the stock. Pacer Advisors Inc. increased its position in shares of Wheaton Precious Metals by 2.9% during the 1st quarter. Pacer Advisors Inc. now owns 4,144 shares of the company's stock worth $322,000 after purchasing an additional 117 shares during the last quarter. Asahi Life Asset Management CO. LTD. increased its position in shares of Wheaton Precious Metals by 2.8% during the 1st quarter. Asahi Life Asset Management CO. LTD. now owns 5,070 shares of the company's stock worth $393,000 after purchasing an additional 140 shares during the last quarter. Avantax Advisory Services Inc. increased its position in shares of Wheaton Precious Metals by 2.1% during the 1st quarter. Avantax Advisory Services Inc. now owns 6,737 shares of the company's stock worth $523,000 after purchasing an additional 140 shares during the last quarter. Continuum Advisory LLC increased its position in shares of Wheaton Precious Metals by 9.0% during the 1st quarter. Continuum Advisory LLC now owns 1,823 shares of the company's stock worth $142,000 after purchasing an additional 151 shares during the last quarter. Finally, Allworth Financial LP increased its position in shares of Wheaton Precious Metals by 2.9% during the 1st quarter. Allworth Financial LP now owns 5,715 shares of the company's stock worth $470,000 after purchasing an additional 161 shares during the last quarter. Hedge funds and other institutional investors own 70.34% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on WPM shares. Raymond James Financial raised their price objective on Wheaton Precious Metals from $88.00 to $90.00 and gave the stock an "outperform" rating in a research report on Tuesday, April 15th. Royal Bank Of Canada raised their price objective on Wheaton Precious Metals from $80.00 to $90.00 and gave the stock a "sector perform" rating in a research report on Wednesday, June 4th. CIBC reaffirmed an "outperform" rating on shares of Wheaton Precious Metals in a research report on Tuesday, July 15th. BMO Capital Markets assumed coverage on Wheaton Precious Metals in a research report on Wednesday, April 16th. They issued an "outperform" rating and a $129.00 target price for the company. Finally, Wall Street Zen raised Wheaton Precious Metals from a "hold" rating to a "buy" rating in a research report on Monday, May 12th. One analyst has rated the stock with a hold rating, ten have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, Wheaton Precious Metals presently has an average rating of "Buy" and a consensus target price of $93.00.

Wheaton Precious Metals Stock Performance

Shares of WPM traded up $0.13 during midday trading on Friday, hitting $91.64. The company had a trading volume of 897,571 shares, compared to its average volume of 1,828,202. The company's 50-day simple moving average is $90.20 and its 200-day simple moving average is $78.99. The firm has a market capitalization of $41.60 billion, a P/E ratio of 67.45, a P/E/G ratio of 2.54 and a beta of 0.46. Wheaton Precious Metals Corp. has a 1 year low of $53.05 and a 1 year high of $96.83.

Wheaton Precious Metals (NYSE:WPM - Get Free Report) last posted its earnings results on Thursday, May 8th. The company reported $0.55 earnings per share for the quarter, topping the consensus estimate of $0.50 by $0.05. The firm had revenue of $470.41 million during the quarter, compared to analysts' expectations of $446.33 million. Wheaton Precious Metals had a return on equity of 10.32% and a net margin of 42.45%. The firm's revenue was up 58.4% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.36 earnings per share. Equities analysts predict 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 announced a quarterly dividend, which was paid on Tuesday, June 10th. Investors of record on Wednesday, May 28th were paid a dividend of $0.165 per share. The ex-dividend date was Wednesday, May 28th. This represents a $0.66 annualized dividend and a yield of 0.7%. Wheaton Precious Metals's payout ratio is presently 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.