Scotiabank Increases Wheaton Precious Metals (NYSE:WPM) Price Target to $66.50

Wheaton Precious Metals (NYSE:WPM - Free Report) had its price objective raised by Scotiabank from $59.00 to $66.50 in a research note published on Thursday, Marketbeat reports. Scotiabank currently has an outperform rating on the stock.

Several other brokerages also recently weighed in on WPM. Raymond James reduced their price target on shares of Wheaton Precious Metals from $60.00 to $58.00 and set a market perform rating for the company in a research report on Thursday, February 22nd. Jefferies Financial Group lifted their target price on shares of Wheaton Precious Metals from $52.00 to $61.00 and gave the stock a buy rating in a research report on Monday, April 22nd. Berenberg Bank lifted their target price on shares of Wheaton Precious Metals from $54.00 to $64.00 and gave the stock a buy rating in a research report on Tuesday. BMO Capital Markets lifted their target price on shares of Wheaton Precious Metals from $59.00 to $61.00 and gave the stock an outperform rating in a research report on Tuesday. Finally, National Bank Financial downgraded shares of Wheaton Precious Metals from an outperform rating to a sector perform rating in a research report on Wednesday, February 21st. Four analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of Moderate Buy and an average target price of $59.70.

Wheaton Precious Metals Stock Down 1.6 %

Shares of NYSE WPM traded down $0.92 on Thursday, reaching $55.69. 1,543,808 shares of the company's stock traded hands, compared to its average volume of 2,041,551. Wheaton Precious Metals has a 12 month low of $38.37 and a 12 month high of $57.87. The business's 50 day simple moving average is $51.43 and its two-hundred day simple moving average is $48.02. The company has a market cap of $25.25 billion, a price-to-earnings ratio of 42.84, a price-to-earnings-growth ratio of 2.10 and a beta of 0.75.

Wheaton Precious Metals (NYSE:WPM - Get Free Report) last announced its earnings results on Thursday, May 9th. The company reported $0.36 earnings per share for the quarter, beating analysts' consensus estimates of $0.29 by $0.07. Wheaton Precious Metals had a net margin of 53.74% and a return on equity of 8.53%. The business had revenue of $296.80 million during the quarter, compared to the consensus estimate of $278.95 million. During the same quarter last year, the firm earned $0.23 earnings per share. The business's revenue for the quarter was up 38.7% on a year-over-year basis. Analysts forecast that Wheaton Precious Metals will post 1.28 earnings per share for the current fiscal year.

Wheaton Precious Metals Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 11th. Stockholders of record on Wednesday, May 29th will be paid a dividend of $0.155 per share. This represents a $0.62 annualized dividend and a dividend yield of 1.11%. The ex-dividend date of this dividend is Wednesday, May 29th. Wheaton Precious Metals's dividend payout ratio is presently 47.69%.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. CVA Family Office LLC bought a new position in shares of Wheaton Precious Metals during the 4th quarter valued at about $26,000. McGlone Suttner Wealth Management Inc. bought a new position in shares of Wheaton Precious Metals during the 4th quarter valued at about $31,000. Principal Securities Inc. bought a new position in shares of Wheaton Precious Metals during the 4th quarter valued at about $39,000. Fifth Third Bancorp boosted its holdings in shares of Wheaton Precious Metals by 230.7% during the 4th quarter. Fifth Third Bancorp now owns 863 shares of the company's stock valued at $43,000 after purchasing an additional 602 shares during the last quarter. Finally, St. Johns Investment Management Company LLC bought a new position in shares of Wheaton Precious Metals during the 1st quarter valued at about $52,000. Hedge funds and other institutional investors own 70.34% of the company's stock.

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.