Scotiabank Issues Positive Forecast for Wheaton Precious Metals (NYSE:WPM) Stock Price

Key Points

• Scotiabank has increased its price target for Wheaton Precious Metals from $108.00 to $109.00, suggesting a potential upside of 12.51% based on the stock's previous close.
• Wheaton Precious Metals reported a quarterly EPS of $0.63, exceeding analysts' expectations of $0.58, with revenue reaching $503.22 million, a 68.2% increase from the same quarter last year.
• The stock currently has an average rating of "Moderate Buy" with nine buy ratings and a consensus price target of $97.33 among analysts.

Wheaton Precious Metals (NYSE:WPM - Get Free Report) had its price objective upped by Scotiabank from $108.00 to $109.00 in a research report issued on Tuesday,Benzinga reports. The brokerage presently has a "sector outperform" rating on the stock. Scotiabank's price objective would suggest a potential upside of 12.51% from the stock's previous close.

A number of other equities research analysts have also recently commented on the company. UBS Group set a $106.00 target price on Wheaton Precious Metals and gave the stock a "neutral" rating in a research note on Monday. CIBC reissued an "outperform" rating on shares of Wheaton Precious Metals in a report on Tuesday, July 15th. Wall Street Zen lowered Wheaton Precious Metals from a "buy" rating to a "hold" rating in a report on Saturday. BMO Capital Markets reissued an "outperform" rating on shares of Wheaton Precious Metals in a report on Friday. Finally, Raymond James Financial lifted their price objective on Wheaton Precious Metals from $88.00 to $90.00 and gave the stock an "outperform" rating in a report on Tuesday, April 15th. Three equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $97.33.

Wheaton Precious Metals Price Performance

Shares of NYSE WPM traded down $0.63 during mid-day trading on Tuesday, reaching $96.88. 536,700 shares of the company's stock were exchanged, compared to its average volume of 1,849,035. The firm has a market capitalization of $43.98 billion, a price-to-earnings ratio of 56.03, a price-to-earnings-growth ratio of 2.81 and a beta of 0.39. Wheaton Precious Metals has a 52 week low of $55.47 and a 52 week high of $103.81. The firm has a 50-day moving average price of $91.65 and a two-hundred day moving average price of $81.19.

Wheaton Precious Metals (NYSE:WPM - Get Free Report) last released its earnings results on Thursday, August 7th. The company reported $0.63 EPS for the quarter, topping analysts' consensus estimates of $0.58 by $0.05. The company had revenue of $503.22 million for the quarter, compared to analysts' expectations of $424.23 million. Wheaton Precious Metals had a return on equity of 12.12% and a net margin of 47.46%. The business's revenue for the quarter was up 68.2% compared to the same quarter last year. During the same period in the previous year, the business posted $0.33 EPS. As a group, sell-side analysts forecast that Wheaton Precious Metals will post 1.46 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Bulwark Capital Corp purchased a new position in shares of Wheaton Precious Metals during the second quarter worth about $27,000. Delta Asset Management LLC TN purchased a new position in shares of Wheaton Precious Metals during the second quarter worth about $27,000. NBT Bank N A NY grew its holdings in shares of Wheaton Precious Metals by 129.3% during the first quarter. NBT Bank N A NY now owns 415 shares of the company's stock worth $32,000 after purchasing an additional 234 shares in the last quarter. Wealth Preservation Advisors LLC purchased a new position in shares of Wheaton Precious Metals during the first quarter worth about $38,000. Finally, Banque Cantonale Vaudoise purchased a new position in shares of Wheaton Precious Metals during the first quarter worth about $49,000. 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.

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