Wheaton Precious Metals (NYSE:WPM) Price Target Raised to $128.00 at Scotiabank

Key Points

• Scotiabank raised the price target for Wheaton Precious Metals from $109.00 to $128.00, indicating a potential upside of 31.04%, while maintaining a "sector outperform" rating.
• Other analysts, including CIBC and UBS Group, have also increased their price targets, with CIBC setting a target of $160.00 and UBS at $122.00.
• Wheaton Precious Metals reported quarterly earnings of $0.63 per share, exceeding analysts' expectations and marking a revenue increase of 68.2% compared to the same quarter last year.

Wheaton Precious Metals (NYSE:WPM - Get Free Report) had its price objective increased by equities research analysts at Scotiabank from $109.00 to $128.00 in a report released on Thursday, Marketbeat reports. The brokerage currently has a "sector outperform" rating on the stock. Scotiabank's price target suggests a potential upside of 31.04% from the stock's previous close.

Several other equities research analysts have also recently weighed in on WPM. CIBC increased their target price on shares of Wheaton Precious Metals from $135.00 to $160.00 and gave the company an "outperformer" rating in a research note on Friday, October 10th. Wall Street Zen upgraded shares of Wheaton Precious Metals from a "hold" rating to a "buy" rating in a research note on Monday, September 8th. Weiss Ratings reissued a "buy (b-)" rating on shares of Wheaton Precious Metals in a research report on Wednesday, October 8th. UBS Group increased their price target on shares of Wheaton Precious Metals from $118.00 to $122.00 and gave the stock a "neutral" rating in a research report on Thursday, October 16th. Finally, Raymond James Financial increased their price target on shares of Wheaton Precious Metals from $114.00 to $127.00 and gave the stock an "outperform" rating in a research report on Friday, October 10th. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $119.00.

Wheaton Precious Metals Stock Up 0.6%

WPM stock traded up $0.55 during mid-day trading on Thursday, reaching $97.68. 783,262 shares of the stock traded hands, compared to its average volume of 1,952,587. Wheaton Precious Metals has a 52 week low of $55.47 and a 52 week high of $114.36. The business has a 50-day moving average of $103.69 and a two-hundred day moving average of $92.95. The firm has a market capitalization of $44.34 billion, a PE ratio of 56.36, a P/E/G ratio of 1.72 and a beta of 0.41.

Wheaton Precious Metals (NYSE:WPM - Get Free Report) last released its quarterly earnings results on Thursday, August 7th. The company reported $0.63 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.58 by $0.05. Wheaton Precious Metals had a net margin of 47.46% and a return on equity of 11.96%. The company had revenue of $503.22 million during the quarter, compared to analysts' expectations of $424.23 million. During the same period in the prior year, the company earned $0.33 earnings per share. The business's quarterly revenue was up 68.2% compared to the same quarter last year. On average, equities research analysts anticipate that Wheaton Precious Metals will post 1.46 EPS for the current fiscal year.

Hedge Funds Weigh In On Wheaton Precious Metals

Hedge funds and other institutional investors have recently bought and sold shares of the business. Bulwark Capital Corp bought a new position in shares of Wheaton Precious Metals during the second quarter worth $27,000. Delta Asset Management LLC TN bought a new position in shares of Wheaton Precious Metals during the second quarter worth $27,000. Wealth Preservation Advisors LLC bought a new position in shares of Wheaton Precious Metals during the first quarter worth $38,000. Banque Cantonale Vaudoise bought a new position in shares of Wheaton Precious Metals during the first quarter worth $49,000. Finally, City State Bank boosted its position in shares of Wheaton Precious Metals by 40.0% during the second quarter. City State Bank now owns 560 shares of the company's stock worth $50,000 after purchasing an additional 160 shares in the last quarter. 70.34% of the stock is owned by institutional investors.

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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