Wheaton Precious Metals (NYSE:WPM) Price Target Raised to $135.00

Key Points

• CIBC has raised its price target for Wheaton Precious Metals from $130.00 to $135.00, suggesting a potential upside of 25.65% from the current price, and maintaining an "outperform" rating.
• The company reported a 68.2% year-over-year revenue increase, with a quarterly EPS of $0.63, exceeding analyst expectations of $0.58.
• Major institutional investors recently increased their stakes, with Norges Bank acquiring a new stake valued at approximately $656 million during the second quarter.

Wheaton Precious Metals (NYSE:WPM - Get Free Report) had its price objective upped by investment analysts at CIBC from $130.00 to $135.00 in a research report issued on Thursday,BayStreet.CA reports. The firm presently has an "outperform" rating on the stock. CIBC's target price would suggest a potential upside of 25.65% from the company's current price.

WPM has been the topic of a number of other reports. Royal Bank Of Canada boosted their price target on shares of Wheaton Precious Metals from $80.00 to $90.00 and gave the stock a "sector perform" rating in a research note on Wednesday, June 4th. Wall Street Zen raised Wheaton Precious Metals from a "hold" rating to a "buy" rating in a research note on Monday, September 8th. Berenberg Bank raised their price objective on Wheaton Precious Metals from $102.00 to $108.00 and gave the stock a "buy" rating in a report on Friday, September 12th. BMO Capital Markets reiterated an "outperform" rating on shares of Wheaton Precious Metals in a research report on Friday, August 8th. Finally, Raymond James Financial lifted their target price on Wheaton Precious Metals from $112.00 to $114.00 and gave the company an "outperform" rating in a research note on Friday, September 12th. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, Wheaton Precious Metals currently has an average rating of "Moderate Buy" and a consensus price target of $106.11.

Wheaton Precious Metals Stock Performance

Wheaton Precious Metals stock traded up $2.13 during midday trading on Thursday, hitting $107.44. 1,302,523 shares of the company's stock were exchanged, compared to its average volume of 1,906,358. Wheaton Precious Metals has a 12 month low of $55.47 and a 12 month high of $109.67. The firm has a 50-day moving average of $98.49 and a two-hundred day moving average of $88.47. The company has a market cap of $48.77 billion, a PE ratio of 61.97, a P/E/G ratio of 2.91 and a beta of 0.42.

Wheaton Precious Metals (NYSE:WPM - Get Free Report) last announced its quarterly earnings data on Thursday, August 7th. The company reported $0.63 EPS for the quarter, beating the consensus estimate of $0.58 by $0.05. The firm had revenue of $503.22 million during the quarter, compared to analyst estimates of $424.23 million. Wheaton Precious Metals had a net margin of 47.46% and a return on equity of 11.96%. Wheaton Precious Metals's revenue was up 68.2% on a year-over-year basis. During the same period last year, the firm posted $0.33 EPS. As a group, equities analysts expect that Wheaton Precious Metals will post 1.46 earnings per share for the current year.

Hedge Funds Weigh In On Wheaton Precious Metals

A number of large investors have recently added to or reduced their stakes in the stock. Norges Bank acquired a new stake in Wheaton Precious Metals in the second quarter valued at $656,463,000. Invesco Ltd. raised its position in shares of Wheaton Precious Metals by 139.8% in the 2nd quarter. Invesco Ltd. now owns 2,085,042 shares of the company's stock valued at $187,237,000 after purchasing an additional 1,215,660 shares in the last quarter. Canada Pension Plan Investment Board grew its stake in Wheaton Precious Metals by 57.6% during the 1st quarter. Canada Pension Plan Investment Board now owns 2,097,735 shares of the company's stock worth $162,811,000 after buying an additional 766,947 shares during the last quarter. Amundi grew its stake in Wheaton Precious Metals by 33.2% during the 1st quarter. Amundi now owns 2,745,947 shares of the company's stock worth $215,557,000 after buying an additional 683,674 shares during the last quarter. Finally, Perpetual Ltd purchased a new stake in shares of Wheaton Precious Metals during the first quarter valued at $50,430,000. 70.34% of the stock is currently owned by institutional investors and hedge funds.

Wheaton Precious Metals Company Profile

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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