Wheaton Precious Metals (NYSE:WPM) Shares Gap Down - What's Next?

Key Points

• Wheaton Precious Metals' stock price gapped down from $100.69 to $96.78 before market opening, closing at $96.43.
• Recent analyst reports show a range of ratings, with a consensus target price of $94.89, and three analysts giving a hold rating while nine assigned a buy rating.
• The company announced a quarterly dividend of $0.165 per share, representing an annual yield of 0.7%, with a payout ratio of 38.15%.

Shares of Wheaton Precious Metals Corp. (NYSE:WPM - Get Free Report) gapped down prior to trading on Monday . The stock had previously closed at $100.69, but opened at $96.78. Wheaton Precious Metals shares last traded at $96.43, with a volume of 775,882 shares traded.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on WPM shares. Berenberg Bank lifted their target price on shares of Wheaton Precious Metals from $87.00 to $95.00 and gave the company a "buy" rating in a research report on Thursday, July 3rd. BMO Capital Markets reaffirmed an "outperform" rating on shares of Wheaton Precious Metals in a report on Friday. Royal Bank Of Canada upped their target price on shares of 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. National Bankshares restated an "outperform" rating on shares of Wheaton Precious Metals in a research report on Tuesday, June 24th. Finally, CIBC reiterated an "outperform" rating on shares of Wheaton Precious Metals in a report on Tuesday, July 15th. Three research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $97.33.

Wheaton Precious Metals Trading Down 1.5%

The firm has a fifty day moving average of $91.74 and a two-hundred day moving average of $81.30. The company has a market capitalization of $43.12 billion, a PE ratio of 54.93, a PEG ratio of 2.72 and a beta of 0.39.

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

Wheaton Precious Metals Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 4th. Shareholders of record on Thursday, August 21st will be given a $0.165 dividend. The ex-dividend date is Thursday, August 21st. This represents a $0.66 dividend on an annualized basis and a dividend yield of 0.7%. Wheaton Precious Metals's payout ratio is presently 38.15%.

Hedge Funds Weigh In On Wheaton Precious Metals

Hedge funds and other institutional investors have recently modified their holdings of the company. Mackenzie Financial Corp increased its holdings in Wheaton Precious Metals by 19.7% during the 2nd quarter. Mackenzie Financial Corp now owns 3,571,271 shares of the company's stock valued at $321,359,000 after purchasing an additional 587,855 shares during the period. Norges Bank bought a new stake in shares of Wheaton Precious Metals in the 2nd quarter worth approximately $656,463,000. Quadrature Capital Ltd increased its stake in shares of Wheaton Precious Metals by 877.7% during the second quarter. Quadrature Capital Ltd now owns 333,400 shares of the company's stock valued at $29,835,000 after buying an additional 299,300 shares during the period. Scotia Capital Inc. increased its stake in shares of Wheaton Precious Metals by 38.1% during the second quarter. Scotia Capital Inc. now owns 631,973 shares of the company's stock valued at $56,612,000 after buying an additional 174,326 shares during the period. Finally, Bank of Nova Scotia Trust Co. raised its holdings in shares of Wheaton Precious Metals by 17.9% during the second quarter. Bank of Nova Scotia Trust Co. now owns 15,566 shares of the company's stock valued at $1,398,000 after acquiring an additional 2,364 shares in the last quarter. 70.34% of the stock is owned by institutional investors.

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.