Royal Bank of Canada Forecasts Strong Price Appreciation for Wheaton Precious Metals (NYSE:WPM) Stock

Wheaton Precious Metals (NYSE:WPM - Get Free Report) had its target price increased by equities research analysts at Royal Bank of Canada from $80.00 to $90.00 in a report released on Wednesday,BayStreet.CA reports. The firm currently has a "sector perform" rating on the stock. Royal Bank of Canada's target price points to a potential upside of 1.45% from the stock's previous close.

Several other brokerages have also recently issued reports on WPM. Stifel Canada raised shares of Wheaton Precious Metals from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, February 4th. Raymond James lifted their price target on Wheaton Precious Metals from $88.00 to $90.00 and gave the stock an "outperform" rating in a research note on Tuesday, April 15th. Wall Street Zen upgraded shares of Wheaton Precious Metals from a "hold" rating to a "buy" rating in a report on Monday, May 12th. National Bankshares reissued an "outperform" rating on shares of Wheaton Precious Metals in a research report on Wednesday, April 23rd. Finally, Scotiabank upped their price target on shares of Wheaton Precious Metals from $79.00 to $87.00 and gave the company a "sector outperform" rating in a research report on Monday, April 14th. One investment analyst has rated the stock with a hold rating, ten have assigned a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, Wheaton Precious Metals presently has a consensus rating of "Buy" and an average price target of $86.90.

Wheaton Precious Metals Stock Down 3.1%

NYSE WPM traded down $2.88 on Wednesday, reaching $88.71. 2,541,288 shares of the stock traded hands, compared to its average volume of 1,682,555. Wheaton Precious Metals has a 12 month low of $51.96 and a 12 month high of $95.23. The company has a market cap of $40.26 billion, a price-to-earnings ratio of 66.20, a P/E/G ratio of 1.91 and a beta of 0.46. The firm's fifty day simple moving average is $82.23 and its 200 day simple moving average is $70.69.

Wheaton Precious Metals (NYSE:WPM - Get Free Report) last announced its quarterly earnings data on Thursday, May 8th. The company reported $0.55 earnings per share for the quarter, beating the consensus estimate of $0.50 by $0.05. The business had revenue of $470.41 million during the quarter, compared to analyst estimates of $446.33 million. Wheaton Precious Metals had a return on equity of 8.85% and a net margin of 50.05%. The company's revenue was up 58.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.36 earnings per share. As a group, equities research analysts forecast that Wheaton Precious Metals will post 1.46 EPS for the current fiscal year.

Institutional Trading of Wheaton Precious Metals

Several hedge funds and other institutional investors have recently modified their holdings of WPM. Pacer Advisors Inc. increased its position in Wheaton Precious Metals by 5.7% in the 4th quarter. Pacer Advisors Inc. now owns 4,027 shares of the company's stock worth $226,000 after purchasing an additional 216 shares during the last quarter. DAVENPORT & Co LLC grew its stake in shares of Wheaton Precious Metals by 2.1% in the 4th quarter. DAVENPORT & Co LLC now owns 40,534 shares of the company's stock valued at $2,280,000 after buying an additional 822 shares in the last quarter. Choreo LLC increased its holdings in Wheaton Precious Metals by 4.8% in the fourth quarter. Choreo LLC now owns 10,814 shares of the company's stock worth $607,000 after buying an additional 494 shares during the last quarter. Klein Pavlis & Peasley Financial Inc. raised its position in Wheaton Precious Metals by 3.7% during the fourth quarter. Klein Pavlis & Peasley Financial Inc. now owns 61,110 shares of the company's stock valued at $3,437,000 after acquiring an additional 2,197 shares in the last quarter. Finally, Golden State Wealth Management LLC acquired a new stake in Wheaton Precious Metals in the fourth quarter valued at approximately $62,000. 70.34% of the stock is currently owned by hedge funds and other 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.