Wheaton Precious Metals (NYSE:WPM) Trading Down 3.2% - Here's What Happened

Wheaton Precious Metals Corp. (NYSE:WPM - Get Free Report) shares were down 3.2% on Friday . The company traded as low as $88.44 and last traded at $88.63. Approximately 1,310,112 shares were traded during mid-day trading, a decline of 22% from the average daily volume of 1,678,739 shares. The stock had previously closed at $91.59.

Analysts Set New Price Targets

WPM has been the subject of several recent analyst reports. UBS Group lifted their price target on Wheaton Precious Metals from $78.00 to $89.00 and gave the company a "buy" rating in a research note on Friday, April 11th. Raymond James raised their price objective on Wheaton Precious Metals from $88.00 to $90.00 and gave the company an "outperform" rating in a report on Tuesday, April 15th. Wall Street Zen raised Wheaton Precious Metals from a "hold" rating to a "buy" rating in a research note on Monday, May 12th. CIBC increased their target price on Wheaton Precious Metals from $95.00 to $105.00 and gave the company an "outperformer" rating in a research report on Friday, May 9th. Finally, Royal Bank of Canada lifted their price target on shares of Wheaton Precious Metals from $80.00 to $90.00 and gave the company a "sector perform" rating in a research note on Wednesday. One research analyst has rated the stock with a hold rating, ten have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Buy" and an average price target of $86.90.

Wheaton Precious Metals Trading Down 3.2%

The company has a fifty day moving average price of $82.00 and a two-hundred day moving average price of $70.46. The firm has a market capitalization of $40.24 billion, a price-to-earnings ratio of 66.19, a PEG ratio of 1.91 and a beta of 0.49.

Wheaton Precious Metals (NYSE:WPM - Get Free Report) last posted its quarterly earnings results 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. Wheaton Precious Metals had a net margin of 50.05% and a return on equity of 8.85%. The business had revenue of $470.41 million during the quarter, compared to analysts' expectations of $446.33 million. During the same quarter in the prior year, the company posted $0.36 EPS. The business's revenue for the quarter was up 58.4% on a year-over-year basis. As a group, equities research analysts expect that Wheaton Precious Metals Corp. will post 1.46 earnings per share for the current year.

Wheaton Precious Metals Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, June 10th. Shareholders of record on Wednesday, May 28th will be given a $0.165 dividend. The ex-dividend date is Wednesday, May 28th. This represents a $0.66 dividend on an annualized basis and a yield of 0.74%. Wheaton Precious Metals's dividend payout ratio is currently 48.53%.

Institutional Trading of Wheaton Precious Metals

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Fruth Investment Management purchased a new position in Wheaton Precious Metals during the first quarter worth about $260,000. Birmingham Capital Management Co. Inc. AL acquired a new position in shares of Wheaton Precious Metals in the 1st quarter worth approximately $360,000. Acadian Asset Management LLC purchased a new position in shares of Wheaton Precious Metals during the 1st quarter worth approximately $209,000. Belpointe Asset Management LLC purchased a new position in shares of Wheaton Precious Metals during the 1st quarter worth approximately $469,000. Finally, Intech Investment Management LLC increased its holdings in Wheaton Precious Metals by 43.4% in the 1st quarter. Intech Investment Management LLC now owns 106,066 shares of the company's stock valued at $8,230,000 after purchasing an additional 32,091 shares during the last quarter. 70.34% of the stock is 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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