Wheaton Precious Metals (NYSE:WPM) Upgraded to "Buy" at Wall Street Zen

Key Points

• Wheaton Precious Metals has been upgraded from a "hold" rating to a "buy" rating by Wall Street Zen, reflecting positive analyst sentiment about the stock.
• The company reported a 68.2% year-over-year increase in quarterly revenue, surpassing analysts' expectations significantly.
• Wheaton Precious Metals has an average price target of $97.33 and a current stock market cap of $47.37 billion.

Wall Street Zen upgraded shares of Wheaton Precious Metals (NYSE:WPM - Free Report) from a hold rating to a buy rating in a research report report published on Monday.

WPM has been the subject of a number of other reports. CIBC reaffirmed an "outperform" rating on shares of Wheaton Precious Metals in a report on Tuesday, July 15th. 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. UBS Group set a $106.00 target price on shares of Wheaton Precious Metals and gave the stock a "neutral" rating in a research report on Monday, August 11th. Berenberg Bank upped their target price on shares of Wheaton Precious Metals from $87.00 to $95.00 and gave the stock a "buy" rating in a research report on Thursday, July 3rd. Finally, BMO Capital Markets restated an "outperform" rating on shares of Wheaton Precious Metals in a research report on Friday, August 8th. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $97.33.

Wheaton Precious Metals Trading Down 1.3%

WPM stock traded down $1.33 during midday trading on Monday, reaching $104.72. 2,105,408 shares of the company's stock traded hands, compared to its average volume of 1,766,150. Wheaton Precious Metals has a 52-week low of $55.47 and a 52-week high of $106.84. The stock has a market cap of $47.54 billion, a P/E ratio of 60.53, a PEG ratio of 2.92 and a beta of 0.42. The stock's 50-day moving average is $94.93 and its 200 day moving average is $85.78.

Wheaton Precious Metals (NYSE:WPM - Get Free Report) last announced its earnings results on Thursday, August 7th. The company reported $0.63 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 business 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 firm's revenue was up 68.2% on a year-over-year basis. As a group, research analysts expect that Wheaton Precious Metals will post 1.46 EPS for the current fiscal year.

Wheaton Precious Metals Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 4th. Shareholders of record on Thursday, August 21st were given a dividend of $0.165 per share. The ex-dividend date was Thursday, August 21st. This represents a $0.66 dividend on an annualized basis and a yield of 0.6%. Wheaton Precious Metals's dividend payout ratio is 38.15%.

Institutional Investors Weigh In On Wheaton Precious Metals

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. B. Riley Wealth Advisors Inc. bought a new stake in Wheaton Precious Metals during the 2nd quarter valued at about $267,000. Newbridge Financial Services Group Inc. increased its position in Wheaton Precious Metals by 287.0% during the 2nd quarter. Newbridge Financial Services Group Inc. now owns 1,672 shares of the company's stock valued at $150,000 after purchasing an additional 1,240 shares during the period. Advisory Services Network LLC increased its position in Wheaton Precious Metals by 35.5% during the 2nd quarter. Advisory Services Network LLC now owns 30,834 shares of the company's stock valued at $2,822,000 after purchasing an additional 8,075 shares during the period. State of Wyoming purchased a new position in Wheaton Precious Metals during the 2nd quarter valued at about $782,000. Finally, Nomura Holdings Inc. purchased a new position in Wheaton Precious Metals during the 2nd quarter valued at about $25,952,000. 70.34% of the stock is currently owned by hedge funds and other 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.