Royal Bank of Canada Lowers Wheaton Precious Metals (NYSE:WPM) to Sector Perform

Royal Bank of Canada downgraded shares of Wheaton Precious Metals (NYSE:WPMGet Rating) from an outperform rating to a sector perform rating in a report issued on Tuesday morning, BayStreet.CA reports. They currently have C$45.00 price objective on the stock, down from their previous price objective of C$50.00.

Other equities research analysts have also issued research reports about the company. CSFB dropped their price target on Wheaton Precious Metals from C$65.00 to C$60.00 in a research note on Thursday, March 2nd. National Bankshares upped their target price on Wheaton Precious Metals from C$72.50 to C$80.00 and gave the company an outperform rating in a research report on Monday, May 8th. Scotiabank began coverage on Wheaton Precious Metals in a research report on Wednesday, April 12th. They issued a sector outperform rating and a $60.00 target price on the stock. TD Securities upped their target price on Wheaton Precious Metals from $60.00 to $62.00 and gave the company a buy rating in a research report on Monday, May 8th. Finally, Canaccord Genuity Group upped their target price on Wheaton Precious Metals from C$67.00 to C$75.00 in a research report on Tuesday, April 4th. Four equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of Moderate Buy and an average price target of $350.63.

Wheaton Precious Metals Stock Performance

Shares of WPM stock opened at $44.28 on Tuesday. Wheaton Precious Metals has a fifty-two week low of $28.62 and a fifty-two week high of $52.76. The firm has a market capitalization of $20.05 billion, a price-to-earnings ratio of 32.09, a PEG ratio of 7.87 and a beta of 0.58. The stock’s 50-day simple moving average is $1,309.25 and its 200-day simple moving average is $1,345.73.

Wheaton Precious Metals (NYSE:WPMGet Rating) last issued its quarterly earnings results on Friday, May 5th. The company reported $0.23 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.23. Wheaton Precious Metals had a return on equity of 6.81% and a net margin of 64.08%. The business had revenue of $214.00 million for the quarter, compared to analyst estimates of $237.87 million. During the same quarter in the previous year, the firm earned $0.35 earnings per share. The company’s revenue was down 30.3% on a year-over-year basis. As a group, equities analysts forecast that Wheaton Precious Metals will post 1.17 earnings per share for the current year.

Wheaton Precious Metals Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 2nd. Stockholders of record on Friday, May 19th will be paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 1.36%. The ex-dividend date is Thursday, May 18th. Wheaton Precious Metals’s payout ratio is 43.48%.

Insider Transactions at Wheaton Precious Metals

In other news, Director Chantal Gosselin sold 3,000 shares of the company’s stock in a transaction that occurred on Wednesday, March 29th. The stock was sold at an average price of $65.70, for a total transaction of $197,085.00.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in WPM. Arete Wealth Advisors LLC purchased a new stake in Wheaton Precious Metals in the 1st quarter valued at $366,000. Ameriprise Financial Inc. grew its holdings in Wheaton Precious Metals by 16.2% in the 1st quarter. Ameriprise Financial Inc. now owns 1,256,198 shares of the company’s stock valued at $61,843,000 after buying an additional 174,838 shares in the last quarter. Advisory Services Network LLC grew its holdings in Wheaton Precious Metals by 3.2% in the 1st quarter. Advisory Services Network LLC now owns 112,067 shares of the company’s stock valued at $5,397,000 after buying an additional 3,480 shares in the last quarter. Squarepoint Ops LLC grew its holdings in Wheaton Precious Metals by 162.0% in the 1st quarter. Squarepoint Ops LLC now owns 22,290 shares of the company’s stock valued at $1,073,000 after buying an additional 13,781 shares in the last quarter. Finally, Steward Partners Investment Advisory LLC grew its holdings in Wheaton Precious Metals by 4.9% in the 1st quarter. Steward Partners Investment Advisory LLC now owns 7,505 shares of the company’s stock valued at $361,000 after buying an additional 350 shares in the last quarter. 57.01% of the stock is owned by institutional investors and hedge funds.

Wheaton Precious Metals Company Profile

(Get Rating)

Wheaton Precious Metals Corp. is a mining company engages in the sale of precious metals and cobalt production. It operates through the following business segments: Gold, Silver, Palladium, Cobalt, and Other. The company was founded by Peter Derek Barnes on December 17, 2004 and is headquartered in Vancouver, Canada.

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Analyst Recommendations for Wheaton Precious Metals (NYSE:WPM)

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