Wheaton Precious Metals (NYSE:WPM) Sets New 1-Year High – Here’s Why

Wheaton Precious Metals Corp. (NYSE:WPM)’s share price reached a new 52-week high during mid-day trading on Wednesday . The company traded as high as $71.01 and last traded at $70.94, with a volume of 1817438 shares trading hands. The stock had previously closed at $69.00.

Analyst Ratings Changes

Several research analysts have commented on the company. TD Securities boosted their target price on Wheaton Precious Metals from $74.00 to $75.00 and gave the stock a “buy” rating in a research note on Friday, November 8th. 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. Finally, UBS Group started coverage on shares of Wheaton Precious Metals in a research report on Monday, November 18th. They issued a “buy” rating and a $78.00 target price on the stock. Nine investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of $71.67.

Wheaton Precious Metals Stock Up 2.8 %

The company has a market cap of $32.18 billion, a P/E ratio of 52.94, a PEG ratio of 1.91 and a beta of 0.76. The firm’s 50 day moving average is $62.43 and its two-hundred day moving average is $62.15.

Institutional Investors Weigh In On Wheaton Precious Metals

A number of institutional investors have recently made changes to their positions in the stock. Versant Capital Management Inc acquired a new position in shares of Wheaton Precious Metals in the fourth quarter worth approximately $29,000. Promus Capital LLC bought a new position in Wheaton Precious Metals during the 4th quarter worth approximately $32,000. Bank Julius Baer & Co. Ltd Zurich acquired a new position in shares of Wheaton Precious Metals in the 4th quarter worth approximately $38,000. Laurel Wealth Advisors LLC bought a new stake in shares of Wheaton Precious Metals in the 4th quarter valued at $39,000. Finally, Quintet Private Bank Europe S.A. acquired a new stake in shares of Wheaton Precious Metals during the fourth quarter worth $39,000. Institutional investors own 70.34% of the company’s stock.

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.