Wheaton Precious Metals (NYSE:WPM) Price Target Raised to $79.00 at Scotiabank

Wheaton Precious Metals (NYSE:WPM) had its price objective upped by equities researchers at Scotiabank from $78.00 to $79.00 in a research note issued on Monday,Benzinga reports. The brokerage presently has a “sector outperform” rating on the stock. Scotiabank’s target price suggests a potential upside of 4.66% from the stock’s current price.

A number of other analysts have also issued reports on WPM. UBS Group started coverage on shares of Wheaton Precious Metals in a research note on Monday, November 18th. They issued a “buy” rating and a $78.00 price target for the company. Stifel Canada upgraded shares of Wheaton Precious Metals from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, February 4th. Nine analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of $72.44.

Wheaton Precious Metals Stock Up 2.2 %

Shares of WPM traded up $1.66 during mid-day trading on Monday, reaching $75.48. 1,409,577 shares of the stock traded hands, compared to its average volume of 1,574,271. The stock has a fifty day simple moving average of $64.72 and a 200 day simple moving average of $62.70. The firm has a market cap of $34.24 billion, a price-to-earnings ratio of 56.35, a P/E/G ratio of 1.91 and a beta of 0.77. Wheaton Precious Metals has a 12-month low of $43.18 and a 12-month high of $76.19.

Wheaton Precious Metals (NYSE:WPM) last issued its quarterly earnings results on Thursday, March 13th. The company reported $0.44 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.45 by ($0.01). The company had revenue of $380.52 million during the quarter, compared to the consensus estimate of $395.74 million. Wheaton Precious Metals had a return on equity of 8.85% and a net margin of 50.05%. The firm’s quarterly revenue was up 21.4% on a year-over-year basis. During the same quarter last year, the firm posted $0.36 EPS. On average, equities research analysts expect that Wheaton Precious Metals will post 1.46 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Wheaton Precious Metals

Several hedge funds and other institutional investors have recently modified their holdings of WPM. Norges Bank acquired a new position in shares of Wheaton Precious Metals during the fourth quarter valued at $472,648,000. Capital International Investors acquired a new position in shares of Wheaton Precious Metals during the fourth quarter valued at $263,810,000. FMR LLC boosted its holdings in shares of Wheaton Precious Metals by 33.7% during the third quarter. FMR LLC now owns 14,665,913 shares of the company’s stock valued at $895,723,000 after acquiring an additional 3,692,594 shares during the period. Arrowstreet Capital Limited Partnership acquired a new position in shares of Wheaton Precious Metals during the fourth quarter valued at $72,657,000. Finally, Van ECK Associates Corp boosted its holdings in shares of Wheaton Precious Metals by 6.4% during the fourth quarter. Van ECK Associates Corp now owns 20,534,104 shares of the company’s stock valued at $1,154,843,000 after acquiring an additional 1,231,999 shares during the period. Institutional investors and hedge funds own 70.34% of the company’s stock.

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.