Wheaton Precious Metals (NYSE:WPM) Given New $175.00 Price Target at Scotiabank

Wheaton Precious Metals (NYSE:WPM) had its target price cut by equities research analysts at Scotiabank from $180.00 to $175.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage currently has a “sector outperform” rating on the stock. Scotiabank’s price target indicates a potential upside of 60.53% from the company’s previous close.

Several other equities research analysts also recently weighed in on the stock. Wall Street Zen downgraded shares of Wheaton Precious Metals from a “buy” rating to a “hold” rating in a research note on Saturday, May 16th. Jefferies Financial Group decreased their price objective on shares of Wheaton Precious Metals from $182.00 to $177.00 and set a “buy” rating for the company in a research note on Monday, July 6th. TD Securities raised their price objective on Wheaton Precious Metals from $164.00 to $165.00 and gave the stock a “buy” rating in a research note on Monday, March 16th. TD Cowen increased their price objective on shares of Wheaton Precious Metals from $164.00 to $165.00 and gave the stock a “buy” rating in a research note on Monday, March 16th. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of Wheaton Precious Metals in a report on Monday, June 29th. Twelve equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Wheaton Precious Metals has an average rating of “Moderate Buy” and a consensus price target of $161.09.

Wheaton Precious Metals Stock Up 1.1%

NYSE WPM traded up $1.18 during trading hours on Tuesday, hitting $109.01. 806,636 shares of the company were exchanged, compared to its average volume of 2,320,310. The stock has a market cap of $49.51 billion, a PE ratio of 27.51, a price-to-earnings-growth ratio of 1.89 and a beta of 0.55. Wheaton Precious Metals has a 52 week low of $87.96 and a 52 week high of $165.76. The stock has a 50-day moving average price of $122.63 and a 200 day moving average price of $132.46.

Wheaton Precious Metals (NYSE:WPM) last announced its earnings results on Thursday, May 7th. The company reported $1.28 EPS for the quarter, topping analysts’ consensus estimates of $1.24 by $0.04. Wheaton Precious Metals had a return on equity of 20.20% and a net margin of 65.55%.The firm had revenue of $901.47 million during the quarter, compared to analysts’ expectations of $868.35 million. During the same quarter in the previous year, the business earned $0.55 EPS. The company’s quarterly revenue was up 91.7% on a year-over-year basis. As a group, sell-side analysts anticipate that Wheaton Precious Metals will post 4.78 earnings per share for the current year.

Institutional Investors Weigh In On Wheaton Precious Metals

Several large investors have recently bought and sold shares of the company. Assetmark Inc. boosted its position in Wheaton Precious Metals by 144.4% in the 4th quarter. Assetmark Inc. now owns 220 shares of the company’s stock valued at $26,000 after buying an additional 130 shares during the period. Harvest Fund Management Co. Ltd raised its stake in Wheaton Precious Metals by 100.0% during the fourth quarter. Harvest Fund Management Co. Ltd now owns 234 shares of the company’s stock worth $27,000 after purchasing an additional 117 shares during the period. Cary Street Partners Investment Advisory LLC acquired a new stake in shares of Wheaton Precious Metals during the 4th quarter worth $28,000. Cornerstone Planning Group LLC boosted its holdings in Wheaton Precious Metals by 245.5% in the first quarter. Cornerstone Planning Group LLC now owns 228 shares of the company’s stock valued at $29,000 after acquiring an additional 162 shares during the last quarter. Finally, Navalign LLC purchased a new stake in Wheaton Precious Metals during the fourth quarter valued at about $30,000. 70.34% of the stock is currently owned by hedge funds and other institutional investors.

About Wheaton Precious Metals

Wheaton Precious Metals Corp. is a Canada-based precious metals streaming company that acquires and manages long-term purchase agreements for metals produced by mining companies. Rather than operating mines, Wheaton provides upfront and ongoing financing to miners in exchange for the right to purchase a portion of the metals produced — typically silver and gold, and occasionally other precious metals — at predetermined prices. This streaming business model offers investors exposure to metal production with reduced operating and capital-cost risk compared with traditional mining companies.

The company’s activities center on structuring and maintaining a diversified portfolio of streaming agreements across multiple jurisdictions.