Wheaton Precious Metals (NYSE:WPM) Reaches New 12-Month High - Here's Why

Shares of Wheaton Precious Metals Corp. (NYSE:WPM - Get Free Report) reached a new 52-week high during mid-day trading on Wednesday . The stock 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 Upgrades and Downgrades

A number of equities analysts have recently commented on the stock. TD Securities lifted their price target on shares of Wheaton Precious Metals from $74.00 to $75.00 and gave the stock a "buy" rating in a report on Friday, November 8th. UBS Group initiated coverage on shares of Wheaton Precious Metals in a research report on Monday, November 18th. They set a "buy" rating and a $78.00 price objective for the company. Finally, Stifel Canada raised Wheaton Precious Metals from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, February 4th. Nine equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Buy" and a consensus price target of $71.67.

Wheaton Precious Metals Price Performance

The company has a 50 day moving average of $62.96 and a 200-day moving average of $62.27. The company has a market cap of $31.99 billion, a P/E ratio of 52.63, a price-to-earnings-growth ratio of 1.91 and a beta of 0.76.

Institutional Investors Weigh In On Wheaton Precious Metals

Institutional investors and hedge funds have recently bought and sold shares of the stock. Fielder Capital Group LLC raised its position in shares of Wheaton Precious Metals by 0.7% during the 4th quarter. Fielder Capital Group LLC now owns 24,701 shares of the company's stock valued at $1,389,000 after buying an additional 176 shares in the last quarter. Signaturefd LLC increased its stake in Wheaton Precious Metals by 1.5% in the fourth quarter. Signaturefd LLC now owns 11,877 shares of the company's stock valued at $668,000 after acquiring an additional 178 shares during the last quarter. Merit Financial Group LLC raised its position in Wheaton Precious Metals by 3.9% during the fourth quarter. Merit Financial Group LLC now owns 4,818 shares of the company's stock valued at $271,000 after purchasing an additional 179 shares in the last quarter. Insigneo Advisory Services LLC lifted its stake in Wheaton Precious Metals by 2.2% during the third quarter. Insigneo Advisory Services LLC now owns 8,553 shares of the company's stock worth $522,000 after purchasing an additional 187 shares during the last quarter. Finally, Principal Financial Group Inc. boosted its holdings in shares of Wheaton Precious Metals by 1.0% in the 3rd quarter. Principal Financial Group Inc. now owns 19,761 shares of the company's stock worth $1,208,000 after purchasing an additional 196 shares in the last quarter. 70.34% of the stock is owned by hedge funds and other institutional investors.

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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.