Scotiabank Forecasts Strong Price Appreciation for Wheaton Precious Metals (NYSE:WPM) Stock

Wheaton Precious Metals (NYSE:WPM - Free Report) had its target price increased by Scotiabank from $78.00 to $79.00 in a research report report published on Monday morning, MarketBeat.com reports. The firm currently has a sector outperform rating on the stock.

A number of other brokerages also recently issued reports on WPM. UBS Group initiated coverage on Wheaton Precious Metals in a research report on Monday, November 18th. They set a "buy" rating and a $78.00 price target on the stock. Stifel Canada upgraded Wheaton Precious Metals from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, February 4th. Nine research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, Wheaton Precious Metals currently has a consensus rating of "Buy" and an average price target of $72.44.

Wheaton Precious Metals Stock Down 1.4 %

Shares of WPM traded down $1.03 during mid-day trading on Monday, reaching $74.54. The company had a trading volume of 770,098 shares, compared to its average volume of 1,572,772. Wheaton Precious Metals has a 52-week low of $44.57 and a 52-week high of $77.44. The stock has a market capitalization of $33.82 billion, a P/E ratio of 55.60, a PEG ratio of 1.91 and a beta of 0.76. The stock has a 50 day moving average of $66.21 and a two-hundred day moving average of $63.07.

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Wheaton Precious Metals (NYSE:WPM - Get Free Report) last issued its earnings results on Thursday, March 13th. The company reported $0.44 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 analysts' expectations 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% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.36 EPS. On average, sell-side analysts expect that Wheaton Precious Metals will post 1.46 earnings per share for the current year.

Wheaton Precious Metals Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, April 11th. Investors of record on Tuesday, April 1st will be issued a $0.165 dividend. The ex-dividend date of this dividend is Tuesday, April 1st. This is a positive change from Wheaton Precious Metals's previous quarterly dividend of $0.16. This represents a $0.66 dividend on an annualized basis and a yield of 0.89%. Wheaton Precious Metals's dividend payout ratio (DPR) is 49.25%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of WPM. Versant Capital Management Inc acquired a new stake in Wheaton Precious Metals in the fourth quarter valued at $29,000. Promus Capital LLC acquired a new stake in Wheaton Precious Metals in the fourth quarter valued at $32,000. Bank Julius Baer & Co. Ltd Zurich acquired a new stake in Wheaton Precious Metals in the fourth quarter valued at $38,000. Laurel Wealth Advisors LLC acquired a new stake in Wheaton Precious Metals in the fourth quarter valued at $39,000. Finally, Quintet Private Bank Europe S.A. acquired a new stake in Wheaton Precious Metals in the fourth quarter valued at $39,000. 70.34% of the stock is currently owned by hedge funds and other institutional investors.

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.