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

Wheaton Precious Metals Corp. (NYSE:WPM - Get Free Report) shares hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $70.45 and last traded at $70.31, with a volume of 205743 shares trading hands. The stock had previously closed at $68.94.

Wall Street Analyst Weigh In

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

Wheaton Precious Metals Price Performance

The company has a 50 day moving average price of $61.97 and a 200 day moving average price of $61.97. The firm has a market cap of $31.34 billion, a PE ratio of 51.55, a PEG ratio of 1.91 and a beta of 0.77.

Institutional Investors Weigh In On Wheaton Precious Metals

Several large investors have recently modified their holdings of WPM. Norges Bank purchased a new stake in shares of Wheaton Precious Metals during the fourth quarter worth approximately $472,648,000. Capital International Investors purchased a new stake in shares of Wheaton Precious Metals during the fourth quarter worth approximately $263,810,000. FMR LLC raised its stake 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 worth $895,723,000 after purchasing an additional 3,692,594 shares during the last quarter. Arrowstreet Capital Limited Partnership purchased a new stake in shares of Wheaton Precious Metals during the fourth quarter worth approximately $72,657,000. Finally, Van ECK Associates Corp raised its stake 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 worth $1,154,843,000 after purchasing an additional 1,231,999 shares during the last quarter. Hedge funds and other institutional investors 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.