Wheaton Precious Metals (NYSE:WPM) Cut to Hold at Stifel Canada

Wheaton Precious Metals (NYSE:WPM) was downgraded by research analysts at Stifel Canada from a “strong-buy” rating to a “hold” rating in a research report issued on Monday, Zacks.com reports. Stifel Canada also issued estimates for Wheaton Precious Metals’ FY2024 earnings at $1.43 EPS.

Several other research analysts have also weighed in on the stock. TD Securities cut their price objective on shares of Wheaton Precious Metals from $71.00 to $70.00 and set a “buy” rating on the stock in a report on Thursday, August 15th. Jefferies Financial Group increased their price target on shares of Wheaton Precious Metals from $67.00 to $77.00 and gave the stock a “buy” rating in a research note on Friday, October 4th. Scotiabank boosted their price objective on shares of Wheaton Precious Metals from $66.50 to $72.00 and gave the company a “sector outperform” rating in a research note on Monday, August 19th. National Bank Financial raised Wheaton Precious Metals from a “sector perform” rating to an “outperform” rating in a research report on Thursday, October 10th. Finally, Berenberg Bank boosted their price target on Wheaton Precious Metals from $64.00 to $66.00 and gave the company a “buy” rating in a research report on Thursday, June 27th. One investment analyst has rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $69.88.

Wheaton Precious Metals Stock Performance

WPM stock opened at $68.53 on Monday. The company has a 50 day moving average price of $61.49 and a two-hundred day moving average price of $57.37. The stock has a market capitalization of $31.09 billion, a P/E ratio of 54.39, a PEG ratio of 2.45 and a beta of 0.78. Wheaton Precious Metals has a one year low of $38.57 and a one year high of $68.64.

Wheaton Precious Metals (NYSE:WPM) last announced its quarterly earnings data on Wednesday, August 7th. The company reported $0.33 EPS for the quarter, beating analysts’ consensus estimates of $0.29 by $0.04. Wheaton Precious Metals had a return on equity of 8.54% and a net margin of 50.44%. The business had revenue of $299.06 million during the quarter, compared to the consensus estimate of $309.54 million. During the same quarter in the previous year, the business earned $0.31 earnings per share. The business’s revenue for the quarter was up 12.9% on a year-over-year basis. Research analysts forecast that Wheaton Precious Metals will post 1.44 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Wheaton Precious Metals

Several hedge funds have recently modified their holdings of the stock. Ridgewood Investments LLC purchased a new position in Wheaton Precious Metals in the 2nd quarter worth approximately $31,000. Abich Financial Wealth Management LLC acquired a new position in shares of Wheaton Precious Metals during the second quarter worth $31,000. Sunbelt Securities Inc. acquired a new stake in Wheaton Precious Metals during the 2nd quarter valued at $47,000. St. Johns Investment Management Company LLC acquired a new stake in Wheaton Precious Metals during the 1st quarter valued at $52,000. Finally, Massmutual Trust Co. FSB ADV lifted its holdings in Wheaton Precious Metals by 25.9% in the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 1,231 shares of the company’s stock worth $65,000 after buying an additional 253 shares in the last quarter. 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.