Research Analysts Set Expectations for WPM FY2024 Earnings

Wheaton Precious Metals Corp. (NYSE:WPM) – Equities researchers at Scotiabank boosted their FY2024 earnings estimates for Wheaton Precious Metals in a research report issued to clients and investors on Wednesday, January 8th. Scotiabank analyst T. Jakusconek now forecasts that the company will post earnings of $1.45 per share for the year, up from their previous estimate of $1.33. The consensus estimate for Wheaton Precious Metals’ current full-year earnings is $1.44 per share.

Wheaton Precious Metals (NYSE:WPM) last released its quarterly earnings results on Friday, November 8th. The company reported $0.34 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.34. The business had revenue of $308.25 million during the quarter, compared to analyst estimates of $324.57 million. Wheaton Precious Metals had a return on equity of 8.85% and a net margin of 50.05%. During the same quarter last year, the company posted $0.27 EPS.

Other equities research analysts also recently issued research reports about the stock. Raymond James upped their price target on shares of Wheaton Precious Metals from $74.00 to $75.00 and gave the company an “outperform” rating in a research report on Friday, October 25th. National Bank Financial upgraded Wheaton Precious Metals from a “sector perform” rating to an “outperform” rating in a report on Thursday, October 10th. Stifel Canada downgraded Wheaton Precious Metals from a “strong-buy” rating to a “hold” rating in a report on Monday, October 21st. UBS Group started 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. Finally, Jefferies Financial Group lifted their target price on Wheaton Precious Metals from $67.00 to $77.00 and gave the company a “buy” rating in a research note on Friday, October 4th. One analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat.com, Wheaton Precious Metals has a consensus rating of “Moderate Buy” and an average price target of $71.67.

Wheaton Precious Metals Price Performance

Shares of WPM opened at $57.86 on Friday. The company has a 50-day moving average of $60.41 and a two-hundred day moving average of $60.22. The stock has a market cap of $26.25 billion, a price-to-earnings ratio of 43.18, a PEG ratio of 1.67 and a beta of 0.76. Wheaton Precious Metals has a one year low of $38.57 and a one year high of $68.64.

Institutional Investors Weigh In On Wheaton Precious Metals

Several institutional investors and hedge funds have recently modified their holdings of WPM. Douglas Lane & Associates LLC lifted its holdings in Wheaton Precious Metals by 2.7% in the 4th quarter. Douglas Lane & Associates LLC now owns 515,605 shares of the company’s stock worth $28,998,000 after purchasing an additional 13,388 shares during the last quarter. CWA Asset Management Group LLC raised its position in shares of Wheaton Precious Metals by 19.7% in the fourth quarter. CWA Asset Management Group LLC now owns 163,514 shares of the company’s stock valued at $9,196,000 after purchasing an additional 26,924 shares during the period. GAMMA Investing LLC acquired a new stake in shares of Wheaton Precious Metals in the fourth quarter worth $41,000. Versant Capital Management Inc bought a new stake in shares of Wheaton Precious Metals during the 4th quarter worth $29,000. Finally, Confluence Investment Management LLC grew its stake in Wheaton Precious Metals by 4.4% in the 4th quarter. Confluence Investment Management LLC now owns 12,656 shares of the company’s stock valued at $712,000 after buying an additional 536 shares during the last quarter. Institutional investors and hedge funds own 70.34% of the company’s stock.

Wheaton Precious Metals Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 6th. Investors of record on Thursday, November 21st were given a dividend of $0.155 per share. This represents a $0.62 annualized dividend and a yield of 1.07%. The ex-dividend date was Thursday, November 21st. Wheaton Precious Metals’s payout ratio is presently 46.27%.

About Wheaton Precious Metals

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.