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

Wheaton Precious Metals (NYSE:WPM) had its price objective hoisted by investment analysts at Scotiabank from $178.00 to $180.00 in a report issued on Thursday,Benzinga reports. The firm currently has a “sector outperform” rating on the stock. Scotiabank’s target price indicates a potential upside of 29.35% from the company’s current price.

Other equities analysts also recently issued reports about the stock. Zacks Research downgraded shares of Wheaton Precious Metals from a “strong-buy” rating to a “hold” rating in a report on Thursday, March 5th. UBS Group raised shares of Wheaton Precious Metals from a “neutral” rating to a “buy” rating and set a $160.00 target price for the company in a research note on Friday, March 27th. TD Cowen boosted their target price on shares of Wheaton Precious Metals from $164.00 to $165.00 and gave the stock a “buy” rating in a research note on Monday, March 16th. Canadian Imperial Bank of Commerce reaffirmed an “outperform” rating on shares of Wheaton Precious Metals in a research note on Wednesday, February 4th. Finally, TD Securities boosted their target price on shares of Wheaton Precious Metals from $164.00 to $165.00 and gave the stock a “buy” rating in a research note on Monday, March 16th. Thirteen equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $155.64.

Wheaton Precious Metals Trading Down 2.2%

WPM stock traded down $3.06 during trading on Thursday, hitting $139.16. 799,006 shares of the stock traded hands, compared to its average volume of 2,428,209. Wheaton Precious Metals has a one year low of $76.69 and a one year high of $165.76. The stock has a market cap of $63.19 billion, a price-to-earnings ratio of 35.10, a P/E/G ratio of 2.75 and a beta of 0.50. The company has a 50 day simple moving average of $137.38 and a 200 day simple moving average of $128.09.

Wheaton Precious Metals (NYSE:WPM) last announced its quarterly earnings results on Thursday, May 7th. The company reported $1.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.24 by $0.04. Wheaton Precious Metals had a net margin of 65.55% and a return on equity of 20.20%. The firm had revenue of $901.47 million during the quarter, compared to the consensus estimate of $868.35 million. During the same period last year, the firm posted $0.55 EPS. The firm’s quarterly revenue was up 91.7% on a year-over-year basis. As a group, analysts predict that Wheaton Precious Metals will post 4.88 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Wheaton Precious Metals

A number of institutional investors and hedge funds have recently modified their holdings of WPM. Nisa Investment Advisors LLC bought a new stake in shares of Wheaton Precious Metals during the third quarter worth approximately $26,000. Assetmark Inc. raised its stake in shares of Wheaton Precious Metals by 144.4% during the fourth quarter. Assetmark Inc. now owns 220 shares of the company’s stock worth $26,000 after buying an additional 130 shares during the last quarter. Harvest Fund Management Co. Ltd raised its stake in shares of Wheaton Precious Metals by 100.0% during the fourth quarter. Harvest Fund Management Co. Ltd now owns 234 shares of the company’s stock worth $27,000 after buying an additional 117 shares during the last quarter. Cary Street Partners Investment Advisory LLC bought a new stake in shares of Wheaton Precious Metals during the fourth quarter worth approximately $28,000. Finally, Root Financial Partners LLC bought a new stake in shares of Wheaton Precious Metals during the third quarter worth approximately $29,000. 70.34% of the stock is owned by institutional investors.

About Wheaton Precious Metals

Wheaton Precious Metals Corp. is a Canada-based precious metals streaming company that acquires and manages long-term purchase agreements for metals produced by mining companies. Rather than operating mines, Wheaton provides upfront and ongoing financing to miners in exchange for the right to purchase a portion of the metals produced — typically silver and gold, and occasionally other precious metals — at predetermined prices. This streaming business model offers investors exposure to metal production with reduced operating and capital-cost risk compared with traditional mining companies.

The company’s activities center on structuring and maintaining a diversified portfolio of streaming agreements across multiple jurisdictions.