Bank of America Raises Wheaton Precious Metals (NYSE:WPM) Price Target to $61.00

Wheaton Precious Metals (NYSE:WPM) had its price target boosted by Bank of America from $60.00 to $61.00 in a research report report published on Wednesday morning, Benzinga reports. They currently have a buy rating on the stock.

Other equities research analysts have also recently issued research reports about the company. Scotiabank boosted their target price on Wheaton Precious Metals from $59.00 to $66.50 and gave the company an outperform rating in a research note on Thursday, May 23rd. TD Securities upgraded Wheaton Precious Metals from a hold rating to a buy rating and boosted their target price for the company from $51.00 to $53.00 in a research note on Monday, March 18th. Jefferies Financial Group upped their price objective on Wheaton Precious Metals from $52.00 to $61.00 and gave the stock a buy rating in a research note on Monday, April 22nd. Berenberg Bank upped their price objective on Wheaton Precious Metals from $54.00 to $64.00 and gave the stock a buy rating in a research note on Tuesday, May 21st. Finally, BMO Capital Markets upped their price objective on Wheaton Precious Metals from $59.00 to $61.00 and gave the stock an outperform rating in a research note on Tuesday, May 21st. Three equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of Moderate Buy and an average target price of $61.50.

Wheaton Precious Metals Stock Performance

Shares of WPM opened at $52.42 on Wednesday. The stock has a 50 day simple moving average of $54.23 and a 200 day simple moving average of $49.38. Wheaton Precious Metals has a 52-week low of $38.37 and a 52-week high of $57.87. The firm has a market capitalization of $23.77 billion, a PE ratio of 40.32, a P/E/G ratio of 1.91 and a beta of 0.78.

Wheaton Precious Metals (NYSE:WPM) last issued its quarterly earnings data on Thursday, May 9th. The company reported $0.36 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.29 by $0.07. Wheaton Precious Metals had a return on equity of 8.53% and a net margin of 53.74%. The business had revenue of $296.80 million during the quarter, compared to analyst estimates of $278.95 million. During the same period in the previous year, the firm earned $0.23 EPS. Wheaton Precious Metals’s quarterly revenue was up 38.7% compared to the same quarter last year. Equities research analysts predict that Wheaton Precious Metals will post 1.29 EPS for the current fiscal year.

Wheaton Precious Metals Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, June 11th. Investors of record on Wednesday, May 29th were paid a dividend of $0.155 per share. The ex-dividend date of this dividend was Wednesday, May 29th. This represents a $0.62 annualized dividend and a yield of 1.18%. Wheaton Precious Metals’s dividend payout ratio is currently 47.69%.

Institutional Investors Weigh In On Wheaton Precious Metals

A number of hedge funds have recently added to or reduced their stakes in WPM. Capital International Inc. CA boosted its position in shares of Wheaton Precious Metals by 2.5% during the first quarter. Capital International Inc. CA now owns 8,308 shares of the company’s stock valued at $392,000 after buying an additional 204 shares during the last quarter. Western Pacific Wealth Management LP grew its stake in Wheaton Precious Metals by 19.6% in the 1st quarter. Western Pacific Wealth Management LP now owns 1,331 shares of the company’s stock valued at $63,000 after purchasing an additional 218 shares during the period. Brookstone Capital Management grew its stake in Wheaton Precious Metals by 5.3% in the 1st quarter. Brookstone Capital Management now owns 4,771 shares of the company’s stock valued at $225,000 after purchasing an additional 240 shares during the period. Hexagon Capital Partners LLC grew its stake in Wheaton Precious Metals by 30.8% in the 4th quarter. Hexagon Capital Partners LLC now owns 1,159 shares of the company’s stock valued at $57,000 after purchasing an additional 273 shares during the period. Finally, Bank of Nova Scotia Trust Co. grew its stake in Wheaton Precious Metals by 2.1% in the 1st quarter. Bank of Nova Scotia Trust Co. now owns 13,935 shares of the company’s stock valued at $657,000 after purchasing an additional 289 shares during the period. Institutional investors and hedge funds own 70.34% of the company’s stock.

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.