CIBC Raises Wheaton Precious Metals (NYSE:WPM) Price Target to $80.00

Wheaton Precious Metals (NYSE:WPM) had its price target boosted by CIBC from $75.00 to $80.00 in a report released on Wednesday, Benzinga reports. CIBC currently has an outperformer rating on the stock.

Several other analysts have also issued reports on the company. BMO Capital Markets boosted their price target on Wheaton Precious Metals from $59.00 to $61.00 and gave the company an outperform rating in a report on Tuesday, May 21st. TD Securities raised Wheaton Precious Metals from a hold rating to a buy rating and boosted their price target for the company from $51.00 to $53.00 in a report on Monday, March 18th. Jefferies Financial Group boosted their price objective on Wheaton Precious Metals from $52.00 to $61.00 and gave the company a buy rating in a research report on Monday, April 22nd. Berenberg Bank boosted their price objective 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. Finally, Scotiabank boosted their price objective on Wheaton Precious Metals from $59.00 to $66.50 and gave the company an outperform rating in a research report on Thursday, May 23rd. Three analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, Wheaton Precious Metals currently has an average rating of Moderate Buy and an average target price of $65.00.

Wheaton Precious Metals Price Performance

Shares of WPM opened at $59.59 on Wednesday. Wheaton Precious Metals has a one year low of $38.37 and a one year high of $59.75. The firm has a market capitalization of $27.03 billion, a P/E ratio of 45.84, a PEG ratio of 1.94 and a beta of 0.76. The business has a fifty day moving average of $54.84 and a 200 day moving average of $49.87.

Wheaton Precious Metals (NYSE:WPM) last issued its quarterly earnings data on Thursday, May 9th. The company reported $0.36 EPS for the quarter, topping 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 company had revenue of $296.80 million during the quarter, compared to analyst estimates of $278.95 million. During the same quarter in the previous year, the company posted $0.23 earnings per share. Wheaton Precious Metals’s revenue was up 38.7% compared to the same quarter last year. Analysts expect that Wheaton Precious Metals will post 1.28 EPS for the current fiscal year.

Wheaton Precious Metals Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 11th. Shareholders of record on Wednesday, May 29th were paid a dividend of $0.155 per share. The ex-dividend date was Wednesday, May 29th. This represents a $0.62 annualized dividend and a yield of 1.04%. Wheaton Precious Metals’s payout ratio is currently 47.69%.

Institutional Investors Weigh In On Wheaton Precious Metals

Several large investors have recently added to or reduced their stakes in WPM. CVA Family Office LLC bought a new stake in Wheaton Precious Metals during the fourth quarter worth approximately $26,000. McGlone Suttner Wealth Management Inc. bought a new stake in Wheaton Precious Metals during the fourth quarter worth approximately $31,000. Principal Securities Inc. bought a new position in shares of Wheaton Precious Metals during the fourth quarter valued at approximately $39,000. Fifth Third Bancorp grew its stake in shares of Wheaton Precious Metals by 230.7% during the fourth quarter. Fifth Third Bancorp now owns 863 shares of the company’s stock valued at $43,000 after buying an additional 602 shares during the last quarter. Finally, St. Johns Investment Management Company LLC bought a new position in shares of Wheaton Precious Metals during the first quarter valued at approximately $52,000. 70.34% of the stock is owned by institutional investors.

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.