Wheaton Precious Metals (NYSE:WPM) Given New $61.00 Price Target at Bank of America

Wheaton Precious Metals (NYSE:WPM) had its price target hoisted by Bank of America from $60.00 to $61.00 in a research note issued to investors on Wednesday, Benzinga reports. Bank of America currently has a buy rating on the stock.

Several other brokerages also recently weighed in on WPM. Jefferies Financial Group lifted their target price on Wheaton Precious Metals from $52.00 to $61.00 and gave the company a buy rating in a research note on Monday, April 22nd. Scotiabank lifted their price target 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. BMO Capital Markets lifted their price target on Wheaton Precious Metals from $59.00 to $61.00 and gave the company an outperform rating in a research report on Tuesday, May 21st. Berenberg Bank lifted their price target on Wheaton Precious Metals from $54.00 to $64.00 and gave the company a buy rating in a research report on Tuesday, May 21st. Finally, TD Securities upgraded Wheaton Precious Metals from a hold rating to a buy rating and lifted their price target for the company from $51.00 to $53.00 in a research report on Monday, March 18th. Three analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat, Wheaton Precious Metals currently has an average rating of Moderate Buy and an average target price of $61.50.

Wheaton Precious Metals Trading Down 1.1 %

Shares of NYSE WPM opened at $52.42 on Wednesday. The company has a market cap of $23.77 billion, a price-to-earnings ratio of 40.32, a price-to-earnings-growth ratio of 1.84 and a beta of 0.78. Wheaton Precious Metals has a 12-month low of $38.37 and a 12-month high of $57.87. The stock’s 50 day simple moving average is $54.23 and its 200 day simple moving average is $49.40.

Wheaton Precious Metals (NYSE:WPM) last announced its quarterly earnings results on Thursday, May 9th. The company reported $0.36 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.29 by $0.07. The business had revenue of $296.80 million for the quarter, compared to the consensus estimate of $278.95 million. Wheaton Precious Metals had a return on equity of 8.53% and a net margin of 53.74%. The business’s revenue was up 38.7% on a year-over-year basis. During the same quarter last year, the business posted $0.23 EPS. As a group, equities analysts forecast that Wheaton Precious Metals will post 1.29 earnings per share for the current fiscal year.

Wheaton Precious Metals Announces Dividend

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

Hedge Funds Weigh In On Wheaton Precious Metals

A number of institutional investors have recently made changes to their positions in the business. Capital International Inc. CA increased its stake in shares of Wheaton Precious Metals by 2.5% in the first quarter. Capital International Inc. CA now owns 8,308 shares of the company’s stock worth $392,000 after purchasing an additional 204 shares during the period. Western Pacific Wealth Management LP increased its stake in Wheaton Precious Metals by 19.6% during the first quarter. Western Pacific Wealth Management LP now owns 1,331 shares of the company’s stock valued at $63,000 after acquiring an additional 218 shares during the period. Brookstone Capital Management increased its stake in Wheaton Precious Metals by 5.3% during the first quarter. Brookstone Capital Management now owns 4,771 shares of the company’s stock valued at $225,000 after acquiring an additional 240 shares during the period. Hexagon Capital Partners LLC increased its stake in Wheaton Precious Metals by 30.8% during the fourth quarter. Hexagon Capital Partners LLC now owns 1,159 shares of the company’s stock valued at $57,000 after acquiring an additional 273 shares during the period. Finally, Bank of Nova Scotia Trust Co. increased its stake in Wheaton Precious Metals by 2.1% during the first quarter. Bank of Nova Scotia Trust Co. now owns 13,935 shares of the company’s stock valued at $657,000 after acquiring an additional 289 shares during the period. 70.34% of the stock is currently 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.