Stifel Canada Downgrades Wheaton Precious Metals (NYSE:WPM) to Hold

Wheaton Precious Metals (NYSE:WPM) was downgraded by stock analysts at Stifel Canada from a “strong-buy” rating to a “hold” rating in a research report issued to clients and investors on Monday, Zacks.com reports. Stifel Canada also issued estimates for Wheaton Precious Metals’ FY2024 earnings at $1.43 EPS.

A number of other equities analysts also recently commented on WPM. Raymond James upped their price objective on shares of Wheaton Precious Metals from $70.00 to $72.00 and gave the stock an “outperform” rating in a research report on Wednesday, September 25th. Berenberg Bank raised their price objective on shares of Wheaton Precious Metals from $64.00 to $66.00 and gave the company a “buy” rating in a research report on Thursday, June 27th. Jefferies Financial Group boosted their target price on Wheaton Precious Metals from $67.00 to $77.00 and gave the stock a “buy” rating in a research report on Friday, October 4th. Bank of America increased their target price on Wheaton Precious Metals from $60.00 to $61.00 and gave the stock a “buy” rating in a research note on Wednesday, June 26th. Finally, National Bank Financial raised Wheaton Precious Metals from a “sector perform” rating to an “outperform” rating in a report on Thursday, October 10th. One equities research analyst has rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $69.88.

Wheaton Precious Metals Stock Up 2.5 %

NYSE WPM opened at $68.53 on Monday. The business’s 50-day moving average price is $61.49 and its 200 day moving average price is $57.37. The firm has a market cap of $31.09 billion, a P/E ratio of 54.39, a P/E/G ratio of 2.45 and a beta of 0.78. Wheaton Precious Metals has a 52-week low of $38.57 and a 52-week high of $68.64.

Wheaton Precious Metals (NYSE:WPM) last released its earnings results on Wednesday, August 7th. The company reported $0.33 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.29 by $0.04. Wheaton Precious Metals had a return on equity of 8.54% and a net margin of 50.44%. The business had revenue of $299.06 million for the quarter, compared to analyst estimates of $309.54 million. During the same quarter in the previous year, the company posted $0.31 earnings per share. The company’s revenue for the quarter was up 12.9% compared to the same quarter last year. As a group, analysts anticipate that Wheaton Precious Metals will post 1.44 earnings per share for the current year.

Hedge Funds Weigh In On Wheaton Precious Metals

Several hedge funds have recently added to or reduced their stakes in the business. Ridgewood Investments LLC acquired a new stake in shares of Wheaton Precious Metals in the second quarter valued at approximately $31,000. Abich Financial Wealth Management LLC acquired a new stake in Wheaton Precious Metals during the 2nd quarter valued at $31,000. Sunbelt Securities Inc. purchased a new position in Wheaton Precious Metals during the second quarter worth $47,000. St. Johns Investment Management Company LLC acquired a new position in shares of Wheaton Precious Metals in the first quarter worth $52,000. Finally, Western Pacific Wealth Management LP lifted its position in shares of Wheaton Precious Metals by 19.6% in 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 in the last quarter. 70.34% of the stock is currently owned by hedge funds and other institutional investors.

Wheaton Precious Metals Company Profile

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.