Connor Clark & Lunn Investment Management Ltd. Reduces Stock Position in Wheaton Precious Metals Corp. (NYSE:WPM)

Connor Clark & Lunn Investment Management Ltd. cut its stake in Wheaton Precious Metals Corp. (NYSE:WPM) by 35.1% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,406,091 shares of the company’s stock after selling 1,303,528 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned 0.53% of Wheaton Precious Metals worth $146,933,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently made changes to their positions in WPM. PNC Financial Services Group Inc. grew its position in Wheaton Precious Metals by 5.6% in the 3rd quarter. PNC Financial Services Group Inc. now owns 33,409 shares of the company’s stock worth $2,041,000 after purchasing an additional 1,768 shares during the period. Prospera Financial Services Inc grew its holdings in shares of Wheaton Precious Metals by 0.8% in the third quarter. Prospera Financial Services Inc now owns 87,251 shares of the company’s stock worth $5,329,000 after acquiring an additional 675 shares during the period. MAI Capital Management increased its position in Wheaton Precious Metals by 4.5% during the third quarter. MAI Capital Management now owns 8,054 shares of the company’s stock valued at $492,000 after acquiring an additional 346 shares during the last quarter. Swiss National Bank lifted its holdings in Wheaton Precious Metals by 0.8% in the third quarter. Swiss National Bank now owns 1,370,800 shares of the company’s stock valued at $83,854,000 after acquiring an additional 10,600 shares during the period. Finally, Natixis Advisors LLC lifted its holdings in Wheaton Precious Metals by 13.2% in the third quarter. Natixis Advisors LLC now owns 62,683 shares of the company’s stock valued at $3,829,000 after acquiring an additional 7,332 shares during the period. 70.34% of the stock is owned by hedge funds and other institutional investors.

Wheaton Precious Metals Stock Performance

Shares of WPM stock opened at $62.60 on Wednesday. The stock has a fifty day simple moving average of $62.87 and a two-hundred day simple moving average of $59.00. Wheaton Precious Metals Corp. has a 52-week low of $38.57 and a 52-week high of $68.64. The firm has a market capitalization of $28.40 billion, a PE ratio of 46.72, a PEG ratio of 2.14 and a beta of 0.77.

Wheaton Precious Metals (NYSE:WPM) last issued its earnings results on Friday, November 8th. The company reported $0.34 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.34. Wheaton Precious Metals had a return on equity of 8.85% and a net margin of 50.05%. The company had revenue of $308.25 million for the quarter, compared to the consensus estimate of $324.57 million. During the same quarter last year, the company earned $0.27 EPS. On average, sell-side analysts forecast that Wheaton Precious Metals Corp. will post 1.44 EPS for the current fiscal year.

Wheaton Precious Metals Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 6th. Investors of record on Thursday, November 21st will be given a dividend of $0.155 per share. The ex-dividend date of this dividend is Thursday, November 21st. This represents a $0.62 dividend on an annualized basis and a dividend yield of 0.99%. Wheaton Precious Metals’s dividend payout ratio is 46.27%.

Analysts Set New Price Targets

Several equities research analysts have recently commented on WPM shares. National Bank Financial raised shares of Wheaton Precious Metals from a “sector perform” rating to an “outperform” rating in a research report on Thursday, October 10th. Raymond James upped their target price on shares of Wheaton Precious Metals from $74.00 to $75.00 and gave the company an “outperform” rating in a report on Friday, October 25th. TD Securities lifted their price target on shares of Wheaton Precious Metals from $74.00 to $75.00 and gave the stock a “buy” rating in a research note on Friday, November 8th. Jefferies Financial Group upped their price objective on Wheaton Precious Metals from $67.00 to $77.00 and gave the stock a “buy” rating in a research note on Friday, October 4th. Finally, UBS Group assumed coverage on Wheaton Precious Metals in a report on Monday. They issued a “buy” rating and a $78.00 target price on the stock. One research analyst has rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $71.67.

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.