Wheaton Precious Metals (NYSE:WPM) Price Target Raised to $88.00

Wheaton Precious Metals (NYSE:WPM) had its target price boosted by Raymond James from $75.00 to $88.00 in a research report sent to investors on Friday,Benzinga reports. The firm currently has an outperform rating on the stock.

A number of other brokerages have also recently weighed in on WPM. Royal Bank of Canada raised their target price on shares of Wheaton Precious Metals from $75.00 to $80.00 and gave the stock a “sector perform” rating in a report on Friday. Stifel Canada raised Wheaton Precious Metals from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, February 4th. Finally, Scotiabank lifted their target price on Wheaton Precious Metals from $78.00 to $79.00 and gave the stock a “sector outperform” rating in a report on Monday, March 17th. One investment analyst has rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Wheaton Precious Metals presently has an average rating of “Buy” and a consensus price target of $74.50.

Wheaton Precious Metals Stock Performance

WPM opened at $70.99 on Friday. The company has a market capitalization of $32.21 billion, a PE ratio of 52.98, a P/E/G ratio of 1.91 and a beta of 0.74. The stock’s fifty day moving average is $70.17 and its 200-day moving average is $64.32. Wheaton Precious Metals has a one year low of $49.41 and a one year high of $80.43.

Wheaton Precious Metals (NYSE:WPM) last issued its quarterly earnings results on Thursday, March 13th. The company reported $0.44 EPS for the quarter, missing the consensus estimate of $0.45 by ($0.01). The business had revenue of $380.52 million during the quarter, compared to the consensus estimate of $395.74 million. Wheaton Precious Metals had a return on equity of 8.85% and a net margin of 50.05%. Wheaton Precious Metals’s revenue was up 21.4% compared to the same quarter last year. During the same quarter last year, the firm posted $0.36 earnings per share. On average, equities research analysts forecast that Wheaton Precious Metals will post 1.46 EPS for the current fiscal year.

Wheaton Precious Metals Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, April 11th. Shareholders of record on Tuesday, April 1st will be given a dividend of $0.165 per share. The ex-dividend date is Tuesday, April 1st. This is a positive change from Wheaton Precious Metals’s previous quarterly dividend of $0.16. This represents a $0.66 dividend on an annualized basis and a yield of 0.93%. Wheaton Precious Metals’s dividend payout ratio (DPR) is presently 56.90%.

Hedge Funds Weigh In On Wheaton Precious Metals

A number of large investors have recently made changes to their positions in WPM. Versant Capital Management Inc purchased a new position in Wheaton Precious Metals during the fourth quarter valued at approximately $29,000. Promus Capital LLC acquired a new stake in shares of Wheaton Precious Metals during the 4th quarter valued at $32,000. Bank Julius Baer & Co. Ltd Zurich acquired a new stake in shares of Wheaton Precious Metals during the 4th quarter valued at $38,000. Laurel Wealth Advisors LLC purchased a new position in shares of Wheaton Precious Metals during the 4th quarter valued at $39,000. Finally, Quintet Private Bank Europe S.A. acquired a new position in shares of Wheaton Precious Metals in the fourth quarter worth $39,000. 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.