Raymond James Analysts Boost Earnings Estimates for Wheaton Precious Metals Corp. (NYSE:WPM)

Wheaton Precious Metals Corp. (NYSE:WPM) – Equities research analysts at Raymond James increased their Q1 2024 earnings per share (EPS) estimates for Wheaton Precious Metals in a research note issued on Monday, April 22nd. Raymond James analyst B. Macarthur now forecasts that the company will post earnings of $0.33 per share for the quarter, up from their previous estimate of $0.32. Raymond James has a “Market Perform” rating and a $58.00 price objective on the stock. The consensus estimate for Wheaton Precious Metals’ current full-year earnings is $1.21 per share. Raymond James also issued estimates for Wheaton Precious Metals’ Q3 2024 earnings at $0.38 EPS and Q4 2024 earnings at $0.39 EPS.

WPM has been the topic of several other reports. Scotiabank dropped their price target on shares of Wheaton Precious Metals from $60.00 to $59.00 and set a “sector outperform” rating on the stock in a research report on Wednesday, February 28th. Jefferies Financial Group increased their target price on shares of Wheaton Precious Metals from $52.00 to $61.00 and gave the stock a “buy” rating in a report on Monday. TD Securities upgraded shares of Wheaton Precious Metals from a “hold” rating to a “buy” rating and upped their price target for the stock from $51.00 to $53.00 in a report on Monday, March 18th. CIBC boosted their price objective on Wheaton Precious Metals from $66.00 to $70.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 7th. Finally, National Bank Financial downgraded Wheaton Precious Metals from an “outperform” rating to a “sector perform” rating in a research report on Wednesday, February 21st. Four analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $59.32.

Wheaton Precious Metals Trading Up 2.2 %

Shares of NYSE WPM opened at $53.73 on Thursday. The company has a fifty day moving average price of $46.35 and a 200 day moving average price of $46.28. Wheaton Precious Metals has a 1-year low of $38.37 and a 1-year high of $54.30. The firm has a market cap of $24.36 billion, a PE ratio of 44.50, a PEG ratio of 7.36 and a beta of 0.77.

Wheaton Precious Metals (NYSE:WPM) last released its quarterly earnings results on Thursday, March 14th. The company reported $0.36 earnings per share for the quarter, beating the consensus estimate of $0.32 by $0.04. Wheaton Precious Metals had a net margin of 52.92% and a return on equity of 7.76%. The company had revenue of $313.47 million during the quarter, compared to analysts’ expectations of $284.29 million.

Wheaton Precious Metals Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Wednesday, April 3rd were issued a $0.155 dividend. The ex-dividend date was Tuesday, April 2nd. This represents a $0.62 annualized dividend and a dividend yield of 1.15%. This is an increase from Wheaton Precious Metals’s previous quarterly dividend of $0.15. Wheaton Precious Metals’s dividend payout ratio is currently 52.10%.

Hedge Funds Weigh In On Wheaton Precious Metals

Institutional investors have recently modified their holdings of the business. Norges Bank bought a new position in shares of Wheaton Precious Metals during the 4th quarter valued at approximately $387,481,000. Van ECK Associates Corp boosted its position in shares of Wheaton Precious Metals by 9.9% in the fourth quarter. Van ECK Associates Corp now owns 20,521,065 shares of the company’s stock valued at $1,012,517,000 after acquiring an additional 1,856,031 shares during the period. Montrusco Bolton Investments Inc. boosted its holdings in Wheaton Precious Metals by 426.7% in the 4th quarter. Montrusco Bolton Investments Inc. now owns 957,339 shares of the company’s stock valued at $47,460,000 after purchasing an additional 775,588 shares during the period. Massachusetts Financial Services Co. MA grew its position in Wheaton Precious Metals by 10.4% during the third quarter. Massachusetts Financial Services Co. MA now owns 7,585,266 shares of the company’s stock worth $307,583,000 after buying an additional 713,381 shares in the last quarter. Finally, The Manufacturers Life Insurance Company increased its position in shares of Wheaton Precious Metals by 27.8% in the fourth quarter. The Manufacturers Life Insurance Company now owns 3,190,190 shares of the company’s stock worth $157,587,000 after purchasing an additional 694,583 shares during the last quarter. 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.