Bank of America Raises Wheaton Precious Metals (NYSE:WPM) Price Target to $132.00

Wheaton Precious Metals (NYSE:WPM) had its price target upped by equities research analysts at Bank of America from $127.00 to $132.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Bank of America‘s price objective suggests a potential upside of 26.10% from the company’s current price.

Several other research firms also recently commented on WPM. CIBC raised their price objective on Wheaton Precious Metals from $135.00 to $160.00 and gave the stock an “outperformer” rating in a research note on Friday, October 10th. National Bankshares reaffirmed an “outperform” rating on shares of Wheaton Precious Metals in a research note on Tuesday, June 24th. BMO Capital Markets reissued an “outperform” rating on shares of Wheaton Precious Metals in a research note on Friday, August 8th. UBS Group lifted their target price on Wheaton Precious Metals from $106.00 to $118.00 and gave the company a “neutral” rating in a research note on Friday, September 19th. Finally, Scotiabank lifted their target price on Wheaton Precious Metals from $108.00 to $109.00 and gave the company a “sector perform” rating in a research note on Tuesday, August 12th. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, Wheaton Precious Metals presently has an average rating of “Moderate Buy” and a consensus target price of $116.89.

Wheaton Precious Metals Stock Down 7.8%

NYSE WPM opened at $104.68 on Thursday. The stock’s 50-day moving average price is $103.49 and its 200-day moving average price is $92.46. Wheaton Precious Metals has a 52 week low of $55.47 and a 52 week high of $114.36. The company has a market capitalization of $47.52 billion, a P/E ratio of 60.51, a price-to-earnings-growth ratio of 3.02 and a beta of 0.41.

Wheaton Precious Metals (NYSE:WPM) last posted its quarterly earnings data on Thursday, August 7th. The company reported $0.63 EPS for the quarter, topping the consensus estimate of $0.58 by $0.05. Wheaton Precious Metals had a return on equity of 11.96% and a net margin of 47.46%.The firm had revenue of $503.22 million for the quarter, compared to the consensus estimate of $424.23 million. During the same quarter last year, the company earned $0.33 earnings per share. The business’s revenue for the quarter was up 68.2% compared to the same quarter last year. Research analysts anticipate that Wheaton Precious Metals will post 1.46 EPS for the current year.

Hedge Funds Weigh In On Wheaton Precious Metals

Several institutional investors have recently added to or reduced their stakes in WPM. Norges Bank purchased a new position in Wheaton Precious Metals during the 2nd quarter valued at approximately $656,463,000. Invesco Ltd. grew its holdings in Wheaton Precious Metals by 139.8% during the 2nd quarter. Invesco Ltd. now owns 2,085,042 shares of the company’s stock valued at $187,237,000 after buying an additional 1,215,660 shares in the last quarter. Canada Pension Plan Investment Board boosted its holdings in shares of Wheaton Precious Metals by 57.6% in the 1st quarter. Canada Pension Plan Investment Board now owns 2,097,735 shares of the company’s stock worth $162,811,000 after purchasing an additional 766,947 shares during the period. Amundi boosted its holdings in shares of Wheaton Precious Metals by 33.2% in the 1st quarter. Amundi now owns 2,745,947 shares of the company’s stock worth $215,557,000 after purchasing an additional 683,674 shares during the period. Finally, Perpetual Ltd purchased a new position in shares of Wheaton Precious Metals in the 1st quarter worth approximately $50,430,000. Hedge funds and other institutional investors 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.