Wheaton Precious Metals (NYSE:WPM) Cut to Hold at Zacks Research

Zacks Research lowered shares of Wheaton Precious Metals (NYSE:WPM) from a strong-buy rating to a hold rating in a report issued on Thursday morning,Zacks.com reports.

Several other analysts have also issued reports on WPM. Scotiabank reissued an “outperform” rating and set a $175.00 target price on shares of Wheaton Precious Metals in a report on Monday, January 26th. UBS Group reaffirmed a “neutral” rating and issued a $158.00 price target on shares of Wheaton Precious Metals in a research note on Friday, January 30th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Wheaton Precious Metals in a research report on Monday, December 29th. Canadian Imperial Bank of Commerce reiterated an “outperform” rating on shares of Wheaton Precious Metals in a research note on Wednesday, February 4th. Finally, Jefferies Financial Group reissued a “buy” rating and issued a $145.00 target price on shares of Wheaton Precious Metals in a report on Sunday, December 7th. Ten analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $140.44.

Wheaton Precious Metals Price Performance

NYSE:WPM opened at $147.06 on Thursday. The business’s 50-day simple moving average is $140.02 and its 200-day simple moving average is $117.68. Wheaton Precious Metals has a fifty-two week low of $68.03 and a fifty-two week high of $165.76. The stock has a market capitalization of $66.77 billion, a PE ratio of 66.85, a price-to-earnings-growth ratio of 2.21 and a beta of 0.50.

Institutional Trading of Wheaton Precious Metals

Several institutional investors and hedge funds have recently modified their holdings of WPM. Assetmark Inc. grew its position in Wheaton Precious Metals by 144.4% in the fourth quarter. Assetmark Inc. now owns 220 shares of the company’s stock valued at $26,000 after acquiring an additional 130 shares during the last quarter. Nisa Investment Advisors LLC bought a new position in shares of Wheaton Precious Metals in the third quarter worth about $26,000. Harvest Fund Management Co. Ltd lifted its holdings in shares of Wheaton Precious Metals by 100.0% in the fourth quarter. Harvest Fund Management Co. Ltd now owns 234 shares of the company’s stock worth $27,000 after acquiring an additional 117 shares during the last quarter. Cary Street Partners Investment Advisory LLC acquired a new stake in shares of Wheaton Precious Metals in the 4th quarter valued at approximately $28,000. Finally, Navalign LLC acquired a new stake in shares of Wheaton Precious Metals in the 4th quarter valued at approximately $30,000. 70.34% of the stock is currently owned by institutional investors.

About Wheaton Precious Metals

Wheaton Precious Metals Corp. is a Canada-based precious metals streaming company that acquires and manages long-term purchase agreements for metals produced by mining companies. Rather than operating mines, Wheaton provides upfront and ongoing financing to miners in exchange for the right to purchase a portion of the metals produced — typically silver and gold, and occasionally other precious metals — at predetermined prices. This streaming business model offers investors exposure to metal production with reduced operating and capital-cost risk compared with traditional mining companies.

The company’s activities center on structuring and maintaining a diversified portfolio of streaming agreements across multiple jurisdictions.