Wheaton Precious Metals (NYSE:WPM) Shares Gap Down – Here’s Why

Wheaton Precious Metals Corp. (NYSE:WPM) gapped down prior to trading on Monday . The stock had previously closed at $64.82, but opened at $62.50. Wheaton Precious Metals shares last traded at $61.77, with a volume of 361,104 shares.

Analyst Upgrades and Downgrades

Several research firms have issued reports on WPM. Stifel Canada cut shares of Wheaton Precious Metals from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 21st. Raymond James increased their price target on shares of Wheaton Precious Metals from $74.00 to $75.00 and gave the stock an “outperform” rating in a report on Friday, October 25th. TD Securities increased their price target on shares of Wheaton Precious Metals from $74.00 to $75.00 and gave the stock a “buy” rating in a report on Friday, November 8th. Scotiabank increased their price target on shares of Wheaton Precious Metals from $66.50 to $72.00 and gave the stock a “sector outperform” rating in a report on Monday, August 19th. Finally, Jefferies Financial Group increased their target price on shares of Wheaton Precious Metals from $67.00 to $77.00 and gave the company a “buy” rating in a report on Friday, October 4th. One investment analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $70.88.

Wheaton Precious Metals Trading Down 2.1 %

The firm has a market cap of $27.08 billion, a P/E ratio of 44.54, a price-to-earnings-growth ratio of 2.22 and a beta of 0.77. The business’s fifty day simple moving average is $62.77 and its 200-day simple moving average is $58.75.

Wheaton Precious Metals (NYSE:WPM) last posted its earnings results on Friday, November 8th. The company reported $0.34 EPS for the quarter, hitting the consensus estimate of $0.34. Wheaton Precious Metals had a net margin of 50.05% and a return on equity of 8.85%. The firm had revenue of $308.25 million during the quarter, compared to analysts’ expectations of $324.57 million. During the same period last year, the company posted $0.27 EPS. Analysts anticipate that Wheaton Precious Metals Corp. will post 1.44 earnings per share for the current year.

Wheaton Precious Metals Dividend Announcement

The firm also recently declared 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 is Thursday, November 21st. This represents a $0.62 dividend on an annualized basis and a yield of 1.04%. Wheaton Precious Metals’s dividend payout ratio (DPR) is currently 46.27%.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of WPM. Canoe Financial LP purchased a new position in Wheaton Precious Metals during the 3rd quarter valued at about $113,017,000. AMF Tjanstepension AB grew its position in Wheaton Precious Metals by 593.5% during the second quarter. AMF Tjanstepension AB now owns 1,608,134 shares of the company’s stock valued at $84,388,000 after buying an additional 1,376,231 shares during the period. Barings LLC bought a new stake in Wheaton Precious Metals during the second quarter valued at approximately $65,405,000. TD Asset Management Inc lifted its holdings in Wheaton Precious Metals by 22.5% during the second quarter. TD Asset Management Inc now owns 5,950,317 shares of the company’s stock valued at $311,920,000 after purchasing an additional 1,092,480 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD lifted its holdings in Wheaton Precious Metals by 16.0% during the first quarter. Price T Rowe Associates Inc. MD now owns 7,309,175 shares of the company’s stock valued at $344,483,000 after purchasing an additional 1,010,307 shares in the last quarter. 70.34% of the stock is owned by hedge funds and other institutional investors.

Wheaton Precious Metals Company Profile

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.