Raymond James Boosts Wheaton Precious Metals (NYSE:WPM) Price Target to $72.00

Wheaton Precious Metals (NYSE:WPM) had its price objective lifted by stock analysts at Raymond James from $70.00 to $72.00 in a research report issued on Wednesday, BayStreet.CA reports. The brokerage currently has an “outperform” rating on the stock. Raymond James’ price objective suggests a potential upside of 12.11% from the stock’s current price. Raymond James also issued estimates for Wheaton Precious Metals’ Q3 2024 earnings at $0.40 EPS, Q4 2024 earnings at $0.40 EPS, FY2024 earnings at $1.44 EPS, Q1 2025 earnings at $0.44 EPS, Q2 2025 earnings at $0.46 EPS, Q3 2025 earnings at $0.48 EPS, Q4 2025 earnings at $0.50 EPS and FY2025 earnings at $1.89 EPS.

Several other brokerages have also commented on WPM. TD Securities decreased their price objective on shares of Wheaton Precious Metals from $71.00 to $70.00 and set a “buy” rating for the company in a report on Thursday, August 15th. Jefferies Financial Group increased their price target on shares of Wheaton Precious Metals from $62.00 to $67.00 and gave the stock a “buy” rating in a research note on Friday, July 12th. CIBC lifted their price objective on Wheaton Precious Metals from $75.00 to $80.00 and gave the company an “outperformer” rating in a research report on Wednesday, July 10th. Bank of America upped their target price on Wheaton Precious Metals from $60.00 to $61.00 and gave the stock a “buy” rating in a report on Wednesday, June 26th. Finally, Scotiabank raised their target price on Wheaton Precious Metals from $66.50 to $72.00 and gave the company a “sector outperform” rating in a research note on Monday, August 19th. Two investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, Wheaton Precious Metals currently has an average rating of “Moderate Buy” and an average target price of $68.63.

Wheaton Precious Metals Price Performance

NYSE WPM opened at $64.22 on Wednesday. Wheaton Precious Metals has a 1 year low of $38.37 and a 1 year high of $64.82. The stock has a market capitalization of $29.13 billion, a PE ratio of 49.40, a PEG ratio of 2.27 and a beta of 0.78. The business’s 50-day moving average is $59.93 and its 200 day moving average is $55.24.

Wheaton Precious Metals (NYSE:WPM) last issued its quarterly earnings data on Wednesday, August 7th. The company reported $0.33 earnings per share for the quarter, topping analysts’ consensus estimates of $0.29 by $0.04. The firm had revenue of $299.06 million for the quarter, compared to analyst estimates of $309.54 million. Wheaton Precious Metals had a return on equity of 8.54% and a net margin of 50.44%. The business’s quarterly revenue was up 12.9% compared to the same quarter last year. During the same period last year, the company earned $0.31 EPS. As a group, equities research analysts anticipate that Wheaton Precious Metals will post 1.41 earnings per share for the current year.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the stock. Ridgewood Investments LLC purchased a new position in Wheaton Precious Metals in the second quarter worth about $31,000. Abich Financial Wealth Management LLC purchased a new position in Wheaton Precious Metals in the 2nd quarter worth approximately $31,000. Sunbelt Securities Inc. bought a new position in Wheaton Precious Metals in the 2nd quarter valued at approximately $47,000. St. Johns Investment Management Company LLC purchased a new stake in Wheaton Precious Metals during the 1st quarter valued at $52,000. Finally, Western Pacific Wealth Management LP boosted its stake in Wheaton Precious Metals by 19.6% during the 1st quarter. Western Pacific Wealth Management LP now owns 1,331 shares of the company’s stock valued at $63,000 after purchasing an additional 218 shares during the last quarter. Hedge funds and other institutional investors own 70.34% of the company’s stock.

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.