Scotiabank Has Bullish Outlook for WPM FY2024 Earnings

Wheaton Precious Metals Corp. (NYSE:WPM) – Scotiabank increased their FY2024 earnings per share estimates for Wheaton Precious Metals in a report released on Wednesday, January 8th. Scotiabank analyst T. Jakusconek now forecasts that the company will post earnings of $1.45 per share for the year, up from their prior forecast of $1.33. The consensus estimate for Wheaton Precious Metals’ current full-year earnings is $1.44 per share.

Wheaton Precious Metals (NYSE:WPM) last released its earnings results on Friday, November 8th. The company reported $0.34 EPS for the quarter, meeting 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 in the prior year, the company earned $0.27 EPS.

A number of other equities research analysts also recently weighed in on the company. Jefferies Financial Group lifted their target price on Wheaton Precious Metals from $67.00 to $77.00 and gave the stock a “buy” rating in a research report on Friday, October 4th. TD Securities lifted their price objective on Wheaton Precious Metals from $74.00 to $75.00 and gave the stock a “buy” rating in a report on Friday, November 8th. UBS Group started coverage on Wheaton Precious Metals in a research note on Monday, November 18th. They issued a “buy” rating and a $78.00 target price for the company. National Bank Financial upgraded shares of Wheaton Precious Metals from a “sector perform” rating to an “outperform” rating in a research note on Thursday, October 10th. Finally, 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. One investment analyst has rated the stock with a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $71.67.

Wheaton Precious Metals Stock Performance

NYSE:WPM opened at $57.86 on Friday. The firm’s 50-day moving average is $60.41 and its 200-day moving average is $60.22. The company has a market cap of $26.25 billion, a price-to-earnings ratio of 43.18, a PEG ratio of 1.67 and a beta of 0.76. Wheaton Precious Metals has a 52-week low of $38.57 and a 52-week high of $68.64.

Wheaton Precious Metals Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, December 6th. Stockholders of record on Thursday, November 21st were paid a $0.155 dividend. The ex-dividend date of this dividend was Thursday, November 21st. This represents a $0.62 annualized dividend and a dividend yield of 1.07%. Wheaton Precious Metals’s dividend payout ratio is presently 46.27%.

Institutional Investors Weigh In On Wheaton Precious Metals

Hedge funds have recently made changes to their positions in the company. Insigneo Advisory Services LLC raised its position in Wheaton Precious Metals by 2.2% in the 3rd quarter. Insigneo Advisory Services LLC now owns 8,553 shares of the company’s stock valued at $522,000 after purchasing an additional 187 shares during the last quarter. Principal Financial Group Inc. increased its stake in shares of Wheaton Precious Metals by 1.0% in the third quarter. Principal Financial Group Inc. now owns 19,761 shares of the company’s stock valued at $1,208,000 after buying an additional 196 shares in the last quarter. Vontobel Holding Ltd. raised its holdings in shares of Wheaton Precious Metals by 0.6% in the third quarter. Vontobel Holding Ltd. now owns 34,558 shares of the company’s stock valued at $2,110,000 after buying an additional 197 shares during the last quarter. Arkadios Wealth Advisors lifted its position in Wheaton Precious Metals by 1.0% during the 3rd quarter. Arkadios Wealth Advisors now owns 21,575 shares of the company’s stock worth $1,318,000 after buying an additional 210 shares in the last quarter. Finally, Western Pacific Wealth Management LP grew its holdings in Wheaton Precious Metals by 13.9% during the 3rd quarter. Western Pacific Wealth Management LP now owns 1,732 shares of the company’s stock worth $106,000 after acquiring an additional 212 shares during the last quarter. Institutional investors and hedge funds 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.