Canoe Financial LP Cuts Stock Holdings in Wheaton Precious Metals Corp. $WPM

Canoe Financial LP reduced its stake in shares of Wheaton Precious Metals Corp. (NYSE:WPM) by 48.7% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 455,701 shares of the company’s stock after selling 432,235 shares during the quarter. Canoe Financial LP owned 0.10% of Wheaton Precious Metals worth $59,795,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of the stock. Norges Bank purchased a new stake in Wheaton Precious Metals during the 4th quarter valued at about $864,977,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in Wheaton Precious Metals by 36.2% in the 3rd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 6,955,810 shares of the company’s stock worth $777,938,000 after purchasing an additional 1,847,977 shares during the period. Arrowstreet Capital Limited Partnership increased its stake in Wheaton Precious Metals by 40.9% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 5,912,588 shares of the company’s stock worth $694,951,000 after purchasing an additional 1,715,540 shares during the period. Van ECK Associates Corp lifted its position in Wheaton Precious Metals by 10.7% in the fourth quarter. Van ECK Associates Corp now owns 14,469,877 shares of the company’s stock valued at $1,700,517,000 after purchasing an additional 1,402,092 shares during the last quarter. Finally, Bank of Montreal Can lifted its position in Wheaton Precious Metals by 26.1% in the third quarter. Bank of Montreal Can now owns 6,455,675 shares of the company’s stock valued at $722,270,000 after purchasing an additional 1,335,588 shares during the last quarter. Hedge funds and other institutional investors own 70.34% of the company’s stock.

Wheaton Precious Metals Stock Performance

NYSE WPM opened at $113.32 on Monday. The stock has a market cap of $51.46 billion, a P/E ratio of 28.62, a price-to-earnings-growth ratio of 2.13 and a beta of 0.51. Wheaton Precious Metals Corp. has a fifty-two week low of $85.59 and a fifty-two week high of $165.76. The stock has a 50 day simple moving average of $128.66 and a two-hundred day simple moving average of $132.83.

Wheaton Precious Metals (NYSE:WPM) last posted its earnings results on Thursday, May 7th. The company reported $1.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.24 by $0.04. The firm had revenue of $901.47 million for the quarter, compared to analysts’ expectations of $868.35 million. Wheaton Precious Metals had a return on equity of 20.20% and a net margin of 65.55%.The business’s revenue was up 91.7% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.55 earnings per share. Sell-side analysts predict that Wheaton Precious Metals Corp. will post 4.99 earnings per share for the current year.

Wheaton Precious Metals Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 9th. Shareholders of record on Wednesday, May 27th were given a dividend of $0.195 per share. This represents a $0.78 dividend on an annualized basis and a yield of 0.7%. The ex-dividend date of this dividend was Wednesday, May 27th. Wheaton Precious Metals’s payout ratio is presently 19.70%.

Analysts Set New Price Targets

WPM has been the topic of several recent analyst reports. Zacks Research cut shares of Wheaton Precious Metals from a “strong-buy” rating to a “hold” rating in a report on Thursday, March 5th. BMO Capital Markets assumed coverage on shares of Wheaton Precious Metals in a report on Thursday, April 9th. They set an “outperform” rating and a $240.00 price target for the company. TD Securities increased their price target on shares of Wheaton Precious Metals from $164.00 to $165.00 and gave the company a “buy” rating in a research report on Monday, March 16th. Scotiabank increased their price target on shares of Wheaton Precious Metals from $178.00 to $180.00 and gave the company an “outperform” rating in a research report on Thursday, May 14th. Finally, Wall Street Zen cut shares of Wheaton Precious Metals from a “buy” rating to a “hold” rating in a research report on Saturday, May 16th. Twelve equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $155.64.

Wheaton Precious Metals Company Profile

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.