Raymond James Increases Wheaton Precious Metals (NYSE:WPM) Price Target to $60.00

Wheaton Precious Metals (NYSE:WPM) had its target price lifted by Raymond James from $57.00 to $60.00 in a research note issued to investors on Wednesday, Price Targets.com reports. The firm presently has an “outperform” rating on the stock. Raymond James’ target price suggests a potential upside of 22.65% from the company’s current price. Raymond James also issued estimates for Wheaton Precious Metals’ Q2 2022 earnings at $0.41 EPS, Q3 2022 earnings at $0.43 EPS, Q4 2022 earnings at $0.45 EPS and FY2022 earnings at $1.69 EPS.

WPM has been the topic of several other research reports. TD Securities reaffirmed a “buy” rating and issued a $76.00 target price (up previously from $60.00) on shares of Wheaton Precious Metals in a report on Tuesday, March 16th. Canaccord Genuity reaffirmed a “buy” rating and issued a $82.00 target price on shares of Wheaton Precious Metals in a report on Thursday, March 18th. Royal Bank of Canada raised shares of Wheaton Precious Metals from a “sector perform” rating to an “outperform” rating and set a $51.00 target price on the stock in a report on Monday, March 8th. Berenberg Bank reaffirmed a “buy” rating on shares of Wheaton Precious Metals in a report on Wednesday, April 7th. Finally, JPMorgan Chase & Co. began coverage on shares of Wheaton Precious Metals in a report on Wednesday, March 10th. They issued an “overweight” rating and a $56.00 target price on the stock. Four research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average price target of $56.83.

Shares of WPM opened at $48.92 on Wednesday. The firm has a market capitalization of $22.02 billion, a PE ratio of 38.22, a PEG ratio of 6.29 and a beta of 0.36. Wheaton Precious Metals has a 1 year low of $34.85 and a 1 year high of $57.89. The stock’s 50-day simple moving average is $44.41.

Wheaton Precious Metals (NYSE:WPM) last issued its quarterly earnings results on Thursday, May 6th. The company reported $0.36 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.36. The business had revenue of $324.12 million for the quarter, compared to analysts’ expectations of $335.94 million. Wheaton Precious Metals had a net margin of 49.33% and a return on equity of 9.95%. The business’s quarterly revenue was up 27.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.22 earnings per share. On average, sell-side analysts predict that Wheaton Precious Metals will post 1.51 earnings per share for the current fiscal year.

Several institutional investors and hedge funds have recently made changes to their positions in WPM. Childress Capital Advisors LLC purchased a new position in shares of Wheaton Precious Metals during the fourth quarter worth approximately $26,000. Allworth Financial LP grew its position in shares of Wheaton Precious Metals by 59.6% during the first quarter. Allworth Financial LP now owns 723 shares of the company’s stock worth $28,000 after acquiring an additional 270 shares during the last quarter. Wagner Wealth Management LLC purchased a new position in shares of Wheaton Precious Metals during the first quarter worth approximately $31,000. Tradewinds Capital Management LLC grew its position in shares of Wheaton Precious Metals by 84.2% during the first quarter. Tradewinds Capital Management LLC now owns 884 shares of the company’s stock worth $34,000 after acquiring an additional 404 shares during the last quarter. Finally, Ameritas Investment Company LLC purchased a new position in Wheaton Precious Metals in the 1st quarter valued at $35,000. Institutional investors and hedge funds own 55.78% of the company’s stock.

About Wheaton Precious Metals

Wheaton Precious Metals Corp., a mining company, primarily sells precious metals in Canada and internationally. The company sells gold, silver, palladium, and cobalt deposits. It has agreements for 24 operating mining assets and 7 development stage projects. The company was formerly known as Silver Wheaton Corp.

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Analyst Recommendations for Wheaton Precious Metals (NYSE:WPM)

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