Summit Financial LLC lessened its position in Wheaton Precious Metals Corp. (NYSE:WPM – Free Report) by 4.6% in the 4th quarter, Holdings Channel reports. The fund owned 307,975 shares of the company’s stock after selling 14,978 shares during the period. Wheaton Precious Metals makes up approximately 0.5% of Summit Financial LLC’s investment portfolio, making the stock its 28th biggest holding. Summit Financial LLC’s holdings in Wheaton Precious Metals were worth $36,193,000 as of its most recent filing with the SEC.
Other hedge funds have also made changes to their positions in the company. Vanguard Group Inc. lifted its position in Wheaton Precious Metals by 1.5% in the 4th quarter. Vanguard Group Inc. now owns 19,079,029 shares of the company’s stock worth $2,242,969,000 after buying an additional 289,939 shares in the last quarter. Capital International Investors lifted its position in Wheaton Precious Metals by 1.2% in the 4th quarter. Capital International Investors now owns 7,595,725 shares of the company’s stock worth $892,650,000 after buying an additional 93,599 shares in the last quarter. Norges Bank purchased a new stake in Wheaton Precious Metals in the 4th quarter worth approximately $864,977,000. TD Asset Management Inc lifted its position in Wheaton Precious Metals by 0.5% in the 4th quarter. TD Asset Management Inc now owns 7,285,275 shares of the company’s stock worth $857,598,000 after buying an additional 33,221 shares in the last quarter. Finally, Bank of Montreal Can lifted its position in Wheaton Precious Metals by 9.4% in the 4th quarter. Bank of Montreal Can now owns 7,061,090 shares of the company’s stock worth $830,134,000 after buying an additional 605,415 shares in the last quarter. Hedge funds and other institutional investors own 70.34% of the company’s stock.
Wheaton Precious Metals Trading Up 3.0%
Wheaton Precious Metals stock opened at $116.09 on Friday. The company has a market capitalization of $52.72 billion, a P/E ratio of 29.31, a P/E/G ratio of 2.13 and a beta of 0.51. The firm’s fifty day simple moving average is $132.81 and its 200-day simple moving average is $131.73. Wheaton Precious Metals Corp. has a 1-year low of $85.59 and a 1-year high of $165.76.
Wheaton Precious Metals Announces Dividend
The company also recently announced a quarterly dividend, which was paid on Tuesday, June 9th. Investors of record on Wednesday, May 27th were paid a $0.195 dividend. The ex-dividend date was Wednesday, May 27th. This represents a $0.78 dividend on an annualized basis and a yield of 0.7%. Wheaton Precious Metals’s dividend payout ratio (DPR) is presently 19.70%.
Analyst Ratings Changes
WPM has been the subject of a number of research analyst reports. Wall Street Zen downgraded shares of Wheaton Precious Metals from a “buy” rating to a “hold” rating in a research report on Saturday, May 16th. TD Securities increased their target price on shares of Wheaton Precious Metals from $164.00 to $165.00 and gave the stock a “buy” rating in a research report on Monday, March 16th. BMO Capital Markets initiated coverage on shares of Wheaton Precious Metals in a research report on Thursday, April 9th. They issued an “outperform” rating and a $240.00 target price for the company. Zacks Research downgraded shares of Wheaton Precious Metals from a “strong-buy” rating to a “hold” rating in a report on Thursday, March 5th. Finally, TD Cowen raised their price target on shares of Wheaton Precious Metals from $164.00 to $165.00 and gave the company a “buy” rating in a report on Monday, March 16th. Thirteen analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat.com, Wheaton Precious Metals currently has an average rating of “Moderate Buy” and an average price target of $155.64.
Get Our Latest Research Report on WPM
Wheaton Precious Metals 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.
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