Summit Wealth Partners LLC Invests $576,000 in Wheaton Precious Metals Corp. $WPM

Summit Wealth Partners LLC purchased a new position in shares of Wheaton Precious Metals Corp. (NYSE:WPM) during the first quarter, HoldingsChannel.com reports. The fund purchased 4,398 shares of the company’s stock, valued at approximately $576,000.

Several other hedge funds and other institutional investors have also recently made changes to their positions in WPM. TD Asset Management Inc raised its position in shares of Wheaton Precious Metals by 3.5% in the 3rd quarter. TD Asset Management Inc now owns 7,252,054 shares of the company’s stock valued at $811,726,000 after purchasing an additional 244,027 shares during the last quarter. Sprott Inc. grew its position in Wheaton Precious Metals by 3.0% during the 3rd quarter. Sprott Inc. now owns 1,151,886 shares of the company’s stock worth $128,928,000 after purchasing an additional 33,076 shares during the last quarter. LBP AM SA grew its position in Wheaton Precious Metals by 632.2% during the 4th quarter. LBP AM SA now owns 119,855 shares of the company’s stock worth $14,085,000 after purchasing an additional 103,485 shares during the last quarter. Montrusco Bolton Investments Inc. increased its stake in Wheaton Precious Metals by 107.0% during the 3rd quarter. Montrusco Bolton Investments Inc. now owns 233,795 shares of the company’s stock valued at $26,169,000 after purchasing an additional 120,866 shares in the last quarter. Finally, Moody Lynn & Lieberson LLC acquired a new position in Wheaton Precious Metals during the 4th quarter valued at approximately $2,052,000. Hedge funds and other institutional investors own 70.34% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the stock. Scotiabank lifted their price objective on shares of Wheaton Precious Metals from $178.00 to $180.00 and gave the stock an “outperform” rating in a research note on Thursday, May 14th. Zacks Research downgraded Wheaton Precious Metals from a “strong-buy” rating to a “hold” rating in a research report on Thursday, March 5th. TD Securities raised their target price on Wheaton Precious Metals from $164.00 to $165.00 and gave the stock a “buy” rating in a research note on Monday, March 16th. BMO Capital Markets began coverage on Wheaton Precious Metals in a research report on Thursday, April 9th. They set an “outperform” rating and a $240.00 price target for the company. Finally, Wall Street Zen cut Wheaton Precious Metals from a “buy” rating to a “hold” rating in a research report on Saturday, May 16th. Thirteen investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $155.64.

Wheaton Precious Metals Trading Down 0.7%

Shares of NYSE:WPM opened at $121.72 on Tuesday. Wheaton Precious Metals Corp. has a twelve month low of $85.59 and a twelve month high of $165.76. The company has a market cap of $55.27 billion, a PE ratio of 30.74, a price-to-earnings-growth ratio of 2.31 and a beta of 0.51. The company’s 50 day moving average is $131.26 and its 200 day moving average is $132.66.

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

Wheaton Precious Metals Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 9th. Shareholders of record on Wednesday, May 27th were issued a $0.195 dividend. This represents a $0.78 annualized dividend and a yield of 0.6%. The ex-dividend date of this dividend was Wednesday, May 27th. Wheaton Precious Metals’s dividend payout ratio is presently 19.70%.

About Wheaton Precious Metals

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.