Summit Financial LLC Has $25.39 Million Stock Position in Wheaton Precious Metals Corp. $WPM

Summit Financial LLC reduced its holdings in shares of Wheaton Precious Metals Corp. (NYSE:WPM) by 12.0% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 327,083 shares of the company’s stock after selling 44,491 shares during the quarter. Wheaton Precious Metals accounts for about 0.7% of Summit Financial LLC’s holdings, making the stock its 26th biggest position. Summit Financial LLC’s holdings in Wheaton Precious Metals were worth $25,391,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Cerity Partners LLC boosted its holdings in Wheaton Precious Metals by 5.5% during the first quarter. Cerity Partners LLC now owns 20,271 shares of the company’s stock worth $1,574,000 after purchasing an additional 1,058 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. boosted its holdings in Wheaton Precious Metals by 37.4% during the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 8,109 shares of the company’s stock worth $630,000 after purchasing an additional 2,208 shares during the last quarter. Sequoia Financial Advisors LLC boosted its holdings in Wheaton Precious Metals by 5.8% during the first quarter. Sequoia Financial Advisors LLC now owns 5,392 shares of the company’s stock worth $419,000 after purchasing an additional 297 shares during the last quarter. Dynamic Advisor Solutions LLC purchased a new position in Wheaton Precious Metals during the first quarter worth about $531,000. Finally, Principal Financial Group Inc. boosted its holdings in Wheaton Precious Metals by 34.6% during the first quarter. Principal Financial Group Inc. now owns 25,244 shares of the company’s stock worth $1,959,000 after purchasing an additional 6,486 shares during the last quarter. 70.34% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on WPM shares. UBS Group set a $106.00 target price on shares of Wheaton Precious Metals and gave the company a “neutral” rating in a research note on Monday, August 11th. Wall Street Zen cut shares of Wheaton Precious Metals from a “buy” rating to a “hold” rating in a research note on Saturday, August 9th. National Bankshares reissued an “outperform” rating on shares of Wheaton Precious Metals in a research report on Tuesday, June 24th. Scotiabank boosted their price target on shares of Wheaton Precious Metals from $108.00 to $109.00 and gave the company a “sector perform” rating in a research report on Tuesday, August 12th. Finally, CIBC reissued an “outperform” rating on shares of Wheaton Precious Metals in a research report on Tuesday, July 15th. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, Wheaton Precious Metals has a consensus rating of “Moderate Buy” and a consensus target price of $97.33.

Wheaton Precious Metals Trading Up 2.5%

Wheaton Precious Metals stock opened at $93.2970 on Thursday. The firm’s 50 day simple moving average is $92.18 and its 200 day simple moving average is $82.50. The firm has a market capitalization of $42.35 billion, a PE ratio of 53.93, a price-to-earnings-growth ratio of 2.53 and a beta of 0.39. Wheaton Precious Metals Corp. has a 1-year low of $55.47 and a 1-year high of $103.81.

Wheaton Precious Metals (NYSE:WPM) last posted its earnings results on Thursday, August 7th. The company reported $0.63 earnings per share for the quarter, topping analysts’ consensus estimates of $0.58 by $0.05. The business had revenue of $503.22 million for the quarter, compared to analyst estimates of $424.23 million. Wheaton Precious Metals had a net margin of 47.46% and a return on equity of 11.96%. Wheaton Precious Metals’s revenue was up 68.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.33 EPS. Research analysts forecast that Wheaton Precious Metals Corp. will post 1.46 earnings per share for the current year.

Wheaton Precious Metals Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 4th. Stockholders of record on Thursday, August 21st will be issued a $0.165 dividend. The ex-dividend date of this dividend is Thursday, August 21st. This represents a $0.66 dividend on an annualized basis and a dividend yield of 0.7%. Wheaton Precious Metals’s dividend payout ratio is presently 38.15%.

About Wheaton Precious Metals

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.