Short Interest in Wheaton Precious Metals Corp. (NYSE:WPM) Drops By 20.8%

Wheaton Precious Metals Corp. (NYSE:WPM) was the target of a large decrease in short interest in September. As of September 30th, there was short interest totalling 7,740,000 shares, a decrease of 20.8% from the September 15th total of 9,770,000 shares. Based on an average trading volume of 1,500,000 shares, the days-to-cover ratio is currently 5.2 days. Currently, 1.7% of the company’s shares are short sold.

Institutional Trading of Wheaton Precious Metals

Several institutional investors have recently bought and sold shares of WPM. Cliftonlarsonallen Wealth Advisors LLC increased its position in shares of Wheaton Precious Metals by 6.7% during the 3rd quarter. Cliftonlarsonallen Wealth Advisors LLC now owns 12,685 shares of the company’s stock worth $775,000 after purchasing an additional 797 shares in the last quarter. Creative Planning boosted its position in Wheaton Precious Metals by 5.6% in the third quarter. Creative Planning now owns 44,000 shares of the company’s stock valued at $2,688,000 after buying an additional 2,318 shares in the last quarter. Douglas Lane & Associates LLC grew its stake in Wheaton Precious Metals by 0.7% during the third quarter. Douglas Lane & Associates LLC now owns 502,217 shares of the company’s stock worth $30,675,000 after buying an additional 3,650 shares during the last quarter. Carnegie Investment Counsel increased its holdings in shares of Wheaton Precious Metals by 6.1% during the third quarter. Carnegie Investment Counsel now owns 8,642 shares of the company’s stock worth $528,000 after buying an additional 500 shares in the last quarter. Finally, Ritholtz Wealth Management bought a new position in shares of Wheaton Precious Metals in the third quarter valued at approximately $225,000. Institutional investors and hedge funds own 70.34% of the company’s stock.

Wheaton Precious Metals Stock Up 1.4 %

WPM traded up $0.85 during trading on Tuesday, reaching $61.76. 1,280,863 shares of the company’s stock were exchanged, compared to its average volume of 1,762,620. The company has a market capitalization of $28.02 billion, a P/E ratio of 49.02, a PEG ratio of 2.20 and a beta of 0.78. The business has a 50 day moving average price of $60.50 and a 200 day moving average price of $56.81. Wheaton Precious Metals has a fifty-two week low of $38.57 and a fifty-two week high of $64.82.

Wheaton Precious Metals (NYSE:WPM) last posted its earnings results on Wednesday, August 7th. The company reported $0.33 earnings per share for the quarter, beating analysts’ consensus estimates of $0.29 by $0.04. The business had revenue of $299.06 million for the quarter, compared to analysts’ expectations of $309.54 million. Wheaton Precious Metals had a net margin of 50.44% and a return on equity of 8.54%. The firm’s revenue for the quarter was up 12.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.31 earnings per share. As a group, research analysts forecast that Wheaton Precious Metals will post 1.43 EPS for the current year.

Wheaton Precious Metals Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, September 4th. Stockholders of record on Wednesday, August 21st were issued a $0.155 dividend. The ex-dividend date was Wednesday, August 21st. This represents a $0.62 dividend on an annualized basis and a dividend yield of 1.00%. Wheaton Precious Metals’s payout ratio is presently 49.21%.

Analyst Ratings Changes

A number of equities research analysts have commented on the company. Bank of America raised their price objective on Wheaton Precious Metals from $60.00 to $61.00 and gave the stock a “buy” rating in a research report on Wednesday, June 26th. Scotiabank raised their price objective on Wheaton Precious Metals from $66.50 to $72.00 and gave the company a “sector outperform” rating in a research note on Monday, August 19th. Berenberg Bank boosted their price objective on shares of Wheaton Precious Metals from $64.00 to $66.00 and gave the stock a “buy” rating in a research note on Thursday, June 27th. Jefferies Financial Group raised their target price on shares of Wheaton Precious Metals from $67.00 to $77.00 and gave the company a “buy” rating in a research note on Friday, October 4th. Finally, CIBC boosted their target price on shares of Wheaton Precious Metals from $75.00 to $80.00 and gave the stock an “outperformer” rating in a research report on Wednesday, July 10th. Eight research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $69.88.

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.