5 Best Metal Stocks To Invest In

4. Wheaton Precious Metals Corp. (NYSE:WPM)

Number of Hedge Fund Holders: 26     

Wheaton Precious Metals Corp. (NYSE:WPM) is a Canadian mining company with interests in gold, silver, palladium, and cobalt, among other metals. It has an impressive dividend history and recently declared a quarterly dividend of $0.15 per share, in line with previous. The forward yield was 1.49%. The stock has benefited from the increase in gold prices amid inflation concerns and the spread of the Delta variant of the coronavirus. 

KeyBanc analyst Adam Josephson recently initiated coverage of Wheaton Precious Metals Corp. (NYSE:WPM) stock with an Overweight rating and a price target of $47, highlighting high margins, leverage to commodity prices, and no direct inflation risk in a bullish investor note on the firm. 

At the end of the second quarter of 2021, 26 hedge funds in the database of Insider Monkey held stakes worth $471 million in Wheaton Precious Metals Corp. (NYSE:WPM), down from 28 in the previous quarter worth $439 million.

In its Q2 2020 investor letter, First Eagle Investment Management, an asset management firm, highlighted a few stocks and Wheaton Precious Metals Corp. (NYSE:WPM) was one of them. Here is what the fund said:

“The strength in the price of gold was generally supportive of gold-related equities whose performance historically has been leveraged to the gold price. One such example is Wheaton Precious Metals, a Canadian streaming company that maintains, in our view, a high-quality, low-cost portfolio of precious metal purchase agreements that is well diversified across mining partners, geographies and metal types. Despite pandemic-related suspensions of six of its mining assets, Wheaton posted a 50% year-over-year increase in operating cash flow for the first quarter, which allowed the company to reduce its net debt while raising its quarterly dividend payment.”