The Big Reason Why Wheaton Precious Metals Corp. Beat Rivals and Popped 12.5% in October

The Big Reason Why Wheaton Precious Metals Corp. Beat Rivals and Popped 12.5% in October

As a precious metals company, you'd expect Wheaton Precious Metals (NYSE: WPM) shares to move in tandem with prices of gold and silver. That, however, wasn't the case last month when Wheaton jumped nearly 12.5% despite gold and silver prices declining a percentage or two points each. In fact, Wheaton's rivals Franco-Nevada Corp (NYSE: FNV) and Royal Gold (NASDAQ: RGLD) also ended the month on a flat note.

What pushed Wheaton stock higher in October? A hugely positive outlook from an analyst could be the answer.

During the quarter ended June, investment firm 3G Capital upped its holding in Wheaton by 50% to 1.5 million shares.

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Source: Fool.com