Raymond James set a $73.00 price target on Newmont Goldcorp (NYSE:NEM) in a research note released on Wednesday morning, BayStreet.CA reports. The brokerage currently has an outperform rating on the basic materials company’s stock.
A number of other brokerages also recently weighed in on NEM. Royal Bank of Canada reissued a hold rating and issued a $48.00 price objective on shares of Newmont Goldcorp in a research note on Thursday, April 30th. Citigroup raised their price objective on Newmont Goldcorp from $46.00 to $70.00 in a research note on Wednesday, May 6th. Barclays downgraded Newmont Goldcorp from an overweight rating to an equal weight rating and set a $58.00 price objective on the stock. in a research note on Thursday, April 16th. BMO Capital Markets cut their price objective on Newmont Goldcorp from $60.00 to $59.00 and set an outperform rating on the stock in a research note on Thursday, April 2nd. Finally, CIBC raised Newmont Goldcorp from a neutral rating to an outperform rating and set a $58.00 price objective on the stock in a research note on Sunday, February 23rd. Seven analysts have rated the stock with a hold rating and nine have given a buy rating to the company. The stock has an average rating of Buy and an average price target of $69.08.
Shares of NEM traded down $0.43 during midday trading on Wednesday, reaching $63.05. 4,491,024 shares of the stock were exchanged, compared to its average volume of 6,996,463. Newmont Goldcorp has a 12-month low of $31.10 and a 12-month high of $69.13. The firm has a 50 day simple moving average of $59.99 and a 200-day simple moving average of $47.06. The company has a quick ratio of 2.81, a current ratio of 3.31 and a debt-to-equity ratio of 0.29. The company has a market cap of $50.95 billion, a price-to-earnings ratio of 14.56 and a beta of 0.40.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 18th. Shareholders of record on Thursday, June 4th will be given a $0.25 dividend. This is an increase from Newmont Goldcorp’s previous quarterly dividend of $0.14. This represents a $1.00 annualized dividend and a yield of 1.59%. The ex-dividend date of this dividend is Wednesday, June 3rd. Newmont Goldcorp’s payout ratio is currently 42.42%.
In other news, CEO Thomas Ronald Palmer sold 4,000 shares of Newmont Goldcorp stock in a transaction that occurred on Wednesday, April 1st. The stock was sold at an average price of $45.04, for a total transaction of $180,160.00. Following the sale, the chief executive officer now owns 286,597 shares of the company’s stock, valued at approximately $12,908,328.88. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Jennifer Cmil sold 2,580 shares of Newmont Goldcorp stock in a transaction that occurred on Thursday, February 27th. The stock was sold at an average price of $50.00, for a total value of $129,000.00. Following the sale, the executive vice president now directly owns 28,836 shares in the company, valued at approximately $1,441,800. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 108,383 shares of company stock worth $6,492,212. Company insiders own 0.28% of the company’s stock.
Several large investors have recently made changes to their positions in the company. Successful Portfolios LLC grew its holdings in shares of Newmont Goldcorp by 3.0% during the 1st quarter. Successful Portfolios LLC now owns 7,613 shares of the basic materials company’s stock worth $345,000 after purchasing an additional 221 shares in the last quarter. Pacer Advisors Inc. grew its holdings in shares of Newmont Goldcorp by 1.5% during the 1st quarter. Pacer Advisors Inc. now owns 15,662 shares of the basic materials company’s stock worth $928,000 after purchasing an additional 230 shares in the last quarter. Wealth Quarterback LLC grew its holdings in shares of Newmont Goldcorp by 23.5% during the 1st quarter. Wealth Quarterback LLC now owns 1,219 shares of the basic materials company’s stock worth $55,000 after purchasing an additional 232 shares in the last quarter. Tarbox Family Office Inc. grew its holdings in shares of Newmont Goldcorp by 73.8% during the 1st quarter. Tarbox Family Office Inc. now owns 570 shares of the basic materials company’s stock worth $26,000 after purchasing an additional 242 shares in the last quarter. Finally, Wealthspire Advisors L.P. boosted its stake in Newmont Goldcorp by 4.3% in the 4th quarter. Wealthspire Advisors L.P. now owns 5,910 shares of the basic materials company’s stock valued at $257,000 after buying an additional 244 shares in the last quarter. 81.48% of the stock is currently owned by institutional investors.
About Newmont Goldcorp
Newmont Mining Corporation, together with its subsidiaries, operates in the mining industry. The company primarily acquires, develops, explores for, and produces gold, copper, and silver. Its operations and/or assets are located in the United States, Australia, Peru, Ghana, and Suriname. As of December 31, 2018, the company had proven and probable gold reserves of 65.4 million ounces and an aggregate land position of approximately 24,000 square miles.
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