Raymond James Reiterates $73.00 Price Target for Newmont Goldcorp (NYSE:NEM)

Raymond James set a $73.00 price objective on Newmont Goldcorp (NYSE:NEM) in a research note issued to investors on Wednesday morning, BayStreet.CA reports. The brokerage currently has an outperform rating on the basic materials company’s stock.

Several other equities analysts have also recently issued reports on NEM. Citigroup boosted their price objective on shares of Newmont Goldcorp from $46.00 to $70.00 in a research note on Wednesday, May 6th. B. Riley boosted their price objective on shares of Newmont Goldcorp from $96.00 to $97.00 and gave the company a buy rating in a research note on Tuesday. BMO Capital Markets dropped their price objective on shares of Newmont Goldcorp from $60.00 to $59.00 and set an outperform rating on the stock in a research note on Thursday, April 2nd. TD Securities boosted their target price on shares of Newmont Goldcorp from $81.00 to $83.00 and gave the stock a buy rating in a research report on Wednesday, May 6th. Finally, Barclays lowered shares of Newmont Goldcorp from an overweight rating to an equal weight rating and set a $58.00 target price on the stock. in a research report on Thursday, April 16th. Seven analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. The company currently has a consensus rating of Buy and an average target price of $69.08.

NEM traded down $0.43 during trading on Wednesday, hitting $63.05. The stock had a trading volume of 4,491,024 shares, compared to its average volume of 6,996,463. The company has a debt-to-equity ratio of 0.29, a quick ratio of 2.81 and a current ratio of 3.31. The firm has a market capitalization of $50.95 billion, a P/E ratio of 14.56 and a beta of 0.40. The company’s 50-day moving average price is $59.99 and its 200 day moving average price is $47.06. Newmont Goldcorp has a twelve month low of $31.10 and a twelve month high of $69.13.

Newmont Goldcorp (NYSE:NEM) last announced its quarterly earnings data on Tuesday, May 5th. The basic materials company reported $0.40 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.42 by ($0.02). The firm had revenue of $2.58 billion during the quarter, compared to analyst estimates of $2.66 billion. Newmont Goldcorp had a net margin of 33.66% and a return on equity of 5.10%. The business’s quarterly revenue was up 43.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.33 earnings per share. As a group, equities analysts expect that Newmont Goldcorp will post 2.47 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, June 18th. Investors of record on Thursday, June 4th will be given a $0.25 dividend. The ex-dividend date is Wednesday, June 3rd. This is a positive change from Newmont Goldcorp’s previous quarterly dividend of $0.14. This represents a $1.00 annualized dividend and a dividend yield of 1.59%. Newmont Goldcorp’s payout ratio is currently 42.42%.

In related news, EVP E Randall Engel sold 67,982 shares of the business’s stock in a transaction dated Friday, May 8th. The shares were sold at an average price of $65.33, for a total value of $4,441,264.06. Following the sale, the executive vice president now directly owns 342,823 shares in the company, valued at approximately $22,396,626.59. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Jennifer Cmil sold 2,580 shares of the business’s stock in a transaction dated Thursday, February 27th. The stock was sold at an average price of $50.00, for a total transaction of $129,000.00. Following the completion of the sale, the executive vice president now owns 28,836 shares in the company, valued at $1,441,800. The disclosure for this sale can be found here. Insiders sold a total of 108,383 shares of company stock worth $6,492,212 over the last quarter. Insiders own 0.28% of the company’s stock.

Hedge funds have recently made changes to their positions in the stock. Harwood Advisory Group LLC acquired a new position in Newmont Goldcorp in the 1st quarter valued at about $25,000. Tarbox Family Office Inc. raised its stake in Newmont Goldcorp by 73.8% in the 1st quarter. Tarbox Family Office Inc. now owns 570 shares of the basic materials company’s stock valued at $26,000 after purchasing an additional 242 shares during the last quarter. Lenox Wealth Management Inc. raised its stake in Newmont Goldcorp by 608.2% in the 1st quarter. Lenox Wealth Management Inc. now owns 602 shares of the basic materials company’s stock valued at $27,000 after purchasing an additional 517 shares during the last quarter. Acima Private Wealth LLC acquired a new position in Newmont Goldcorp in the 4th quarter valued at about $35,000. Finally, Citizens Financial Group Inc RI raised its stake in Newmont Goldcorp by 264.1% in the 4th quarter. Citizens Financial Group Inc RI now owns 812 shares of the basic materials company’s stock valued at $35,000 after purchasing an additional 589 shares during the last quarter. 81.48% of the stock is owned by hedge funds and other institutional investors.

Newmont Goldcorp Company Profile

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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