Beta Wealth Group Inc. Has $4.49 Million Holdings in Waste Management, Inc. (NYSE:WM)

Key Points

• Beta Wealth Group Inc. reduced its stake in Waste Management, Inc. by 6.4%, holding 19,408 shares valued at approximately $4.49 million.
• Waste Management reported a 19.0% increase in quarterly revenue compared to the previous year, with earnings of $1.92 per share, exceeding analysts' expectations.
• The firm declared a quarterly dividend of $0.825 per share, translating to an annualized yield of 1.4% and a payout ratio of 48.96%.

Beta Wealth Group Inc. lowered its position in Waste Management, Inc. (NYSE:WM - Free Report) by 6.4% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 19,408 shares of the business services provider's stock after selling 1,334 shares during the quarter. Waste Management makes up approximately 1.6% of Beta Wealth Group Inc.'s portfolio, making the stock its 19th biggest position. Beta Wealth Group Inc.'s holdings in Waste Management were worth $4,493,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Brighton Jones LLC boosted its stake in shares of Waste Management by 51.1% during the fourth quarter. Brighton Jones LLC now owns 6,861 shares of the business services provider's stock valued at $1,384,000 after acquiring an additional 2,320 shares during the last quarter. Golden State Wealth Management LLC boosted its stake in shares of Waste Management by 41.7% during the first quarter. Golden State Wealth Management LLC now owns 789 shares of the business services provider's stock valued at $183,000 after acquiring an additional 232 shares during the last quarter. Calamos Advisors LLC boosted its stake in shares of Waste Management by 2.8% during the first quarter. Calamos Advisors LLC now owns 283,500 shares of the business services provider's stock valued at $65,633,000 after acquiring an additional 7,751 shares during the last quarter. Wealth Enhancement Advisory Services LLC boosted its stake in shares of Waste Management by 4.2% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 592,229 shares of the business services provider's stock valued at $137,108,000 after acquiring an additional 24,023 shares during the last quarter. Finally, GAMMA Investing LLC raised its holdings in shares of Waste Management by 13.1% in the 1st quarter. GAMMA Investing LLC now owns 8,247 shares of the business services provider's stock worth $1,909,000 after purchasing an additional 958 shares during the period. Hedge funds and other institutional investors own 80.40% of the company's stock.

Waste Management Stock Up 0.1%

Shares of NYSE WM traded up $0.16 during trading hours on Tuesday, hitting $230.70. 240,968 shares of the stock were exchanged, compared to its average volume of 1,712,485. The company has a quick ratio of 0.82, a current ratio of 0.86 and a debt-to-equity ratio of 2.51. The firm has a fifty day moving average price of $231.36 and a 200-day moving average price of $228.51. The company has a market cap of $92.93 billion, a PE ratio of 34.19, a PEG ratio of 2.81 and a beta of 0.64. Waste Management, Inc. has a 12 month low of $199.69 and a 12 month high of $242.58.

Waste Management (NYSE:WM - Get Free Report) last released its quarterly earnings data on Monday, July 28th. The business services provider reported $1.92 earnings per share for the quarter, topping analysts' consensus estimates of $1.89 by $0.03. Waste Management had a net margin of 11.36% and a return on equity of 34.37%. The company had revenue of $6.43 billion for the quarter, compared to analysts' expectations of $6.37 billion. During the same quarter last year, the company earned $1.82 earnings per share. The firm's revenue for the quarter was up 19.0% on a year-over-year basis. On average, sell-side analysts expect that Waste Management, Inc. will post 7.7 EPS for the current year.

Waste Management Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 20th. Investors of record on Friday, June 6th were given a $0.825 dividend. This represents a $3.30 dividend on an annualized basis and a yield of 1.4%. The ex-dividend date was Friday, June 6th. Waste Management's dividend payout ratio (DPR) is 48.96%.

Insiders Place Their Bets

In related news, CFO Devina A. Rankin sold 57,888 shares of the business's stock in a transaction dated Tuesday, May 27th. The shares were sold at an average price of $237.36, for a total value of $13,740,295.68. Following the completion of the transaction, the chief financial officer owned 83,934 shares of the company's stock, valued at approximately $19,922,574.24. The trade was a 40.82% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP Rafael Carrasco sold 674 shares of the stock in a transaction that occurred on Tuesday, May 27th. The shares were sold at an average price of $236.81, for a total value of $159,609.94. Following the transaction, the senior vice president owned 16,542 shares of the company's stock, valued at approximately $3,917,311.02. This trade represents a 3.91% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.18% of the company's stock.

Analyst Ratings Changes

Several equities research analysts recently commented on the company. BMO Capital Markets raised their target price on Waste Management from $245.00 to $248.00 and gave the company a "market perform" rating in a report on Wednesday, July 30th. CIBC boosted their price objective on Waste Management from $244.00 to $250.00 and gave the company a "neutral" rating in a research report on Thursday, June 26th. Scotiabank boosted their price objective on Waste Management from $265.00 to $275.00 and gave the company a "sector outperform" rating in a research report on Thursday, July 31st. JPMorgan Chase & Co. raised Waste Management from a "neutral" rating to an "overweight" rating and boosted their price objective for the stock from $225.00 to $277.00 in a research note on Friday, May 23rd. Finally, Melius assumed coverage on Waste Management in a report on Monday, June 9th. They issued a "buy" rating on the stock. Eight research analysts have rated the stock with a hold rating, thirteen have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $254.35.

Waste Management Company Profile

Waste Management, Inc, through its subsidiaries, engages in the provision of environmental solutions to residential, commercial, industrial, and municipal customers in the United States and Canada. It offers collection services, including picking up and transporting waste and recyclable materials from where it was generated to a transfer station, material recovery facility (MRF), or disposal site; and owns and operates transfer stations, as well as owns, develops, and operates landfill facilities that produce landfill gas used as renewable natural gas for generating electricity.