Centric Wealth Management Buys 16,250 Shares of Waste Management, Inc. $WM

Key Points

• Centric Wealth Management increased its Waste Management stake by 119.6% in the second quarter, adding 16,250 shares for a total of 29,837 shares valued at approximately $6.76 million.
• Waste Management reported quarterly EPS of $2.02, exceeding estimates of $1.98, while revenue rose 4% year over year to $6.68 billion, slightly below consensus.
• Analysts maintain a “Moderate Buy” consensus, with 13 Buy ratings and seven Holds and an average price target of $258.89, compared with a recent share price of $223.71.

Centric Wealth Management raised its stake in Waste Management, Inc. (NYSE:WM - Free Report) by 119.6% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 29,837 shares of the business services provider's stock after acquiring an additional 16,250 shares during the period. Waste Management makes up 1.0% of Centric Wealth Management's portfolio, making the stock its 24th largest holding. Centric Wealth Management's holdings in Waste Management were worth $6,756,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also made changes to their positions in WM. Vanguard Group Inc. increased its holdings in shares of Waste Management by 1.4% in the fourth quarter. Vanguard Group Inc. now owns 38,990,067 shares of the business services provider's stock worth $8,566,508,000 after purchasing an additional 553,605 shares during the last quarter. State Street Corp boosted its stake in Waste Management by 1.6% during the fourth quarter. State Street Corp now owns 17,390,748 shares of the business services provider's stock valued at $3,820,921,000 after buying an additional 281,456 shares during the last quarter. Geode Capital Management LLC grew its holdings in Waste Management by 1.3% during the 4th quarter. Geode Capital Management LLC now owns 8,993,006 shares of the business services provider's stock valued at $1,972,371,000 after buying an additional 117,476 shares in the last quarter. Norges Bank purchased a new position in Waste Management during the 4th quarter valued at approximately $1,022,916,000. Finally, Northern Trust Corp increased its stake in Waste Management by 0.3% in the 3rd quarter. Northern Trust Corp now owns 3,954,519 shares of the business services provider's stock worth $873,276,000 after acquiring an additional 11,688 shares during the last quarter. Institutional investors own 80.40% of the company's stock.

Waste Management Price Performance

Waste Management stock opened at $223.71 on Wednesday. Waste Management, Inc. has a 12-month low of $194.11 and a 12-month high of $248.13. The company has a current ratio of 0.91, a quick ratio of 0.87 and a debt-to-equity ratio of 2.24. The firm has a 50-day moving average price of $227.83 and a 200-day moving average price of $227.75. The firm has a market capitalization of $89.42 billion, a PE ratio of 31.69, a price-to-earnings-growth ratio of 2.76 and a beta of 0.44.

Waste Management (NYSE:WM - Get Free Report) last issued its quarterly earnings results on Tuesday, July 28th. The business services provider reported $2.02 EPS for the quarter, beating the consensus estimate of $1.98 by $0.04. The company had revenue of $6.68 billion for the quarter, compared to the consensus estimate of $6.71 billion. Waste Management had a net margin of 11.11% and a return on equity of 31.68%. The firm's revenue was up 4.0% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.92 EPS. As a group, equities research analysts forecast that Waste Management, Inc. will post 8.14 EPS for the current year.

Wall Street Analyst Weigh In

A number of research firms have recently commented on WM. Scotiabank increased their target price on Waste Management from $250.00 to $260.00 and gave the company a "sector perform" rating in a research report on Thursday, July 16th. Wells Fargo & Company decreased their price target on shares of Waste Management from $273.00 to $268.00 and set an "overweight" rating on the stock in a research note on Thursday, April 30th. Barclays increased their price objective on shares of Waste Management from $270.00 to $277.00 and gave the company an "overweight" rating in a research report on Thursday, July 30th. TD Cowen boosted their target price on shares of Waste Management from $270.00 to $275.00 and gave the stock a "buy" rating in a report on Thursday, April 30th. Finally, Oppenheimer decreased their target price on shares of Waste Management from $264.00 to $263.00 and set an "outperform" rating on the stock in a research report on Wednesday, July 8th. Thirteen analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $258.89.

About Waste Management

Waste Management, Inc NYSE: WM is a leading provider of integrated waste management and environmental services in North America. The company offers end-to-end solutions that span collection, transfer, disposal and recycling, along with landfill operations and related infrastructure. Headquartered in Houston, Texas, Waste Management serves a broad customer base that includes residential, commercial, industrial and municipal clients.

Core services include curbside and commercial waste collection, roll-off and temporary container services, materials recovery and recycling, and engineered landfill disposal.

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