CI Investments Inc. Purchases 10,178 Shares of Waste Management, Inc. $WM

Key Points

• CI Investments Inc. increased its stake in Waste Management by 21.2% in the first quarter, buying 10,178 additional shares and bringing its total holdings to 58,154 shares valued at about $13.36 million.
• Waste Management reported strong quarterly results, with EPS of $1.81 beating analyst estimates of $1.75, while revenue rose 3.5% year over year to $6.23 billion.
• The company also declared a quarterly dividend of $0.945 per share, or $3.78 annually, for a dividend yield of 1.6%; analysts currently rate the stock a Moderate Buy with an average price target of $256.74.

CI Investments Inc. grew its position in Waste Management, Inc. (NYSE:WM - Free Report) by 21.2% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 58,154 shares of the business services provider's stock after buying an additional 10,178 shares during the period. CI Investments Inc.'s holdings in Waste Management were worth $13,363,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Marin Bay Wealth Advisors LLC grew its stake in Waste Management by 105.0% in the first quarter. Marin Bay Wealth Advisors LLC now owns 2,850 shares of the business services provider's stock valued at $655,000 after acquiring an additional 1,460 shares during the period. Saturna Capital Corp lifted its holdings in shares of Waste Management by 65.6% during the 1st quarter. Saturna Capital Corp now owns 270,936 shares of the business services provider's stock valued at $62,258,000 after purchasing an additional 107,305 shares in the last quarter. Danica Pension Livsforsikringsaktieselskab acquired a new position in shares of Waste Management in the 1st quarter valued at approximately $11,859,000. Oslo Pensjonsforsikring AS bought a new stake in Waste Management during the 1st quarter worth approximately $419,000. Finally, Burling Wealth Partners LLC raised its holdings in Waste Management by 3.3% during the 1st quarter. Burling Wealth Partners LLC now owns 29,708 shares of the business services provider's stock worth $6,827,000 after buying an additional 951 shares during the period. 80.40% of the stock is currently owned by institutional investors.

Waste Management Stock Up 1.5%

Shares of WM stock opened at $236.69 on Thursday. The firm's fifty day moving average price is $223.42 and its two-hundred day moving average price is $226.86. The company has a current ratio of 0.93, a quick ratio of 0.89 and a debt-to-equity ratio of 2.22. Waste Management, Inc. has a 1 year low of $194.11 and a 1 year high of $248.13. The firm has a market capitalization of $95.05 billion, a P/E ratio of 34.25, a PEG ratio of 2.84 and a beta of 0.44.

Waste Management (NYSE:WM - Get Free Report) last posted its quarterly earnings data on Tuesday, April 28th. The business services provider reported $1.81 EPS for the quarter, topping analysts' consensus estimates of $1.75 by $0.06. Waste Management had a net margin of 10.99% and a return on equity of 31.90%. The company had revenue of $6.23 billion during the quarter, compared to the consensus estimate of $6.28 billion. During the same period in the prior year, the business posted $1.67 EPS. The company's quarterly revenue was up 3.5% on a year-over-year basis. On average, equities analysts predict that Waste Management, Inc. will post 8.15 EPS for the current fiscal year.

Waste Management Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, June 18th. Shareholders of record on Friday, June 5th were given a dividend of $0.945 per share. The ex-dividend date of this dividend was Friday, June 5th. This represents a $3.78 annualized dividend and a dividend yield of 1.6%. Waste Management's payout ratio is 54.70%.

Key Stories Impacting Waste Management

Here are the key news stories impacting Waste Management this week:

• Positive Sentiment: A Seeking Alpha piece highlighted Waste Management as a defensive name with a positive outlook, suggesting investors may still view WM as a stable anchor in uncertain markets. Waste Management: Positive Outlook As Defensive Anchor Remains
• Neutral Sentiment: Analysts said WM’s earnings are expected to grow, but also noted the stock may not have the setup for a clear earnings beat, which keeps expectations balanced ahead of the next report. Waste Management (WM) Earnings Expected to Grow: Should You Buy?
• Neutral Sentiment: Another earnings preview from Zacks struck a similar tone, saying investors should be prepared for growth but not necessarily a strong upside surprise. Waste Management (WM) Earnings Expected to Grow: Should You Buy?
• Negative Sentiment: WM fell as the broader market moved higher, indicating some near-term profit-taking or relative weakness versus the market. Waste Management (WM) Stock Sinks As Market Gains: What You Should Know
• Negative Sentiment: A local report said Waste Management will end service in a Centre County township, which could slightly weigh on sentiment even if the business impact is limited. Waste Management to end service in a Centre County township

Analyst Ratings Changes

Several research analysts have recently weighed in on WM shares. Canadian Imperial Bank of Commerce upgraded shares of Waste Management from a "hold" rating to an "outperformer" rating and set a $244.00 price target for the company in a report on Tuesday, July 7th. Royal Bank Of Canada boosted their price objective on shares of Waste Management from $235.00 to $240.00 and gave the company a "sector perform" rating in a research report on Thursday, April 30th. Wells Fargo & Company lowered their target price on Waste Management from $273.00 to $268.00 and set an "overweight" rating for the company in a report on Thursday, April 30th. Scotiabank lifted their price target on Waste Management from $250.00 to $260.00 and gave the company a "sector perform" rating in a research note on Thursday, July 16th. Finally, Weiss Ratings cut Waste Management from a "buy (b)" rating to a "buy (b-)" rating in a research report on Thursday, June 11th. Fifteen analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company. Based on data from MarketBeat, Waste Management has an average rating of "Moderate Buy" and an average price target of $256.74.

Waste Management Company Profile

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.

Want to see what other hedge funds are holding WM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Waste Management, Inc. (NYSE:WM - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.