CIBC Asset Management Inc Acquires 38,375 Shares of Waste Management, Inc. $WM

Key Points

• CIBC Asset Management increased its stake in Waste Management by 34.1% in the fourth quarter, buying 38,375 additional shares and bringing its total holdings to 150,830 shares worth about $33.1 million.
• Waste Management reported better-than-expected quarterly earnings of $1.81 per share, though revenue of $6.23 billion came in slightly below estimates; analysts still expect the company to earn 8.15 EPS for the year.
• The company also announced a quarterly dividend of $0.945 per share, and Wall Street sentiment remains positive with a consensus rating of “Moderate Buy” and an average target price of $255.67.

CIBC Asset Management Inc raised its holdings in Waste Management, Inc. (NYSE:WM - Free Report) by 34.1% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 150,830 shares of the business services provider's stock after buying an additional 38,375 shares during the quarter. CIBC Asset Management Inc's holdings in Waste Management were worth $33,126,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Elevated Capital Advisors LLC bought a new stake in shares of Waste Management in the 4th quarter worth approximately $25,000. Cornerstone Planning Group LLC grew its position in shares of Waste Management by 101.5% in the 3rd quarter. Cornerstone Planning Group LLC now owns 133 shares of the business services provider's stock worth $29,000 after buying an additional 67 shares during the last quarter. RHL Group LLC bought a new stake in shares of Waste Management in the 4th quarter worth approximately $29,000. JPL Wealth Management LLC bought a new stake in shares of Waste Management in the 3rd quarter worth approximately $30,000. Finally, Kelleher Financial Advisors bought a new stake in shares of Waste Management in the 4th quarter worth approximately $31,000. 80.40% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Waste Management

In other Waste Management news, COO John J. Morris sold 4,211 shares of the business's stock in a transaction on Monday, March 9th. The stock was sold at an average price of $243.38, for a total value of $1,024,873.18. Following the sale, the chief operating officer directly owned 99,929 shares of the company's stock, valued at approximately $24,320,720.02. The trade was a 4.04% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP Johnson Varkey sold 121 shares of the business's stock in a transaction on Monday, March 9th. The stock was sold at an average price of $245.27, for a total value of $29,677.67. Following the completion of the sale, the senior vice president directly owned 9,293 shares in the company, valued at $2,279,294.11. This trade represents a 1.29% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 12,494 shares of company stock worth $3,054,863 over the last three months. Corporate insiders own 0.18% of the company's stock.

Waste Management Trading Up 2.9%

Waste Management stock opened at $217.98 on Thursday. The company has a current ratio of 0.93, a quick ratio of 0.89 and a debt-to-equity ratio of 2.22. The business's fifty day simple moving average is $223.81 and its two-hundred day simple moving average is $224.42. Waste Management, Inc. has a 12 month low of $194.11 and a 12 month high of $248.13. The company has a market capitalization of $87.54 billion, a price-to-earnings ratio of 31.55, a price-to-earnings-growth ratio of 2.22 and a beta of 0.45.

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

Waste Management Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, June 18th. Shareholders of record on Friday, June 5th will be issued a $0.945 dividend. This represents a $3.78 annualized dividend and a yield of 1.7%. The ex-dividend date of this dividend is Friday, June 5th. Waste Management's payout ratio is 54.70%.

Wall Street Analysts Forecast Growth

WM has been the topic of several research reports. Weiss Ratings restated a "buy (b)" rating on shares of Waste Management in a research report on Wednesday, May 27th. TD Cowen lifted their price target on Waste Management from $270.00 to $275.00 and gave the company a "buy" rating in a research report on Thursday, April 30th. Wolfe Research initiated coverage on Waste Management in a research report on Friday, March 13th. They set a "peer perform" rating on the stock. JPMorgan Chase & Co. lifted their price target on Waste Management from $265.00 to $270.00 and gave the company an "overweight" rating in a research report on Friday, April 10th. Finally, Royal Bank Of Canada lifted their price target on Waste Management from $235.00 to $240.00 and gave the company a "sector perform" rating in a research report on Thursday, April 30th. One research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and eight have given a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $255.67.

Waste Management 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.

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