Cinctive Capital Management LP Makes New $595,000 Investment in Waste Management, Inc. $WM

Key Points

• Cinctive Capital Management LP acquired 2,570 shares of Waste Management, Inc., valued at approximately $595,000, during the first quarter of the year.
• Several analysts upgraded Waste Management's stock ratings, with JPMorgan Chase & Co. increasing their target price from $225.00 to $277.00 and moving the stock rating from "neutral" to "overweight."
• Waste Management recently declared a $0.825 quarterly dividend, payable on September 26th, 2023, with a current yield of 1.5%.

Cinctive Capital Management LP purchased a new position in shares of Waste Management, Inc. (NYSE:WM - Free Report) in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 2,570 shares of the business services provider's stock, valued at approximately $595,000.

A number of other hedge funds have also recently bought and sold shares of WM. Ameriprise Financial Inc. raised its holdings in shares of Waste Management by 30.4% in the first quarter. Ameriprise Financial Inc. now owns 5,316,443 shares of the business services provider's stock valued at $1,233,240,000 after purchasing an additional 1,239,996 shares during the last quarter. Northern Trust Corp grew its position in Waste Management by 1.8% in the 1st quarter. Northern Trust Corp now owns 4,067,680 shares of the business services provider's stock worth $941,709,000 after purchasing an additional 70,907 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in shares of Waste Management by 7.2% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,633,710 shares of the business services provider's stock worth $531,456,000 after buying an additional 177,398 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Waste Management by 1.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 2,462,903 shares of the business services provider's stock worth $570,108,000 after buying an additional 36,836 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its holdings in shares of Waste Management by 1.4% in the first quarter. Charles Schwab Investment Management Inc. now owns 2,181,924 shares of the business services provider's stock valued at $505,137,000 after acquiring an additional 29,715 shares in the last quarter. 80.40% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

WM has been the topic of a number of recent analyst reports. National Bank Financial upgraded Waste Management to a "hold" rating in a report on Monday, May 26th. Royal Bank Of Canada reiterated a "sector perform" rating and set a $229.00 target price on shares of Waste Management in a research note on Thursday, June 26th. JPMorgan Chase & Co. raised shares of Waste Management from a "neutral" rating to an "overweight" rating and boosted their price target for the stock from $225.00 to $277.00 in a report on Friday, May 23rd. UBS Group raised their price objective on shares of Waste Management from $260.00 to $265.00 and gave the stock a "neutral" rating in a report on Wednesday, July 30th. Finally, BMO Capital Markets boosted their target price on shares of Waste Management from $245.00 to $248.00 and gave the company a "market perform" rating in a research note on Wednesday, July 30th. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and nine have given a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $254.35.

Waste Management Stock Performance

Shares of NYSE:WM traded up $2.85 during midday trading on Thursday, reaching $220.54. 1,840,889 shares of the company traded hands, compared to its average volume of 1,695,616. The firm's fifty day moving average price is $227.22 and its two-hundred day moving average price is $229.38. The firm has a market capitalization of $88.84 billion, a price-to-earnings ratio of 32.72, a price-to-earnings-growth ratio of 2.67 and a beta of 0.64. The company has a quick ratio of 0.82, a current ratio of 0.86 and a debt-to-equity ratio of 2.51. 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 posted its earnings results on Monday, July 28th. The business services provider reported $1.92 earnings per share for the quarter, beating analysts' consensus estimates of $1.89 by $0.03. Waste Management had a return on equity of 34.37% and a net margin of 11.36%.The business had revenue of $6.43 billion during the quarter, compared to analyst estimates of $6.37 billion. During the same quarter in the previous year, the firm earned $1.82 EPS. The company's quarterly revenue was up 19.0% compared to the same quarter last year. Waste Management has set its FY 2025 guidance at EPS. On average, equities analysts expect that Waste Management, Inc. will post 7.7 earnings per share for the current year.

Waste Management Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, September 26th. Shareholders of record on Friday, September 12th will be paid a $0.825 dividend. The ex-dividend date is Friday, September 12th. This represents a $3.30 annualized dividend and a yield of 1.5%. Waste Management's dividend payout ratio is currently 48.96%.

Waste Management 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.