DAVENPORT & Co LLC Boosts Stake in Waste Management, Inc. $WM

Key Points

• DAVENPORT & Co LLC increased its holdings in Waste Management, Inc. by 46.5% in Q2, owning 52,754 shares valued at over $12 million.
• A significant 80.40% of Waste Management's stock is held by institutional investors, with several firms boosting their stakes in the first quarter.
• Waste Management reported a quarterly EPS of $1.92, exceeding estimates, with a revenue increase of 19.0% year-over-year.

DAVENPORT & Co LLC lifted its holdings in shares of Waste Management, Inc. (NYSE:WM - Free Report) by 46.5% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 52,754 shares of the business services provider's stock after purchasing an additional 16,750 shares during the quarter. DAVENPORT & Co LLC's holdings in Waste Management were worth $12,071,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Ameriprise Financial Inc. lifted its holdings in shares of Waste Management by 30.4% in the 1st quarter. Ameriprise Financial Inc. now owns 5,316,443 shares of the business services provider's stock worth $1,233,240,000 after acquiring an additional 1,239,996 shares during the last quarter. Northern Trust Corp boosted its position in shares of Waste Management by 1.8% during the first quarter. Northern Trust Corp now owns 4,067,680 shares of the business services provider's stock worth $941,709,000 after buying an additional 70,907 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in shares of Waste Management by 26.9% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 3,343,267 shares of the business services provider's stock valued at $774,000,000 after buying an additional 709,557 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings 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 valued at $570,108,000 after buying an additional 36,836 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its holdings in Waste Management by 1.4% during the 1st 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 during the period. 80.40% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts have issued reports on WM shares. Royal Bank Of Canada reiterated a "sector perform" rating and set a $229.00 price target on shares of Waste Management in a research note on Thursday, June 26th. Melius initiated coverage on shares of Waste Management in a research note on Monday, June 9th. They set a "buy" rating on the stock. William Blair restated an "outperform" rating on shares of Waste Management in a research note on Tuesday, July 29th. Erste Group Bank cut Waste Management from a "buy" rating to a "hold" rating in a research note on Thursday, September 11th. Finally, Scotiabank boosted their target price on Waste Management from $265.00 to $275.00 and gave the stock a "sector outperform" rating in a research note on Thursday, July 31st. Two investment analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and nine have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $255.17.

Waste Management Stock Performance

NYSE:WM opened at $217.68 on Tuesday. The firm has a market capitalization of $87.69 billion, a PE ratio of 32.30, a price-to-earnings-growth ratio of 2.68 and a beta of 0.64. The company has a debt-to-equity ratio of 2.51, a current ratio of 0.86 and a quick ratio of 0.82. The business's fifty day moving average price is $224.08 and its 200 day moving average price is $228.22. 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 EPS 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 for the quarter, compared to the consensus estimate of $6.37 billion. During the same quarter in the prior year, the business posted $1.82 EPS. The business's revenue for the quarter was up 19.0% on a year-over-year basis. Waste Management has set its FY 2025 guidance at EPS. On average, sell-side analysts anticipate that Waste Management, Inc. will post 7.7 earnings per share for the current fiscal year.

Waste Management Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, September 26th. Stockholders of record on Friday, September 12th were issued a $0.825 dividend. The ex-dividend date was Friday, September 12th. This represents a $3.30 annualized dividend and a dividend yield of 1.5%. Waste Management's dividend payout ratio is presently 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.

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