Intermede Investment Partners Ltd Invests $51.58 Million in Waste Management, Inc. $WM

Key Points

• Intermede Investment Partners opened a new position in Waste Management during the fourth quarter, buying 234,749 shares worth about $51.6 million. The stake represents roughly 2.1% of the firm’s portfolio.
• Waste Management reported better-than-expected quarterly earnings of $1.81 per share, topping estimates by $0.06, while revenue rose 3.5% year over year to $6.23 billion.
• The company declared a quarterly dividend of $0.945 per share, or $3.78 annualized, yielding about 1.7%. Analysts remain broadly positive, with a consensus rating of Moderate Buy and an average price target of $255.67.

Intermede Investment Partners Ltd acquired a new position in Waste Management, Inc. (NYSE:WM - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 234,749 shares of the business services provider's stock, valued at approximately $51,577,000. Waste Management comprises approximately 2.1% of Intermede Investment Partners Ltd's portfolio, making the stock its 24th largest position. Intermede Investment Partners Ltd owned approximately 0.06% of Waste Management at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. Capital International Investors increased its holdings in shares of Waste Management by 218.3% during the 3rd quarter. Capital International Investors now owns 1,369,805 shares of the business services provider's stock worth $302,494,000 after purchasing an additional 939,455 shares during the period. Holocene Advisors LP lifted its stake in shares of Waste Management by 163.7% in the third quarter. Holocene Advisors LP now owns 1,400,701 shares of the business services provider's stock valued at $309,317,000 after buying an additional 869,453 shares during the period. Vanguard Group Inc. grew its position in Waste Management by 2.1% during the third quarter. Vanguard Group Inc. now owns 38,436,462 shares of the business services provider's stock worth $8,487,924,000 after buying an additional 774,255 shares in the last quarter. Balyasny Asset Management L.P. increased its stake in Waste Management by 3,209.2% during the third quarter. Balyasny Asset Management L.P. now owns 681,366 shares of the business services provider's stock valued at $150,466,000 after acquiring an additional 660,776 shares during the period. Finally, Corient Private Wealth LLC raised its holdings in Waste Management by 247.5% in the 2nd quarter. Corient Private Wealth LLC now owns 868,780 shares of the business services provider's stock valued at $198,799,000 after acquiring an additional 618,792 shares in the last quarter. 80.40% of the stock is currently owned by institutional investors and hedge funds.

Waste Management Stock Performance

Shares of NYSE:WM opened at $218.09 on Monday. The company has a debt-to-equity ratio of 2.22, a current ratio of 0.93 and a quick ratio of 0.89. The business's fifty day moving average price is $227.00 and its two-hundred day moving average price is $223.70. Waste Management, Inc. has a fifty-two week low of $194.11 and a fifty-two week high of $248.13. The stock has a market capitalization of $87.58 billion, a price-to-earnings ratio of 31.56, a price-to-earnings-growth ratio of 2.28 and a beta of 0.49.

Waste Management (NYSE:WM - Get Free Report) last issued its earnings results on Tuesday, April 28th. The business services provider reported $1.81 EPS for the quarter, beating the consensus estimate 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 for the quarter, compared to the consensus estimate of $6.28 billion. During the same quarter in the previous year, the company earned $1.67 EPS. The firm's revenue for the quarter was up 3.5% compared to the same quarter last year. As a group, analysts predict that Waste Management, Inc. will post 8.15 EPS for the current fiscal year.

Waste Management Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 18th. Shareholders of record on Friday, June 5th will be paid a dividend of $0.945 per share. 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 dividend payout ratio is currently 54.70%.

Insider Activity

In other news, VP Michael J. Watson sold 17,251 shares of Waste Management stock in a transaction that occurred on Monday, March 2nd. The shares were sold at an average price of $241.81, for a total value of $4,171,464.31. Following the completion of the transaction, the vice president owned 44,146 shares in the company, valued at approximately $10,674,944.26. The trade was a 28.10% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP Tara J. Hemmer sold 4,818 shares of the business's stock in a transaction that occurred on Monday, March 2nd. The stock was sold at an average price of $241.83, for a total value of $1,165,136.94. Following the completion of the transaction, the senior vice president directly owned 78,918 shares in the company, valued at $19,084,739.94. The trade was a 5.75% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 35,296 shares of company stock worth $8,569,283. Corporate insiders own 0.18% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the company. TD Cowen raised their price objective on Waste Management from $270.00 to $275.00 and gave the stock a "buy" rating in a research report on Thursday, April 30th. Wells Fargo & Company reduced their target price on Waste Management from $273.00 to $268.00 and set an "overweight" rating for the company in a research report on Thursday, April 30th. Barclays lifted their price target on shares of Waste Management from $266.00 to $270.00 and gave the stock an "overweight" rating in a research note on Thursday, April 30th. Stifel Nicolaus increased their price objective on shares of Waste Management from $236.00 to $252.00 and gave the company a "buy" rating in a research note on Friday, January 30th. Finally, Weiss Ratings upgraded shares of Waste Management from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Monday, February 9th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and eight have issued a Hold rating to the stock. According to MarketBeat.com, Waste Management currently has a consensus rating of "Moderate Buy" and an average price target of $255.67.

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.

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