Meiji Yasuda Asset Management Co Ltd. Sells 7,413 Shares of Republic Services, Inc. $RSG

Key Points

• Meiji Yasuda Asset Management Co Ltd. sold 7,413 shares of Republic Services, reducing its holdings by 12.8%, leaving them with 50,606 shares valued at approximately $12.26 million.
• Republic Services has declared a quarterly dividend of $0.625 per share, up from the previous $0.58, reflecting a positive change in their dividend payout ratio of 34.32%.
• Analysts have set a new average price target of $262.17 for Republic Services, with a consensus rating of "Moderate Buy" from 22 investment analysts.

Meiji Yasuda Asset Management Co Ltd. reduced its position in shares of Republic Services, Inc. (NYSE:RSG - Free Report) by 12.8% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 50,606 shares of the business services provider's stock after selling 7,413 shares during the period. Meiji Yasuda Asset Management Co Ltd.'s holdings in Republic Services were worth $12,255,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Vanguard Group Inc. boosted its stake in Republic Services by 0.9% in the first quarter. Vanguard Group Inc. now owns 18,761,276 shares of the business services provider's stock valued at $4,543,231,000 after acquiring an additional 170,548 shares during the period. Wellington Management Group LLP raised its holdings in Republic Services by 0.7% during the first quarter. Wellington Management Group LLP now owns 5,939,202 shares of the business services provider's stock worth $1,438,237,000 after purchasing an additional 42,019 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its position in shares of Republic Services by 0.3% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 5,335,515 shares of the business services provider's stock valued at $1,292,050,000 after purchasing an additional 17,711 shares in the last quarter. JPMorgan Chase & Co. boosted its position in shares of Republic Services by 4.3% during the 1st quarter. JPMorgan Chase & Co. now owns 2,872,235 shares of the business services provider's stock valued at $695,541,000 after purchasing an additional 119,158 shares in the last quarter. Finally, GAMMA Investing LLC boosted its position in shares of Republic Services by 39,024.4% during the 1st quarter. GAMMA Investing LLC now owns 2,226,177 shares of the business services provider's stock valued at $539,091,000 after purchasing an additional 2,220,487 shares in the last quarter. 57.73% of the stock is owned by institutional investors and hedge funds.

Republic Services Stock Performance

Shares of RSG traded down $3.75 during trading hours on Friday, reaching $228.46. 891,765 shares of the company traded hands, compared to its average volume of 1,269,852. The stock's fifty day moving average is $236.19 and its 200 day moving average is $240.94. The stock has a market cap of $71.33 billion, a P/E ratio of 33.80, a price-to-earnings-growth ratio of 3.57 and a beta of 0.59. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.66 and a current ratio of 0.66. Republic Services, Inc. has a 1-year low of $197.60 and a 1-year high of $258.75.

Republic Services (NYSE:RSG - Get Free Report) last announced its quarterly earnings data on Tuesday, July 29th. The business services provider reported $1.77 EPS for the quarter, beating analysts' consensus estimates of $1.76 by $0.01. The business had revenue of $4.24 billion during the quarter, compared to analyst estimates of $4.26 billion. Republic Services had a net margin of 12.97% and a return on equity of 18.27%. The firm's revenue for the quarter was up 4.6% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.61 earnings per share. Republic Services has set its FY 2025 guidance at 6.820-6.900 EPS. Equities research analysts anticipate that Republic Services, Inc. will post 6.86 earnings per share for the current fiscal year.

Republic Services Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Thursday, October 2nd will be paid a $0.625 dividend. The ex-dividend date is Thursday, October 2nd. This is a positive change from Republic Services's previous quarterly dividend of $0.58. This represents a $2.50 dividend on an annualized basis and a dividend yield of 1.1%. Republic Services's dividend payout ratio is currently 34.32%.

Analysts Set New Price Targets

A number of brokerages recently weighed in on RSG. National Bank Financial raised Republic Services to a "hold" rating in a research note on Monday, May 26th. Scotiabank lifted their target price on Republic Services from $250.00 to $260.00 and gave the company a "sector perform" rating in a research note on Friday, July 18th. Melius Research raised Republic Services to a "hold" rating and set a $281.00 target price on the stock in a research note on Monday, June 9th. BMO Capital Markets lifted their target price on Republic Services from $280.00 to $284.00 and gave the company an "outperform" rating in a research note on Wednesday, July 30th. Finally, JPMorgan Chase & Co. lifted their target price on Republic Services from $229.00 to $275.00 and gave the company a "neutral" rating in a research note on Friday, May 23rd. Two research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and eight have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $262.17.

Insiders Place Their Bets

In other news, major shareholder Cascade Investment, L.L.C. bought 4,258 shares of the business's stock in a transaction that occurred on Tuesday, August 19th. The stock was acquired at an average cost of $234.91 per share, for a total transaction of $1,000,246.78. Following the completion of the purchase, the insider owned 109,816,832 shares of the company's stock, valued at $25,797,072,005.12. This trade represents a 0.00% increase in their position. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Gregg Brummer sold 7,338 shares of the stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $233.94, for a total value of $1,716,651.72. Following the transaction, the executive vice president owned 4,060 shares of the company's stock, valued at $949,796.40. This represents a 64.38% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.11% of the company's stock.

About Republic Services

Republic Services, Inc, together with its subsidiaries, offers environmental services in the United States and Canada. It is involved in the collection and processing of recyclable, solid waste, and industrial waste materials; transportation and disposal of non-hazardous and hazardous waste streams; and other environmental solutions.