Procyon Advisors LLC Cuts Stake in Waste Management, Inc. $WM

Key Points

• Procyon Advisors LLC reduced its stake in Waste Management, Inc. by 44.0% during the 2nd quarter, now holding 19,296 shares valued at approximately $4.4 million.
• Waste Management reported a 19.0% increase in revenue, totaling $6.43 billion for the last quarter, with earnings per share beating expectations at $1.92.
• The company declared a quarterly dividend of $0.825 per share, representing an annualized dividend of $3.30 and a yield of 1.5%.

Procyon Advisors LLC decreased its holdings in Waste Management, Inc. (NYSE:WM - Free Report) by 44.0% during the 2nd quarter, according to its most recent disclosure with the SEC. The firm owned 19,296 shares of the business services provider's stock after selling 15,146 shares during the period. Procyon Advisors LLC's holdings in Waste Management were worth $4,415,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Westend Capital Management LLC raised its holdings in Waste Management by 126.9% in the first quarter. Westend Capital Management LLC now owns 118 shares of the business services provider's stock valued at $27,000 after buying an additional 66 shares during the period. West Branch Capital LLC raised its holdings in Waste Management by 69.0% in the first quarter. West Branch Capital LLC now owns 120 shares of the business services provider's stock valued at $28,000 after buying an additional 49 shares during the period. Saudi Central Bank purchased a new position in Waste Management in the first quarter valued at approximately $37,000. GKV Capital Management Co. Inc. purchased a new position in Waste Management in the first quarter valued at approximately $38,000. Finally, New Age Alpha Advisors LLC purchased a new position in Waste Management in the first quarter valued at approximately $45,000. Hedge funds and other institutional investors own 80.40% of the company's stock.

Waste Management Stock Performance

Shares of WM opened at $214.01 on Wednesday. Waste Management, Inc. has a 1 year low of $199.69 and a 1 year high of $242.58. The company has a market cap of $86.21 billion, a price-to-earnings ratio of 31.75, a price-to-earnings-growth ratio of 2.65 and a beta of 0.64. The company has a debt-to-equity ratio of 2.51, a quick ratio of 0.82 and a current ratio of 0.86. The firm has a fifty day moving average of $226.63 and a 200-day moving average of $229.08.

Waste Management (NYSE:WM - Get Free Report) last announced its quarterly earnings results on Monday, July 28th. The business services provider reported $1.92 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.89 by $0.03. Waste Management had a net margin of 11.36% and a return on equity of 34.37%. The company had revenue of $6.43 billion during the quarter, compared to the consensus estimate of $6.37 billion. During the same quarter in the previous year, the company posted $1.82 earnings per share. The company's revenue for the quarter was up 19.0% compared to the same quarter last year. Waste Management has set its FY 2025 guidance at EPS. As a group, equities analysts anticipate that Waste Management, Inc. will post 7.7 earnings per share for the current year.

Waste Management Announces Dividend

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

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the stock. BMO Capital Markets increased their price objective on shares of Waste Management from $245.00 to $248.00 and gave the company a "market perform" rating in a research report on Wednesday, July 30th. Oppenheimer increased their price objective on shares of Waste Management from $260.00 to $265.00 and gave the company an "outperform" rating in a research report on Wednesday, July 30th. National Bank Financial raised shares of Waste Management to a "hold" rating in a research report on Monday, May 26th. Melius assumed coverage on shares of Waste Management in a research report on Monday, June 9th. They issued a "buy" rating for the company. Finally, Citigroup lowered their price objective on shares of Waste Management from $275.00 to $268.00 and set a "buy" rating for the company in a research report on Tuesday. Two research analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and nine have issued a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $254.18.

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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