QRG Capital Management Inc. Buys 35,841 Shares of Waste Management, Inc. $WM

Key Points

• QRG Capital Management sharply increased its stake in Waste Management, buying 35,841 additional shares in the first quarter and lifting its holdings by 188.2% to 54,888 shares worth about $12.6 million.
• Waste Management reported strong quarterly earnings, posting $1.81 EPS versus the $1.75 consensus estimate, while revenue rose 3.5% year over year to $6.23 billion.
• The company also maintained shareholder returns with a quarterly dividend of $0.945 per share, and analysts currently view the stock as a Moderate Buy with an average price target of $255.30.

QRG Capital Management Inc. boosted its position in Waste Management, Inc. (NYSE:WM - Free Report) by 188.2% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 54,888 shares of the business services provider's stock after purchasing an additional 35,841 shares during the period. QRG Capital Management Inc.'s holdings in Waste Management were worth $12,613,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Hendershot Investments Inc. purchased a new position in Waste Management in the 1st quarter valued at approximately $249,000. TCI Wealth Advisors Inc. lifted its position in shares of Waste Management by 7.6% during the first quarter. TCI Wealth Advisors Inc. now owns 1,053 shares of the business services provider's stock worth $242,000 after acquiring an additional 74 shares in the last quarter. Moran Wealth Management LLC boosted its holdings in shares of Waste Management by 0.3% in the first quarter. Moran Wealth Management LLC now owns 23,010 shares of the business services provider's stock worth $5,287,000 after acquiring an additional 60 shares during the period. Plimoth Trust Co. LLC grew its position in shares of Waste Management by 9.2% in the first quarter. Plimoth Trust Co. LLC now owns 10,605 shares of the business services provider's stock valued at $2,437,000 after purchasing an additional 890 shares in the last quarter. Finally, PFG Investments LLC grew its position in shares of Waste Management by 7.3% in the first quarter. PFG Investments LLC now owns 5,826 shares of the business services provider's stock valued at $1,339,000 after purchasing an additional 396 shares in the last quarter. Hedge funds and other institutional investors own 80.40% of the company's stock.

Waste Management Price Performance

Shares of NYSE WM opened at $230.19 on Friday. The stock's 50-day simple moving average is $220.41 and its two-hundred day simple moving average is $225.41. Waste Management, Inc. has a twelve month low of $194.11 and a twelve month high of $248.13. The firm has a market capitalization of $92.44 billion, a P/E ratio of 33.31, a P/E/G ratio of 2.41 and a beta of 0.44. The company has a quick ratio of 0.89, a current ratio of 0.93 and a debt-to-equity ratio of 2.22.

Waste Management (NYSE:WM - Get Free Report) last issued its quarterly earnings results on Tuesday, April 28th. The business services provider reported $1.81 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.75 by $0.06. The firm had revenue of $6.23 billion during the quarter, compared to the consensus estimate of $6.28 billion. Waste Management had a return on equity of 31.90% and a net margin of 10.99%.The company's revenue for the quarter was up 3.5% on a year-over-year basis. During the same quarter last year, the company posted $1.67 EPS. As a group, equities analysts anticipate that Waste Management, Inc. will post 8.15 EPS for the current fiscal year.

Waste Management Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, June 18th. Shareholders of record on Friday, June 5th were paid a $0.945 dividend. This represents a $3.78 dividend on an annualized basis and a yield of 1.6%. The ex-dividend date of this dividend was Friday, June 5th. Waste Management's payout ratio is currently 54.70%.

Analysts Set New Price Targets

A number of brokerages recently issued reports on WM. Barclays increased their price objective on Waste Management from $266.00 to $270.00 and gave the stock an "overweight" rating in a report on Thursday, April 30th. Wolfe Research assumed coverage on Waste Management in a research report on Friday, March 13th. They set a "peer perform" rating on the stock. JPMorgan Chase & Co. increased their price target on shares of Waste Management from $265.00 to $270.00 and gave the stock an "overweight" rating in a report on Friday, April 10th. Robert W. Baird boosted their price objective on shares of Waste Management from $248.00 to $260.00 and gave the company an "outperform" rating in a research note on Thursday, April 16th. Finally, Wells Fargo & Company decreased their target price on shares of Waste Management from $273.00 to $268.00 and set an "overweight" rating on the stock in a report on Thursday, April 30th. Fifteen investment analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $255.30.

Waste Management 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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