Waste Management, Inc. (NYSE:WM) Shares Bought by Palumbo Wealth Management LLC

Palumbo Wealth Management LLC boosted its holdings in shares of Waste Management, Inc. (NYSE:WM - Free Report) by 10.6% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 37,334 shares of the business services provider's stock after acquiring an additional 3,590 shares during the period. Waste Management makes up approximately 2.9% of Palumbo Wealth Management LLC's investment portfolio, making the stock its 6th largest holding. Palumbo Wealth Management LLC's holdings in Waste Management were worth $8,643,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Brighton Jones LLC boosted its position in shares of Waste Management by 51.1% during the fourth quarter. Brighton Jones LLC now owns 6,861 shares of the business services provider's stock worth $1,384,000 after buying an additional 2,320 shares during the period. Bank Pictet & Cie Europe AG lifted its stake in Waste Management by 14.7% in the 4th quarter. Bank Pictet & Cie Europe AG now owns 124,848 shares of the business services provider's stock valued at $25,193,000 after acquiring an additional 15,974 shares in the last quarter. Pinnacle Financial Partners Inc grew its stake in shares of Waste Management by 84.8% during the 4th quarter. Pinnacle Financial Partners Inc now owns 51,437 shares of the business services provider's stock worth $10,387,000 after acquiring an additional 23,606 shares in the last quarter. First Horizon Advisors Inc. lifted its position in shares of Waste Management by 1.0% in the fourth quarter. First Horizon Advisors Inc. now owns 54,253 shares of the business services provider's stock worth $10,948,000 after purchasing an additional 563 shares in the last quarter. Finally, TCW Group Inc. boosted its holdings in Waste Management by 47.1% during the fourth quarter. TCW Group Inc. now owns 59,190 shares of the business services provider's stock worth $11,944,000 after purchasing an additional 18,960 shares during the last quarter. 80.40% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on WM. Hsbc Global Res upgraded shares of Waste Management from a "hold" rating to a "strong-buy" rating in a research note on Friday, April 25th. Melius Research upgraded Waste Management to a "strong-buy" rating and set a $263.00 price target for the company in a research note on Monday, June 9th. Melius assumed coverage on Waste Management in a research note on Monday, June 9th. They set a "buy" rating on the stock. JPMorgan Chase & Co. upgraded shares of Waste Management from a "neutral" rating to an "overweight" rating and boosted their target price for the stock from $225.00 to $277.00 in a report on Friday, May 23rd. Finally, Scotiabank increased their price target on shares of Waste Management from $255.00 to $260.00 and gave the company a "sector outperform" rating in a research note on Tuesday, April 8th. Eight investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and three have given a strong buy rating to the company's stock. According to MarketBeat.com, Waste Management currently has an average rating of "Moderate Buy" and a consensus target price of $248.00.

Insider Buying and Selling

In related news, CFO Devina A. Rankin sold 57,888 shares of Waste Management stock in a transaction that occurred on Tuesday, May 27th. The shares were sold at an average price of $237.36, for a total transaction of $13,740,295.68. Following the sale, the chief financial officer now directly owns 83,934 shares of the company's stock, valued at approximately $19,922,574.24. The trade was a 40.82% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP Rafael Carrasco sold 674 shares of the firm's stock in a transaction that occurred on Tuesday, May 27th. The shares were sold at an average price of $236.81, for a total transaction of $159,609.94. Following the completion of the sale, the senior vice president now owns 16,542 shares in the company, valued at $3,917,311.02. This represents a 3.91% decrease in their position. The disclosure for this sale can be found here. 0.18% of the stock is currently owned by company insiders.

Waste Management Price Performance

Shares of WM stock traded down $0.31 during trading on Tuesday, hitting $234.40. The company had a trading volume of 1,576,697 shares, compared to its average volume of 1,617,750. The firm has a market capitalization of $94.33 billion, a P/E ratio of 35.36, a price-to-earnings-growth ratio of 3.10 and a beta of 0.66. Waste Management, Inc. has a one year low of $196.59 and a one year high of $242.58. The company has a debt-to-equity ratio of 2.65, a quick ratio of 0.79 and a current ratio of 0.83. The stock's 50-day moving average price is $233.18 and its 200 day moving average price is $224.20.

Waste Management (NYSE:WM - Get Free Report) last released its earnings results on Monday, April 28th. The business services provider reported $1.67 earnings per share for the quarter, beating analysts' consensus estimates of $1.59 by $0.08. Waste Management had a return on equity of 35.67% and a net margin of 11.67%. The firm had revenue of $6.02 billion during the quarter, compared to the consensus estimate of $6.14 billion. During the same period in the prior year, the company posted $1.75 EPS. The company's revenue was up 16.7% compared to the same quarter last year. Equities analysts expect that Waste Management, Inc. will post 7.7 EPS for the current fiscal year.

Waste Management Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, June 20th. Stockholders of record on Friday, June 6th were issued a dividend of $0.825 per share. This represents a $3.30 dividend on an annualized basis and a dividend yield of 1.41%. The ex-dividend date of this dividend was Friday, June 6th. Waste Management's dividend payout ratio (DPR) is presently 49.77%.

Waste Management Company 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.