AlphaCore Capital LLC Purchases 2,747 Shares of Waste Management, Inc. (NYSE:WM)

Key Points

• AlphaCore Capital LLC increased its holdings in Waste Management, Inc. by 38.1%, owning 9,955 shares valued at approximately $2.3 million as of the latest SEC filing.
• Waste Management reported a 19.0% increase in revenue year-over-year, with earnings per share (EPS) of $1.92, surpassing expectations of $1.89.
• The company declared a quarterly dividend of $0.825 per share, representing an annualized yield of 1.4% with a dividend payout ratio of approximately 48.96%.

AlphaCore Capital LLC grew its holdings in Waste Management, Inc. (NYSE:WM - Free Report) by 38.1% in the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 9,955 shares of the business services provider's stock after buying an additional 2,747 shares during the quarter. AlphaCore Capital LLC's holdings in Waste Management were worth $2,305,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently made changes to their positions in WM. Brighton Jones LLC raised its stake in shares of Waste Management by 51.1% in the 4th quarter. Brighton Jones LLC now owns 6,861 shares of the business services provider's stock valued at $1,384,000 after buying an additional 2,320 shares in the last quarter. Bank Pictet & Cie Europe AG raised its stake in shares of 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 buying an additional 15,974 shares in the last quarter. Federated Hermes Inc. increased its position in shares of Waste Management by 11.8% during the 4th quarter. Federated Hermes Inc. now owns 70,488 shares of the business services provider's stock worth $14,224,000 after purchasing an additional 7,453 shares in the last quarter. Advisory Services Network LLC increased its position in shares of Waste Management by 18.9% during the 4th quarter. Advisory Services Network LLC now owns 26,698 shares of the business services provider's stock worth $5,387,000 after purchasing an additional 4,237 shares in the last quarter. Finally, Texas Yale Capital Corp. acquired a new stake in shares of Waste Management during the 4th quarter worth about $210,000. Institutional investors and hedge funds own 80.40% of the company's stock.

Insider Activity

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 transaction, the chief financial officer owned 83,934 shares of the company's stock, valued at $19,922,574.24. This trade represents a 40.82% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Rafael Carrasco sold 674 shares of Waste Management stock in a transaction that occurred on Tuesday, May 27th. The stock was sold at an average price of $236.81, for a total transaction of $159,609.94. Following the transaction, the senior vice president directly owned 16,542 shares in the company, valued at $3,917,311.02. The trade was 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.

Analyst Ratings Changes

WM has been the subject of a number of recent analyst reports. Seaport Res Ptn upgraded shares of Waste Management to a "hold" rating in a research report on Tuesday, May 6th. UBS Group increased their target price on shares of Waste Management from $260.00 to $265.00 and gave the stock a "neutral" rating in a research report on Wednesday, July 30th. Melius initiated coverage on shares of Waste Management in a research report on Monday, June 9th. They set a "buy" rating for the company. Raymond James Financial increased their target price on shares of Waste Management from $255.00 to $256.00 and gave the stock an "outperform" rating in a research report on Tuesday, July 22nd. Finally, Hsbc Global Res upgraded shares of Waste Management from a "hold" rating to a "strong-buy" rating in a research report on Friday, April 25th. Eight analysts have rated the stock with a hold rating, thirteen have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $254.35.

Waste Management Trading Up 0.8%

Shares of NYSE WM traded up $1.89 during mid-day trading on Friday, hitting $235.11. The company's stock had a trading volume of 1,088,435 shares, compared to its average volume of 1,562,063. The stock has a market cap of $94.71 billion, a price-to-earnings ratio of 34.88, a price-to-earnings-growth ratio of 2.88 and a beta of 0.64. The company has a debt-to-equity ratio of 2.51, a current ratio of 0.86 and a quick ratio of 0.82. Waste Management, Inc. has a one year low of $199.69 and a one year high of $242.58. The company's fifty day simple moving average is $230.87 and its 200-day simple moving average is $228.96.

Waste Management (NYSE:WM - Get Free Report) last issued its 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. The company had revenue of $6.43 billion for the quarter, compared to analyst estimates of $6.37 billion. Waste Management had a net margin of 11.36% and a return on equity of 34.37%. The company's revenue for the quarter was up 19.0% on a year-over-year basis. During the same quarter last year, the firm earned $1.82 EPS. On average, sell-side analysts anticipate that Waste Management, Inc. will post 7.7 earnings per share for the current fiscal year.

Waste Management Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, June 20th. Stockholders of record on Friday, June 6th were paid a $0.825 dividend. This represents a $3.30 annualized dividend and a dividend yield of 1.4%. The ex-dividend date of this dividend was Friday, June 6th. Waste Management's dividend payout ratio (DPR) is 48.96%.

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.