Correct Capital Wealth Management Buys 1,201 Shares of Waste Management, Inc. (NYSE:WM)

Correct Capital Wealth Management raised its position in shares of Waste Management, Inc. (NYSE:WM - Free Report) by 12.8% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 10,591 shares of the business services provider's stock after purchasing an additional 1,201 shares during the period. Waste Management accounts for about 0.4% of Correct Capital Wealth Management's investment portfolio, making the stock its 24th largest position. Correct Capital Wealth Management's holdings in Waste Management were worth $2,452,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Westend Capital Management LLC raised its stake in shares of Waste Management by 126.9% in the 1st quarter. Westend Capital Management LLC now owns 118 shares of the business services provider's stock valued at $27,000 after acquiring an additional 66 shares in the last quarter. West Branch Capital LLC raised its stake in shares of Waste Management by 69.0% in the 1st quarter. West Branch Capital LLC now owns 120 shares of the business services provider's stock valued at $28,000 after acquiring an additional 49 shares in the last quarter. Transce3nd LLC bought a new position in shares of Waste Management in the 4th quarter valued at approximately $28,000. Hurley Capital LLC bought a new position in shares of Waste Management in the 4th quarter valued at approximately $34,000. Finally, Adalta Capital Management LLC bought a new position in shares of Waste Management in the 4th quarter valued at approximately $40,000. 80.40% of the stock is owned by hedge funds and other institutional investors.

Waste Management Trading Up 0.1%

NYSE:WM traded up $0.25 during mid-day trading on Friday, hitting $225.90. The company had a trading volume of 1,696,881 shares, compared to its average volume of 1,636,011. Waste Management, Inc. has a fifty-two week low of $196.59 and a fifty-two week high of $242.58. The business's fifty day moving average is $232.28 and its two-hundred day moving average is $225.58. 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 firm has a market cap of $90.90 billion, a P/E ratio of 34.07, a P/E/G ratio of 2.99 and a beta of 0.64.

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 the consensus estimate 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 for the quarter, compared to analyst estimates of $6.14 billion. During the same quarter in the prior year, the firm posted $1.75 earnings per share. The company's quarterly revenue was up 16.7% on a year-over-year basis. As a group, research analysts expect that Waste Management, Inc. will post 7.7 earnings per share for the current year.

Waste Management Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, June 20th. Shareholders of record on Friday, June 6th were issued a $0.825 dividend. The ex-dividend date was Friday, June 6th. This represents a $3.30 annualized dividend and a dividend yield of 1.46%. Waste Management's dividend payout ratio (DPR) is currently 49.77%.

Analysts Set New Price Targets

WM has been the topic of a number of research analyst reports. William Blair reaffirmed an "outperform" rating on shares of Waste Management in a report on Wednesday, June 25th. Royal Bank Of Canada reaffirmed a "sector perform" rating and issued a $229.00 target price on shares of Waste Management in a report on Thursday, June 26th. Seaport Res Ptn raised Waste Management to a "hold" rating in a report on Tuesday, May 6th. JPMorgan Chase & Co. raised Waste Management from a "neutral" rating to an "overweight" rating and raised their target price for the company from $225.00 to $277.00 in a report on Friday, May 23rd. Finally, Melius initiated coverage on Waste Management in a report on Monday, June 9th. They set a "buy" rating on the stock. Eight research analysts have rated the stock with a hold rating, thirteen have given a buy rating and three have issued a strong buy rating to the stock. Based on data from MarketBeat.com, Waste Management has an average rating of "Moderate Buy" and a consensus price target of $251.29.

Insider Activity

In related news, SVP Rafael Carrasco sold 674 shares of the stock in a transaction dated Tuesday, May 27th. The stock was sold at an average price of $236.81, for a total transaction of $159,609.94. Following the completion of the transaction, the senior vice president directly owned 16,542 shares in the company, valued at approximately $3,917,311.02. This trade represents a 3.91% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Devina A. Rankin sold 57,888 shares of the stock in a transaction dated Tuesday, May 27th. The stock was sold at an average price of $237.36, for a total value of $13,740,295.68. Following the transaction, the chief financial officer owned 83,934 shares of the company's stock, valued at approximately $19,922,574.24. The trade was a 40.82% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.18% of the stock is owned by corporate insiders.

About Waste Management

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.