Correct Capital Wealth Management lifted its holdings in shares of Waste Management, Inc. (NYSE:WM - Free Report) by 12.8% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm owned 10,591 shares of the business services provider's stock after buying an additional 1,201 shares during the period. Waste Management makes up approximately 0.4% of Correct Capital Wealth Management's holdings, making the stock its 24th largest position. Correct Capital Wealth Management's holdings in Waste Management were worth $2,452,000 as of its most recent filing with the SEC.
Other hedge funds have also made changes to their positions in the company. Vision Capital Management Inc. acquired a new position in Waste Management in the 1st quarter valued at $649,000. Alps Advisors Inc. lifted its position in shares of Waste Management by 15.6% during the first quarter. Alps Advisors Inc. now owns 19,164 shares of the business services provider's stock worth $4,437,000 after purchasing an additional 2,582 shares during the last quarter. Leavell Investment Management Inc. lifted its position in shares of Waste Management by 1.2% during the first quarter. Leavell Investment Management Inc. now owns 33,092 shares of the business services provider's stock worth $7,661,000 after purchasing an additional 405 shares during the last quarter. Bridges Investment Management Inc. lifted its holdings in Waste Management by 1.2% in the first quarter. Bridges Investment Management Inc. now owns 17,258 shares of the business services provider's stock worth $3,995,000 after acquiring an additional 200 shares during the last quarter. Finally, First Interstate Bank bought a new position in Waste Management in the first quarter worth about $207,000. Institutional investors and hedge funds own 80.40% of the company's stock.
Waste Management Stock Down 0.4%
Waste Management stock opened at $224.93 on Thursday. The company has a market capitalization of $90.51 billion, a P/E ratio of 33.92, a P/E/G ratio of 2.98 and a beta of 0.64. The firm's fifty day simple moving average is $232.60 and its 200-day simple moving average is $225.29. The company has a current ratio of 0.83, a quick ratio of 0.79 and a debt-to-equity ratio of 2.65. Waste Management, Inc. has a 1-year low of $196.59 and a 1-year high of $242.58.
Waste Management (NYSE:WM - Get Free Report) last posted its quarterly earnings data on Monday, April 28th. The business services provider reported $1.67 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.59 by $0.08. Waste Management had a net margin of 11.67% and a return on equity of 35.67%. The company had revenue of $6.02 billion for the quarter, compared to the consensus estimate of $6.14 billion. During the same quarter in the previous year, the firm posted $1.75 EPS. The business's revenue was up 16.7% compared to the same quarter last year. Sell-side analysts forecast that Waste Management, Inc. will post 7.7 earnings per share for the current fiscal year.
Waste Management Dividend Announcement
The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 20th. Investors of record on Friday, June 6th were issued a $0.825 dividend. The ex-dividend date of this dividend was Friday, June 6th. This represents a $3.30 annualized dividend and a yield of 1.47%. Waste Management's dividend payout ratio is currently 49.77%.
Insider Activity at Waste Management
In related news, CFO Devina A. Rankin sold 57,888 shares of the firm's stock in a transaction on Tuesday, May 27th. The shares were sold at an average price of $237.36, for a total value of $13,740,295.68. Following the completion of the transaction, the chief financial officer owned 83,934 shares of the company's stock, valued at approximately $19,922,574.24. This trade represents a 40.82% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Rafael Carrasco sold 674 shares of the stock in a transaction 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 owned 16,542 shares of the company's stock, valued at approximately $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 corporate insiders.
Analysts Set New Price Targets
A number of equities analysts have issued reports on the stock. Citigroup raised their target price on shares of Waste Management from $260.00 to $271.00 and gave the stock a "buy" rating in a report on Thursday, May 1st. BMO Capital Markets raised their price target on shares of Waste Management from $241.00 to $245.00 and gave the company a "market perform" rating in a research note on Wednesday, June 25th. Robert W. Baird raised their price target on shares of Waste Management from $235.00 to $245.00 and gave the company a "neutral" rating in a research note on Wednesday, April 30th. Seaport Res Ptn upgraded shares of Waste Management to a "hold" rating in a research note on Tuesday, May 6th. Finally, Melius Research upgraded shares of Waste Management to a "strong-buy" rating and set a $263.00 price objective on the stock in a research note on Monday, June 9th. Eight 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. According to MarketBeat, Waste Management has a consensus rating of "Moderate Buy" and an average price target of $251.29.
Get Our Latest Research Report on WM
About Waste Management
(
Free Report)
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.
Further Reading
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