Correct Capital Wealth Management Raises Stock Position in Waste Management, Inc. (NYSE:WM)

Correct Capital Wealth Management grew its position in shares of Waste Management, Inc. (NYSE:WM - Free Report) by 12.8% in the first quarter, according to its most recent filing with the SEC. The fund owned 10,591 shares of the business services provider's stock after acquiring an additional 1,201 shares during the quarter. Waste Management comprises approximately 0.4% of Correct Capital Wealth Management's holdings, making the stock its 24th largest holding. Correct Capital Wealth Management's holdings in Waste Management were worth $2,452,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Westend Capital Management LLC boosted its stake in shares of Waste Management by 126.9% during the 1st quarter. Westend Capital Management LLC now owns 118 shares of the business services provider's stock worth $27,000 after purchasing an additional 66 shares during the period. West Branch Capital LLC boosted its position in 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 buying an additional 49 shares during the period. Transce3nd LLC purchased a new stake in Waste Management in the 4th quarter valued at about $28,000. Hurley Capital LLC purchased a new stake in Waste Management in the 4th quarter valued at about $34,000. Finally, Adalta Capital Management LLC purchased a new stake in Waste Management in the 4th quarter valued at about $40,000. 80.40% of the stock is currently owned by institutional investors.

Waste Management Stock Performance

Waste Management stock traded down $0.01 during mid-day trading on Friday, reaching $225.65. 925,394 shares of the company traded hands, compared to its average volume of 1,629,413. The company has a debt-to-equity ratio of 2.65, a current ratio of 0.83 and a quick ratio of 0.79. Waste Management, Inc. has a fifty-two week low of $196.59 and a fifty-two week high of $242.58. The company has a market capitalization of $90.80 billion, a price-to-earnings ratio of 34.03, a price-to-earnings-growth ratio of 2.99 and a beta of 0.64. The firm's fifty day moving average is $232.44 and its two-hundred day moving average is $225.44.

Waste Management (NYSE:WM - Get Free Report) last issued its quarterly earnings results on Monday, April 28th. The business services provider reported $1.67 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.59 by $0.08. Waste Management had a net margin of 11.67% and a return on equity of 35.67%. The business 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 business posted $1.75 EPS. Waste Management's revenue for the quarter was up 16.7% compared to the same quarter last year. On average, equities research analysts expect that Waste Management, Inc. will post 7.7 earnings per share for the current fiscal year.

Waste Management Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, June 20th. Investors of record on Friday, June 6th were issued a dividend of $0.825 per share. The ex-dividend date of this dividend 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 presently 49.77%.

Analyst Ratings Changes

Several research firms have issued reports on WM. UBS Group boosted their price objective on shares of Waste Management from $240.00 to $250.00 and gave the company a "neutral" rating in a research report on Wednesday, April 30th. Melius initiated coverage on shares of Waste Management in a research report on Monday, June 9th. They issued a "buy" rating for the company. Wall Street Zen raised shares of Waste Management from a "hold" rating to a "buy" rating in a research report on Tuesday, April 29th. William Blair reaffirmed an "outperform" rating on shares of Waste Management in a research report on Wednesday, June 25th. Finally, Seaport Res Ptn raised shares of Waste Management to a "hold" rating in a research report on Tuesday, May 6th. Eight 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. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $251.29.

Insider Buying and Selling at Waste Management

In related news, SVP Rafael Carrasco sold 674 shares of the firm's 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 transaction, the senior vice president owned 16,542 shares of the company's stock, valued at $3,917,311.02. This trade represents a 3.91% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Devina A. Rankin sold 57,888 shares of the firm's stock in a transaction on Tuesday, May 27th. The stock was sold at an average price of $237.36, for a total transaction of $13,740,295.68. Following the transaction, the chief financial officer directly 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 position. The disclosure for this sale can be found here. Company insiders own 0.18% of the company's stock.

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.