Mackenzie Financial Corp Raises Stake in Waste Management, Inc. (NYSE:WM)

Key Points

• Mackenzie Financial Corp increased its stake in Waste Management by 31.5%, owning 122,035 shares valued at approximately $28.25 million as of the latest SEC filing.
• Significant intrinsic trading activity includes senior executives selling large amounts of stock, with the CFO selling 57,888 shares for about $13.74 million, reflecting a 40.82% decrease in their personal holdings.
• Analysts have shown a positive outlook on Waste Management, with upgrades in ratings and target prices, leading to a consensus rating of "Moderate Buy" with a target price of $252.41.

Mackenzie Financial Corp grew its stake in Waste Management, Inc. (NYSE:WM - Free Report) by 31.5% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 122,035 shares of the business services provider's stock after buying an additional 29,261 shares during the quarter. Mackenzie Financial Corp's holdings in Waste Management were worth $28,252,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Geode Capital Management LLC grew its holdings in Waste Management by 0.8% in the fourth quarter. Geode Capital Management LLC now owns 8,210,371 shares of the business services provider's stock valued at $1,654,173,000 after purchasing an additional 64,260 shares during the period. Ameriprise Financial Inc. raised its position in Waste Management by 5.8% during the fourth quarter. Ameriprise Financial Inc. now owns 4,076,447 shares of the business services provider's stock worth $822,588,000 after acquiring an additional 224,279 shares during the period. Northern Trust Corp lifted its holdings in Waste Management by 13.2% during the fourth quarter. Northern Trust Corp now owns 3,996,773 shares of the business services provider's stock valued at $806,509,000 after purchasing an additional 465,789 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in shares of Waste Management by 7.2% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,633,710 shares of the business services provider's stock valued at $531,456,000 after purchasing an additional 177,398 shares during the period. Finally, Dimensional Fund Advisors LP increased its stake in shares of Waste Management by 7.5% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,426,067 shares of the business services provider's stock worth $489,570,000 after purchasing an additional 170,046 shares in the last quarter. Hedge funds and other institutional investors own 80.40% of the company's stock.

Waste Management Trading Down 0.1%

WM stock traded down $0.27 during mid-day trading on Friday, hitting $228.89. 1,389,422 shares of the company were exchanged, compared to its average volume of 1,601,932. Waste Management, Inc. has a 12-month low of $199.69 and a 12-month high of $242.58. The firm has a market capitalization of $92.11 billion, a P/E ratio of 33.96, a PEG ratio of 2.82 and a beta of 0.64. The business has a fifty day simple moving average of $231.65 and a 200-day simple moving average of $227.97. The company has a quick ratio of 0.79, a current ratio of 0.86 and a debt-to-equity ratio of 2.51.

Waste Management (NYSE:WM - Get Free Report) last posted its quarterly earnings data 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 firm had revenue of $6.43 billion for the quarter, compared to the consensus estimate of $6.37 billion. Waste Management had a return on equity of 34.37% and a net margin of 11.36%. The company's quarterly revenue was up 19.0% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.82 EPS. On average, equities research analysts predict that Waste Management, Inc. will post 7.7 earnings per share for the current fiscal year.

Waste Management Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, June 20th. Shareholders of record on Friday, June 6th were issued a dividend of $0.825 per share. The ex-dividend date was Friday, June 6th. This represents a $3.30 annualized dividend and a yield of 1.4%. Waste Management's dividend payout ratio is 48.96%.

Insider Activity

In related news, SVP Rafael Carrasco sold 674 shares of the business'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 in the company, valued at approximately $3,917,311.02. The trade was a 3.91% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Devina A. Rankin sold 57,888 shares of the company's 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 directly owned 83,934 shares of the company's stock, valued at approximately $19,922,574.24. This represents 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.

Analysts Set New Price Targets

WM has been the topic of several research analyst reports. Melius assumed coverage on Waste Management in a report on Monday, June 9th. They issued a "buy" rating on the stock. Robert W. Baird lifted their price target on Waste Management from $235.00 to $245.00 and gave the stock a "neutral" rating in a research note on Wednesday, April 30th. Citigroup increased their price objective on Waste Management from $260.00 to $271.00 and gave the company a "buy" rating in a research note on Thursday, May 1st. Hsbc Global Res raised shares of Waste Management from a "hold" rating to a "strong-buy" rating in a research note on Friday, April 25th. Finally, CIBC increased their target price on shares of Waste Management from $244.00 to $250.00 and gave the company a "neutral" rating in a research report on Thursday, June 26th. Eight analysts have rated the stock with a hold rating, thirteen have given a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $254.35.

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.