Waste Management, Inc. $WM Shares Acquired by Wesbanco Bank Inc.

Key Points

• Wesbanco Bank Inc. increased its stake in Waste Management, Inc. by 221.4% in Q2 2023, acquiring an additional 10,508 shares valued at approximately $3.49 million.
• Several institutional investors have raised their positions in Waste Management, with hedge funds owning 80.40% of the company's stock, reflecting strong investor confidence.
• The company reported earnings of $1.92 per share for Q2 2023, exceeding analysts' expectations and reflecting a 19.0% increase in revenue compared to the previous year.

Wesbanco Bank Inc. increased its stake in shares of Waste Management, Inc. (NYSE:WM - Free Report) by 221.4% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 15,254 shares of the business services provider's stock after acquiring an additional 10,508 shares during the quarter. Wesbanco Bank Inc.'s holdings in Waste Management were worth $3,490,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in WM. Zevenbergen Capital Investments LLC lifted its holdings in shares of Waste Management by 30.4% in the second quarter. Zevenbergen Capital Investments LLC now owns 9,430 shares of the business services provider's stock valued at $2,158,000 after purchasing an additional 2,200 shares in the last quarter. Thurston Springer Miller Herd & Titak Inc. lifted its position in shares of Waste Management by 73.8% in the 2nd quarter. Thurston Springer Miller Herd & Titak Inc. now owns 424 shares of the business services provider's stock worth $97,000 after buying an additional 180 shares during the last quarter. Centurion Wealth Management LLC acquired a new position in Waste Management during the 2nd quarter valued at about $229,000. RB Capital Management LLC grew its stake in shares of Waste Management by 0.8% in the 2nd quarter. RB Capital Management LLC now owns 16,761 shares of the business services provider's stock worth $3,835,000 after purchasing an additional 140 shares during the last quarter. Finally, RDA Financial Network boosted its holdings in shares of Waste Management by 2.3% in the second quarter. RDA Financial Network now owns 7,564 shares of the business services provider's stock worth $1,731,000 after buying an additional 168 shares during the period. Hedge funds and other institutional investors own 80.40% of the company's stock.

Analysts Set New Price Targets

A number of research firms have recently commented on WM. CIBC lifted their price target 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. Scotiabank boosted their price objective on Waste Management from $265.00 to $275.00 and gave the stock a "sector outperform" rating in a report on Thursday, July 31st. National Bank Financial raised Waste Management to a "hold" rating in a research note on Monday, May 26th. Melius Research raised Waste Management to a "strong-buy" rating and set a $263.00 price target for the company in a research report on Monday, June 9th. Finally, BMO Capital Markets increased their price target on Waste Management from $245.00 to $248.00 and gave the company a "market perform" rating in a research note on Wednesday, July 30th. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and nine have issued a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $254.35.

Waste Management Stock Down 1.0%

Waste Management stock opened at $218.22 on Monday. The company has a debt-to-equity ratio of 2.51, a quick ratio of 0.82 and a current ratio of 0.86. The stock has a fifty day moving average of $227.06 and a 200 day moving average of $229.30. The stock has a market cap of $87.91 billion, a PE ratio of 32.38, a price-to-earnings-growth ratio of 2.68 and a beta of 0.64. Waste Management, Inc. has a one year low of $199.69 and a one year high of $242.58.

Waste Management (NYSE:WM - Get Free Report) last released its quarterly earnings data on Monday, July 28th. The business services provider reported $1.92 earnings per share for the quarter, topping analysts' consensus estimates of $1.89 by $0.03. Waste Management had a return on equity of 34.37% and a net margin of 11.36%.The firm had revenue of $6.43 billion during the quarter, compared to analyst estimates of $6.37 billion. During the same quarter in the prior year, the company posted $1.82 earnings per share. The business's quarterly revenue was up 19.0% compared to the same quarter last year. Waste Management has set its FY 2025 guidance at EPS. As a group, sell-side analysts predict that Waste Management, Inc. will post 7.7 EPS for the current year.

Waste Management Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 26th. Shareholders of record on Friday, September 12th will be issued a dividend of $0.825 per share. This represents a $3.30 annualized dividend and a yield of 1.5%. The ex-dividend date is Friday, September 12th. Waste Management's dividend payout ratio (DPR) is presently 48.96%.

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.

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