Waste Management, Inc. $WM Shares Sold by Corient Private Wealth LP

Key Points

• Corient Private Wealth LP reduced its Waste Management stake by 8.3% in the second quarter, selling 26,230 shares and retaining 291,268 shares valued at approximately $64.9 million. Institutional investors and hedge funds own 80.4% of the company.
• Waste Management reported quarterly EPS of $2.02, ahead of the $1.98 analyst consensus, while revenue rose 4% year over year to $6.68 billion, slightly below expectations.
• The company declared a quarterly dividend of $0.945 per share, equivalent to a $3.78 annualized payout and a 1.8% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $258.89.

Corient Private Wealth LP cut its stake in shares of Waste Management, Inc. (NYSE:WM - Free Report) by 8.3% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 291,268 shares of the business services provider's stock after selling 26,230 shares during the period. Corient Private Wealth LP owned approximately 0.07% of Waste Management worth $64,918,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the stock. California State Teachers Retirement System grew its position in Waste Management by 26,113.1% in the 2nd quarter. California State Teachers Retirement System now owns 121,870,338 shares of the business services provider's stock valued at $27,162,461,000 after buying an additional 121,405,416 shares during the last quarter. Norges Bank acquired a new stake in shares of Waste Management in the 4th quarter worth $1,022,916,000. Morgan Stanley Institutional Investment Advisors LLC acquired a new stake in shares of Waste Management in the 2nd quarter worth $322,479,000. Corient Private Wealth LLC boosted its holdings in shares of Waste Management by 279.0% in the fourth quarter. Corient Private Wealth LLC now owns 1,075,906 shares of the business services provider's stock valued at $236,387,000 after acquiring an additional 792,037 shares in the last quarter. Finally, Diamant Asset Management Inc. increased its stake in shares of Waste Management by 23,051.5% during the first quarter. Diamant Asset Management Inc. now owns 770,945 shares of the business services provider's stock worth $17,716,000 after acquiring an additional 767,615 shares during the period. 80.40% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Waste Management news, CAO John Carroll sold 1,365 shares of the business's stock in a transaction on Friday, September 4th. The stock was sold at an average price of $219.90, for a total transaction of $300,163.50. Following the sale, the chief accounting officer directly owned 3,509 shares in the company, valued at approximately $771,629.10. The trade was a 28.01% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.18% of the company's stock.

Waste Management Stock Down 0.5%

WM stock opened at $213.71 on Friday. The company has a current ratio of 0.91, a quick ratio of 0.87 and a debt-to-equity ratio of 2.24. The company's 50-day moving average price is $227.48 and its 200 day moving average price is $226.58. Waste Management, Inc. has a 52 week low of $194.11 and a 52 week high of $248.13. The company has a market cap of $85.42 billion, a P/E ratio of 30.27, a P/E/G ratio of 2.69 and a beta of 0.42.

Waste Management (NYSE:WM - Get Free Report) last issued its earnings results on Tuesday, July 28th. The business services provider reported $2.02 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.98 by $0.04. The company had revenue of $6.68 billion during the quarter, compared to analysts' expectations of $6.71 billion. Waste Management had a net margin of 11.11% and a return on equity of 31.68%. The firm's quarterly revenue was up 4.0% compared to the same quarter last year. During the same period last year, the company posted $1.92 earnings per share. On average, research analysts expect that Waste Management, Inc. will post 8.13 earnings per share for the current fiscal year.

Waste Management Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 25th. Investors of record on Friday, September 11th will be issued a dividend of $0.945 per share. The ex-dividend date of this dividend is Friday, September 11th. This represents a $3.78 annualized dividend and a yield of 1.8%. Waste Management's payout ratio is currently 53.54%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on WM shares. Scotiabank raised their price objective on shares of Waste Management from $250.00 to $260.00 and gave the company a "sector perform" rating in a research report on Thursday, July 16th. Oppenheimer dropped their target price on Waste Management from $264.00 to $263.00 and set an "outperform" rating on the stock in a research report on Wednesday, July 8th. UBS Group increased their target price on Waste Management from $265.00 to $270.00 and gave the stock a "buy" rating in a research note on Tuesday, August 4th. Royal Bank Of Canada raised their price target on Waste Management from $240.00 to $244.00 and gave the company a "sector perform" rating in a report on Thursday, July 30th. Finally, Stifel Nicolaus lifted their price target on Waste Management from $252.00 to $261.00 and gave the company a "buy" rating in a research note on Thursday, July 30th. Thirteen equities research analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $258.89.

About Waste Management

WM, Inc, formerly known as Waste Management, Inc, is an environmental services company that provides waste collection, transfer, disposal and recycling services. The company serves residential, commercial, industrial and municipal customers, helping manage everyday refuse as well as certain specialized waste streams.

Its operations include curbside and commercial waste collection, transfer stations, recycling facilities, landfills and waste-related energy services. WM also develops renewable natural gas and electricity projects that capture landfill gas for use as an energy source.

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