Cornerstone Advisors LLC Purchases 9,900 Shares of Waste Management, Inc. $WM

Cornerstone Advisors LLC grew its holdings in shares of Waste Management, Inc. (NYSE:WM) by 33.7% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 39,300 shares of the business services provider’s stock after purchasing an additional 9,900 shares during the quarter. Cornerstone Advisors LLC’s holdings in Waste Management were worth $8,993,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Brighton Jones LLC raised its holdings in Waste Management by 51.1% during the 4th quarter. Brighton Jones LLC now owns 6,861 shares of the business services provider’s stock valued at $1,384,000 after acquiring an additional 2,320 shares during the period. Sprott Inc. bought a new stake in shares of Waste Management during the 1st quarter valued at $325,000. Kingsview Wealth Management LLC lifted its holdings in Waste Management by 1.2% during the 1st quarter. Kingsview Wealth Management LLC now owns 12,296 shares of the business services provider’s stock worth $2,847,000 after purchasing an additional 149 shares in the last quarter. Jennison Associates LLC boosted its stake in Waste Management by 4.5% in the 1st quarter. Jennison Associates LLC now owns 2,657 shares of the business services provider’s stock worth $615,000 after purchasing an additional 114 shares during the period. Finally, Nwam LLC grew its holdings in Waste Management by 6.6% during the 1st quarter. Nwam LLC now owns 6,698 shares of the business services provider’s stock valued at $1,551,000 after buying an additional 412 shares in the last quarter. Institutional investors own 80.40% of the company’s stock.

Waste Management Trading Up 2.2%

NYSE WM opened at $208.97 on Friday. The stock’s 50-day simple moving average is $212.87 and its two-hundred day simple moving average is $224.39. Waste Management, Inc. has a twelve month low of $194.11 and a twelve month high of $242.58. The company has a quick ratio of 0.82, a current ratio of 0.84 and a debt-to-equity ratio of 2.36. The company has a market capitalization of $84.19 billion, a price-to-earnings ratio of 32.91, a PEG ratio of 2.51 and a beta of 0.62.

Waste Management (NYSE:WM) last announced its quarterly earnings data on Monday, October 27th. The business services provider reported $1.98 EPS for the quarter, missing the consensus estimate of $2.01 by ($0.03). The firm had revenue of $6.44 billion for the quarter, compared to the consensus estimate of $6.51 billion. Waste Management had a net margin of 10.35% and a return on equity of 33.00%. Waste Management’s revenue for the quarter was up 14.9% compared to the same quarter last year. During the same quarter last year, the company posted $1.96 earnings per share. Waste Management has set its FY 2025 guidance at EPS. Research analysts forecast that Waste Management, Inc. will post 7.7 EPS for the current fiscal year.

Waste Management Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 19th. Stockholders of record on Friday, December 5th will be issued a $0.825 dividend. This represents a $3.30 dividend on an annualized basis and a dividend yield of 1.6%. The ex-dividend date is Friday, December 5th. Waste Management’s payout ratio is presently 51.97%.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on WM shares. Oppenheimer restated an “outperform” rating and issued a $262.00 price objective on shares of Waste Management in a research report on Wednesday, October 29th. BMO Capital Markets boosted their price target on shares of Waste Management from $245.00 to $248.00 and gave the company a “market perform” rating in a research report on Wednesday, July 30th. Erste Group Bank cut shares of Waste Management from a “buy” rating to a “hold” rating in a report on Thursday, September 11th. Raymond James Financial lifted their price objective on Waste Management from $255.00 to $256.00 and gave the company an “outperform” rating in a research note on Tuesday, July 22nd. Finally, Sanford C. Bernstein began coverage on Waste Management in a research note on Wednesday. They issued an “outperform” rating and a $255.00 target price on the stock. Three equities research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and ten have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $248.25.

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.