Concurrent Investment Advisors LLC Raises Position in Waste Management, Inc. (NYSE:WM)

Concurrent Investment Advisors LLC lifted its stake in Waste Management, Inc. (NYSE:WM) by 31.1% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 26,544 shares of the business services provider’s stock after buying an additional 6,298 shares during the period. Concurrent Investment Advisors LLC’s holdings in Waste Management were worth $6,145,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently modified their holdings of the stock. T. Rowe Price Investment Management Inc. boosted its holdings in Waste Management by 1.2% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 3,866 shares of the business services provider’s stock valued at $781,000 after purchasing an additional 44 shares during the last quarter. Ascent Group LLC boosted its holdings in Waste Management by 0.6% in the fourth quarter. Ascent Group LLC now owns 7,534 shares of the business services provider’s stock valued at $1,520,000 after purchasing an additional 44 shares during the last quarter. Insight Wealth Strategies LLC boosted its holdings in Waste Management by 0.4% in the first quarter. Insight Wealth Strategies LLC now owns 11,655 shares of the business services provider’s stock valued at $2,698,000 after purchasing an additional 44 shares during the last quarter. Stonebridge Financial Group LLC boosted its holdings in Waste Management by 3.0% in the first quarter. Stonebridge Financial Group LLC now owns 1,533 shares of the business services provider’s stock valued at $355,000 after purchasing an additional 45 shares during the last quarter. Finally, Covestor Ltd boosted its holdings in Waste Management by 8.2% in the fourth quarter. Covestor Ltd now owns 609 shares of the business services provider’s stock valued at $123,000 after purchasing an additional 46 shares during the last quarter. Hedge funds and other institutional investors own 80.40% of the company’s stock.

Waste Management Stock Up 1.4%

Shares of Waste Management stock opened at $226.43 on Friday. The company has a current ratio of 0.83, a quick ratio of 0.79 and a debt-to-equity ratio of 2.65. The business’s 50 day simple moving average is $232.87 and its 200-day simple moving average is $225.01. The stock has a market capitalization of $91.12 billion, a price-to-earnings ratio of 34.15, a PEG ratio of 3.00 and a beta of 0.64. Waste Management, Inc. has a twelve month low of $196.59 and a twelve month high of $242.58.

Waste Management (NYSE:WM) last posted its earnings results on Monday, April 28th. The business services provider reported $1.67 EPS for the quarter, beating the consensus estimate of $1.59 by $0.08. Waste Management had a return on equity of 35.67% and a net margin of 11.67%. The firm had revenue of $6.02 billion for the quarter, compared to analysts’ expectations of $6.14 billion. During the same period last year, the firm earned $1.75 EPS. The firm’s revenue was up 16.7% compared to the same quarter last year. Equities research analysts forecast that Waste Management, Inc. will post 7.7 earnings per share for the current year.

Waste Management Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, June 20th. Investors of record on Friday, June 6th were given a $0.825 dividend. This represents a $3.30 annualized dividend and a yield of 1.46%. The ex-dividend date was Friday, June 6th. Waste Management’s dividend payout ratio is currently 49.77%.

Analysts Set New Price Targets

WM has been the subject of a number of analyst reports. BMO Capital Markets increased their price target on Waste Management from $241.00 to $245.00 and gave the company a “market perform” rating in a report on Wednesday, June 25th. CIBC increased their target price on Waste Management from $244.00 to $250.00 and gave the stock a “neutral” rating in a report on Thursday, June 26th. Wall Street Zen raised Waste Management from a “hold” rating to a “buy” rating in a report on Tuesday, April 29th. UBS Group increased their target price on Waste Management from $240.00 to $250.00 and gave the stock a “neutral” rating in a report on Wednesday, April 30th. Finally, Scotiabank increased their target price on Waste Management from $260.00 to $265.00 and gave the stock a “sector outperform” rating in a report on Friday, June 27th. Eight investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and three have assigned a strong buy rating to the company. According to MarketBeat.com, Waste Management has a consensus rating of “Moderate Buy” and a consensus price target of $251.00.

Insider Activity at Waste Management

In related news, SVP Rafael Carrasco sold 674 shares of the firm’s stock in a transaction that occurred on Tuesday, May 27th. The stock was sold at an average price of $236.81, for a total value of $159,609.94. Following the sale, the senior vice president directly owned 16,542 shares in the company, valued at $3,917,311.02. This trade represents a 3.91% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Devina A. Rankin sold 57,888 shares of the firm’s stock in a transaction that occurred on Tuesday, May 27th. The shares were sold at an average price of $237.36, for a total value of $13,740,295.68. Following the completion of the sale, the chief financial officer owned 83,934 shares in the company, 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 company insiders.

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.