Waste Management (NYSE:WM) received a positive boost from JPMorgan Chase & Co. in a recent research report. The financial institution raised its price target for the stock from $255.00 to $265.00, maintaining an overweight rating on the company. This adjustment reflects JPMorgan’s confidence in Waste Management’s performance in the business services sector.
Other analysts have also weighed in on Waste Management’s stock. UBS Group recently downgraded its price target from $240.00 to $225.00, assigning a “neutral” rating. Meanwhile, Oppenheimer reiterated an “outperform” rating, setting a target price of $262.00. Royal Bank of Canada also adjusted its target, lowering it from $234.00 to $223.00 and assigning a “sector perform” rating. CIBC similarly reduced its target from $235.00 to $231.00 with a “neutral” outlook.
Analysts currently rate Waste Management’s stock with three “Strong Buy” recommendations, eighteen “Buy” ratings, and nine “Hold” ratings. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $249.14.
Recent Stock Performance and Financial Results
As of Monday, shares of Waste Management opened at $215.69. The company’s 50-day moving average stands at $212.38, while its 200-day moving average is at $223.12. Over the past year, Waste Management has seen a low of $194.11 and a high of $242.58. The company holds a market capitalization of $86.89 billion and a price-to-earnings (P/E) ratio of 33.97.
In its latest quarterly earnings report on October 27, 2023, Waste Management reported earnings per share (EPS) of $1.98, which fell short of analysts’ expectations of $2.01 by $0.03. The company generated revenue of $6.44 billion, below the anticipated $6.51 billion. Despite this, Waste Management experienced a year-over-year revenue increase of 14.9%.
Dividend Announcement and Insider Activity
Waste Management has announced a quarterly dividend of $0.825, scheduled for payment on December 19, 2023. Stockholders of record as of December 5, 2023 will receive this dividend, which reflects an annualized total of $3.30 and a yield of 1.5%. The company’s dividend payout ratio stands at 51.97%.
In related news, senior vice president Rafael Carrasco sold 1,380 shares of Waste Management’s stock on November 20, 2023, at an average price of $217.06. This transaction, valued at approximately $299,542.80, resulted in an 8.16% reduction in Carrasco’s holdings, which now total 15,540 shares, worth around $3,373,112.40.
Institutional investors have shown increasing interest in Waste Management. Recently, ARQ Wealth Advisors LLC acquired a new stake valued at approximately $700,000. Kimelman & Baird LLC slightly increased its holdings, now owning 211,121 shares worth $46,622,000, following a modest purchase. Other institutional investors, including CIBC Bancorp USA Inc. and Achmea Investment Management B.V., have also adjusted their positions in the company.
Overall, approximately 80.40% of Waste Management’s stock is held by hedge funds and institutional investors, indicating strong external confidence in the company’s future.
As Waste Management continues to navigate the business landscape, the adjustments from major financial institutions highlight the varying perspectives on its stock potential and overall performance.
