Left Brain Wealth Management LLC has acquired a new stake in Waste Management, Inc. (NYSE: WM), purchasing 26,686 shares during the second quarter, valued at approximately $6.1 million. This investment represents about 2.2% of Left Brain’s portfolio, making it the firm’s 17th largest position. The company’s stock has garnered attention from several institutional investors, indicating growing interest in the waste management sector.
During the first quarter, the Saudi Central Bank entered the market with a new position in Waste Management, investing approximately $37,000. Other notable acquisitions included GKV Capital Management Co. Inc., which bought shares valued at $38,000, and Wealth Watch Advisors INC, with an investment of $43,000. Additionally, Clal Insurance Enterprises Holdings Ltd increased its stake by 381%, bringing its total ownership to 202 shares valued at $47,000. Overall, institutional investors now control approximately 80.4% of Waste Management’s stock.
Current Stock Performance and Financial Overview
Waste Management’s stock opened at $216.71 on the latest trading day. Over the past year, shares have fluctuated between a low of $194.11 and a high of $242.58. The company boasts a market capitalization of $87.31 billion and a price-to-earnings (P/E) ratio of 34.13. Its price-to-earnings-growth (PEG) ratio stands at 2.51, while the stock has a beta of 0.62.
The financial stability of Waste Management is underscored by its debt-to-equity ratio of 2.36, with quick and current ratios of 0.82 and 0.84, respectively. These figures indicate a robust financial structure, although the company faces challenges in maintaining liquidity.
Dividend Announcement and Insider Activity
Recently, Waste Management announced a quarterly dividend of $0.825 per share, scheduled for payment on December 19, 2024. Stockholders of record on December 5, 2024 will be eligible for this dividend, which translates to an annualized dividend of $3.30 and a yield of 1.5%. The company’s dividend payout ratio is approximately 51.97%, reflecting a commitment to returning value to shareholders.
In other company news, Rafael Carrasco, Senior Vice President, sold 1,380 shares at an average price of $217.06 on November 20, 2024, totaling $299,542.80. This transaction reduced his ownership to 15,540 shares, valued at approximately $3.37 million. Currently, insiders hold only 0.18% of the company’s stock, indicating limited insider ownership.
Analyst Ratings and Market Outlook
Analysts have recently weighed in on Waste Management’s stock, with Oppenheimer maintaining an “outperform” rating and setting a price target of $262.00. Conversely, UBS Group adjusted its target down from $240.00 to $225.00, rating it as “neutral.” Scotiabank also revised its target from $264.00 to $254.00, while Truist Financial set a target of $260.00.
The consensus among analysts is a “Moderate Buy,” with an average price target of $248.25. While three analysts have issued a “Strong Buy” recommendation, sixteen have rated the stock as a “Buy,” and nine analysts have given it a “Hold” rating, reflecting a generally positive outlook for Waste Management moving forward.
Waste Management, Inc. provides environmental solutions across various sectors, including residential, commercial, industrial, and municipal customers in the United States and Canada. Its services encompass waste collection, recycling, and landfill operations, contributing to its reputation as a leader in sustainable waste management practices.
For further insights into the financial landscape surrounding Waste Management, investors can explore the latest filings and insider transactions through reliable financial channels.
