JPMorgan Chase & Co. has lifted its price target for Waste Management Inc. (NYSE: WM) from $255.00 to $265.00, reflecting renewed investor confidence in the company. This adjustment comes amid a wave of mixed ratings from various financial institutions, highlighting the evolving landscape of the business services provider.
Several other analysts have recently revised their evaluations of Waste Management. UBS Group lowered its price target from $240.00 to $225.00, assigning a “neutral” rating in a report dated October 31, 2023. Oppenheimer maintained an “outperform” rating, setting a target price of $262.00 for Waste Management shares, while Royal Bank Of Canada reduced its target from $234.00 to $223.00, also issuing a “sector perform” rating. CIBC’s target was lowered from $235.00 to $231.00, maintaining a “neutral” stance. Weiss Ratings reaffirmed a “buy (b-)” rating as of November 25, 2023.
Analyst ratings indicate a mix of optimism and caution surrounding the stock. Currently, three analysts have rated Waste Management as a Strong Buy, with eighteen issuing a Buy rating and nine recommending a Hold. According to MarketBeat.com, the average rating is classified as a “Moderate Buy,” with an average price target of $249.14.
Current Trading Performance and Financial Indicators
On Monday, October 27, shares of Waste Management opened at $215.69. The company’s trading history reflects a 52-week low of $194.11 and a high of $242.58. The stock’s 50-day moving average stands at $212.38, while the 200-day moving average is at $223.12. Waste Management currently boasts a market capitalization of $86.89 billion.
Financially, Waste Management reported earnings per share (EPS) of $1.98 for the quarter ending October 27, falling short of analysts’ expectations of $2.01. The firm’s revenue for the quarter was $6.44 billion, below the anticipated $6.51 billion. Despite these figures, the company experienced a year-over-year revenue increase of 14.9%. Waste Management’s return on equity (ROE) is reported at 33.00%, with a net margin of 10.35%.
Looking ahead, Waste Management has set its fiscal year 2025 guidance at an anticipated EPS of $7.70.
Dividend Announcement and Insider Trading Activity
In an important development for shareholders, Waste Management announced a quarterly dividend to be paid on December 19, 2023. Stockholders on record as of December 5, 2023 will receive a dividend of $0.825, indicating an annualized dividend of $3.30 and a yield of 1.5%. The company’s dividend payout ratio currently stands at 51.97%.
In related news, Senior Vice President Rafael Carrasco sold 1,380 shares of Waste Management stock on November 20, 2023, at an average price of $217.06, amounting to approximately $299,542.80. Post-sale, Carrasco retains 15,540 shares valued at around $3,373,112.40, reflecting a decrease of 8.16% in his holdings. Insider ownership in the company is approximately 0.18%.
Institutional interest in Waste Management remains robust. Various hedge funds and institutional investors have altered their positions in the company recently, with ARQ Wealth Advisors LLC acquiring a stake valued at around $700,000. Other notable changes include Kimelman & Baird LLC’s position growing by 0.6% to 211,121 shares, and Achmea Investment Management B.V. increasing its stake by 6.0%.
Overall, institutional investors control approximately 80.40% of Waste Management’s stock, underscoring the significant interest in this environmental services provider.
