Mutual of America Capital Management LLC has reduced its stake in Waste Management, Inc. (NYSE: WM) by 1.1% during the second quarter of 2023. According to a recent filing with the Securities and Exchange Commission, the fund now owns 42,004 shares of the waste services provider after selling 477 shares during the quarter. As of the latest disclosure, Mutual of America’s holdings in Waste Management were valued at approximately $9.61 million.
Several other investment funds have also made adjustments to their positions in Waste Management. Brighton Jones LLC significantly increased its holdings by 51.1% in the fourth quarter, acquiring an additional 2,320 shares to reach a total of 6,861 shares, now valued at $1.38 million. Similarly, Zevenbergen Capital Investments LLC raised its position by 30.4% during the second quarter, now holding 9,430 shares worth $2.16 million after adding 2,200 shares.
In a notable move, Empowered Funds LLC boosted its stake by 82.9% in the first quarter, increasing its total to 22,670 shares valued at $5.25 million. BROOKFIELD Corp ON also enhanced its position by 25.1%, now owning 20,135 shares worth $4.66 million. Additionally, the Czech National Bank increased its holdings by 6.7% in the second quarter, bringing its total to 89,510 shares valued at $20.48 million. Overall, hedge funds and institutional investors own approximately 80.40% of Waste Management’s stock.
Stock Performance and Dividend Announcement
As of the latest trading session, Waste Management shares opened at $215.59. The company boasts a market capitalization of $86.85 billion, with a price-to-earnings ratio of 31.99 and a price-to-earnings-growth ratio of 2.65. The stock has seen its 50-day moving average at $221.39 and a 200-day moving average of $227.35. Over the past year, Waste Management’s shares have fluctuated between a low of $199.69 and a high of $242.58.
In addition to stock performance, Waste Management recently announced a quarterly dividend, which was paid on September 26, 2023, to shareholders on record as of September 12, 2023. The dividend was set at $0.825 per share, resulting in an annualized payout of $3.30 and a dividend yield of 1.5%. With a dividend payout ratio of 48.96%, the company continues to provide returns to its investors.
Analysts Adjust Price Targets
Multiple research analysts have recently reassessed their price targets for Waste Management. UBS Group lowered its price objective from $265.00 to $240.00, maintaining a “neutral” rating. In contrast, Raymond James Financial raised its target from $255.00 to $256.00, assigning an “outperform” rating. Barclays also revised its target down slightly from $272.00 to $271.00 while keeping an “overweight” rating.
BMO Capital Markets increased its price target from $245.00 to $248.00, giving the company a “market perform” rating. Weiss Ratings reaffirmed a “buy (b)” rating, reflecting positive sentiment among analysts. Overall, two analysts have rated Waste Management with a Strong Buy, fourteen have issued Buy ratings, and ten have provided Hold ratings. According to data from MarketBeat, the company holds a consensus rating of “Moderate Buy” with an average target price of $253.00.
Waste Management, Inc. operates through its subsidiaries, providing environmental solutions to residential, commercial, industrial, and municipal customers across the United States and Canada. The company offers a range of services, including waste collection, transportation, and disposal, and operates various transfer stations and landfill facilities that generate renewable energy.
