Envestnet Asset Management Inc. Sells 308,898 Shares of Waste Management, Inc. (NYSE:WM)

Envestnet Asset Management Inc. reduced its stake in shares of Waste Management, Inc. (NYSE:WM) by 32.6% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 639,645 shares of the business services provider’s stock after selling 308,898 shares during the quarter. Envestnet Asset Management Inc. owned about 0.16% of Waste Management worth $136,462,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Sustainable Growth Advisers LP acquired a new stake in Waste Management in the first quarter worth $300,594,000. Capital World Investors raised its stake in Waste Management by 44.6% during the 1st quarter. Capital World Investors now owns 4,226,869 shares of the business services provider’s stock worth $900,957,000 after buying an additional 1,303,466 shares during the period. Swedbank AB bought a new position in Waste Management during the first quarter worth about $193,955,000. AMF Tjanstepension AB grew its stake in Waste Management by 85.6% in the second quarter. AMF Tjanstepension AB now owns 1,561,939 shares of the business services provider’s stock valued at $333,234,000 after acquiring an additional 720,358 shares during the period. Finally, Los Angeles Capital Management LLC increased its holdings in shares of Waste Management by 248.5% in the second quarter. Los Angeles Capital Management LLC now owns 984,774 shares of the business services provider’s stock worth $210,092,000 after acquiring an additional 702,188 shares in the last quarter. 80.40% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on WM shares. Robert W. Baird decreased their price objective on Waste Management from $226.00 to $216.00 and set a “neutral” rating for the company in a research report on Friday, July 26th. BMO Capital Markets reduced their price target on shares of Waste Management from $215.00 to $213.00 and set a “market perform” rating for the company in a report on Friday, July 26th. Truist Financial dropped their price objective on shares of Waste Management from $240.00 to $235.00 and set a “buy” rating on the stock in a report on Thursday, July 11th. Royal Bank of Canada lowered their target price on Waste Management from $215.00 to $204.00 and set a “sector perform” rating for the company in a report on Friday, July 26th. Finally, The Goldman Sachs Group upgraded Waste Management to a “strong-buy” rating in a report on Friday, July 26th. Eleven equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Waste Management currently has an average rating of “Moderate Buy” and an average price target of $215.83.

Waste Management Stock Performance

Shares of WM stock opened at $208.36 on Tuesday. The stock has a market cap of $83.57 billion, a P/E ratio of 34.10, a P/E/G ratio of 2.33 and a beta of 0.74. The company has a fifty day moving average price of $209.19 and a two-hundred day moving average price of $208.80. Waste Management, Inc. has a one year low of $149.71 and a one year high of $225.00. The company has a debt-to-equity ratio of 2.21, a current ratio of 1.07 and a quick ratio of 1.03.

Waste Management (NYSE:WM) last announced its quarterly earnings results on Wednesday, July 24th. The business services provider reported $1.82 earnings per share for the quarter, hitting analysts’ consensus estimates of $1.82. Waste Management had a return on equity of 39.52% and a net margin of 12.13%. The firm had revenue of $5.40 billion for the quarter, compared to the consensus estimate of $5.43 billion. During the same quarter in the previous year, the business earned $1.51 earnings per share. The business’s revenue was up 5.5% compared to the same quarter last year. As a group, equities analysts predict that Waste Management, Inc. will post 7.24 EPS for the current year.

Waste Management Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, September 13th will be given a dividend of $0.75 per share. The ex-dividend date of this dividend is Friday, September 13th. This represents a $3.00 dividend on an annualized basis and a yield of 1.44%. Waste Management’s dividend payout ratio (DPR) is 49.10%.

Insider Buying and Selling at Waste Management

In other news, VP Michael J. Watson sold 1,500 shares of the firm’s stock in a transaction dated Tuesday, July 16th. The shares were sold at an average price of $220.00, for a total transaction of $330,000.00. Following the completion of the sale, the vice president now owns 44,144 shares in the company, valued at approximately $9,711,680. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 0.18% of the company’s stock.

Waste Management Profile

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.