Covenant Asset Management LLC Sells 265 Shares of Waste Management, Inc. (NYSE:WM)

Covenant Asset Management LLC trimmed its stake in Waste Management, Inc. (NYSE:WM) by 2.0% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 12,989 shares of the business services provider’s stock after selling 265 shares during the quarter. Covenant Asset Management LLC’s holdings in Waste Management were worth $2,621,000 as of its most recent SEC filing.

Other large investors have also bought and sold shares of the company. Activest Wealth Management grew its holdings in Waste Management by 4,000.0% in the third quarter. Activest Wealth Management now owns 123 shares of the business services provider’s stock worth $26,000 after purchasing an additional 120 shares during the period. Global Wealth Strategies & Associates grew its holdings in Waste Management by 892.9% in the fourth quarter. Global Wealth Strategies & Associates now owns 139 shares of the business services provider’s stock worth $28,000 after purchasing an additional 125 shares during the period. General Partner Inc. acquired a new stake in Waste Management in the fourth quarter worth $29,000. Sugar Maple Asset Management LLC acquired a new stake in Waste Management in the fourth quarter worth $35,000. Finally, Pineridge Advisors LLC acquired a new stake in Waste Management in the fourth quarter worth $35,000. 80.40% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Waste Management news, SVP Rafael Carrasco sold 4,000 shares of the business’s stock in a transaction that occurred on Friday, February 7th. The shares were sold at an average price of $225.89, for a total value of $903,560.00. Following the completion of the transaction, the senior vice president now owns 18,531 shares of the company’s stock, valued at $4,185,967.59. The trade was a 17.75 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Donald J. Smith sold 191 shares of the business’s stock in a transaction that occurred on Friday, January 31st. The stock was sold at an average price of $220.22, for a total transaction of $42,062.02. Following the completion of the transaction, the vice president now directly owns 6,129 shares of the company’s stock, valued at approximately $1,349,728.38. This represents a 3.02 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 16,055 shares of company stock valued at $3,578,340. Company insiders own 0.18% of the company’s stock.

Analysts Set New Price Targets

WM has been the subject of a number of analyst reports. Argus lifted their price objective on shares of Waste Management from $230.00 to $240.00 and gave the company a “buy” rating in a report on Thursday, October 31st. StockNews.com cut shares of Waste Management from a “buy” rating to a “hold” rating in a report on Friday, January 31st. CIBC lifted their price objective on shares of Waste Management from $228.00 to $235.00 and gave the company a “neutral” rating in a report on Wednesday, December 4th. William Blair reiterated an “outperform” rating on shares of Waste Management in a report on Friday, January 31st. Finally, Truist Financial lifted their price objective on shares of Waste Management from $235.00 to $250.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. Ten analysts have rated the stock with a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Waste Management has an average rating of “Moderate Buy” and a consensus target price of $234.50.

Waste Management Stock Performance

NYSE WM opened at $227.80 on Friday. The company’s 50 day moving average is $212.00 and its 200-day moving average is $211.96. The company has a quick ratio of 0.85, a current ratio of 0.89 and a debt-to-equity ratio of 2.00. The firm has a market cap of $91.43 billion, a P/E ratio of 33.50, a price-to-earnings-growth ratio of 2.70 and a beta of 0.78. Waste Management, Inc. has a 12-month low of $196.59 and a 12-month high of $230.39.

Waste Management (NYSE:WM) last posted its earnings results on Wednesday, January 29th. The business services provider reported $1.70 earnings per share for the quarter, missing analysts’ consensus estimates of $1.79 by ($0.09). Waste Management had a return on equity of 38.88% and a net margin of 12.45%. Sell-side analysts predict that Waste Management, Inc. will post 7.7 earnings per share for the current year.

Waste Management Company 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.