WM Raises Dividend 7.1%, Authorizes $1.5 Billion in Buybacks
By Ben Glickman
WM, previously known as Waste Management, increased its dividend 7.1% and authorized up to $1.5 billion in share buybacks, which the company said reflected its consistent cash flow generation.
The Houston-based trash and recycling collection company said Monday it would pay a quarterly dividend of 75 cents in 2024, up from a prior payout of 70 cents this year.
The dividend, equal to $3 a year, represents an annual yield of 1.7% based on the Monday closing price of $173.38.
The company said the raise was its 21st consecutive year lifting its payout.
WM said the buyback authorization superseded the repurchases authorized under the prior $1.5 billion authorization from 2022.
Chief Executive Jim Fish said the company's cash flow would allow it to continue to allocate capital to shareholder returns.
Write to Ben Glickman at ben.glickman@wsj.com
(END) Dow Jones Newswires
December 11, 2023 18:27 ET (23:27 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.-
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