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WM said the buyback authorization superseded the repurchases authorized under the prior $1.5 billion authorization from 2022.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 [e-mail]

(END) Dow Jones Newswires

12-11-23 1827ET