RBC Capital Raises Waste Connections (WCN) Price Target to $221

RBC Capital maintained its Outperform rating on Waste Connections, Inc. (NYSE:WCN) on October 23, 2026, while raising its price target from $218.00 to $221.00. The research note outlines a positive view on the waste services firm as analysts across Wall Street review their expectations for the stock. Waste Connections closed at $186.73 on October 23, 2026.

WCN Waste Connections, Inc.

$187.11 ▲ +8.16% year to date

1M 3M YTD

Daily close · Oct 23, 2026

RBC Capital's Call on Waste Connections

In its research note on October 23, 2026, RBC Capital kept its Outperform rating on Waste Connections while nudging its target higher from $218.00 to $221.00. This forward-looking opinion signals confidence in the company's business outlook without relying on historical performance metrics. RBC Capital's target sits among the higher end of analyst expectations for the industrial firm.

Other Institutional Activity in Waste Connections

Large investment firms adjusted their holdings in Waste Connections during the second quarter of 2026. Royal Bank of Canada grew its holdings by 978,069 shares, ending with 13,188,665 shares worth about $2,462,719,359.0. Bank of Montreal /CAN/ grew its holdings by 529,653 shares, ending with 8,665,651 shares worth about $1,618,136,974.0. 1832 Asset Management L.P. grew its holdings by 342,885 shares, ending with 7,456,684 shares worth about $1,392,386,571.0. Mackenzie Financial Corporation reduced its holdings by 280,380 shares, ending with 4,699,732 shares worth about $877,580,936.0. Capital International Investors reduced its holdings by 645,697 shares, ending with 4,582,617 shares worth about $855,712,052.0.

Waste Connections, Inc. Stock Up 9.9%

Shares recently traded around $184.88 as of October 23, 2026, down about 1.0% from the event close. The stock sits well above both its 50-day moving average of $161.29 and its 200-day moving average of $162.94. The company carries a market capitalization of roughly $46.51 billion and a price-to-earnings ratio of 41.45 based on profitable operations.

Recent Earnings

Waste Connections generated trailing-twelve-month revenue of $9,943,624,704.0 with earnings of $4.46 per share. The company reported a net profit margin of 11.4% and a return on equity of 14.2%. Investors can look for the next financial update when the company releases earnings on February 10, 2027.

Dividend

The company pays an annual dividend rate of $1.40 per share, delivering a dividend yield of 0.83%. This payout uses 33.0% of the company's earnings.

Insider Buying and Selling at Waste Connections, Inc.

Company insiders completed several stock sales during the summer of 2026. Officer Robert Nielsen III sold 300 shares on July 29, 2026, at an average price of $173.10 for a total value of $51,930.0. Officer Susan Rhea Netherton sold 1,750 shares on August 13, 2026, at $166.00 per share, totaling $290,500.0. Officer Philip Rivard sold 2,500 shares on August 18, 2026, at $166.57 per share for $416,425.0. Finally, Robert Nielsen III sold another 700 shares on August 19, 2026, at $170.00 per share, totaling $119,000.0. None of these transactions were reported as planned under a Rule 10b5-1 arrangement.

Analysts Set New Price Targets

Wall Street firms updated their outlooks on October 23, 2026. Wells Fargo maintained its Overweight rating and lifted its target from $187.00 to $211.00. Barclays maintained its Equal-Weight rating and raised its target from $187.00 to $189.00. TD Cowen maintained its Buy rating and increased its target from $210.00 to $215.00. Scotiabank maintained its Sector Outperform rating while moving its target from $193.00 to $201.00. Across the broader analyst community, the stock holds a consensus recommendation key of strong_buy with a mean price target of $202.48 across 25 opinions.

About Waste Connections

Waste Connections, Inc. operates in the industrial sector, providing non-hazardous waste collection, transfer, and disposal services across the United States and Canada. The company handles residential, commercial, and municipal accounts, alongside landfill operations and recycling programs for materials like paper, cardboard, plastics, and metals.

Bottom Line

Investors will monitor how the stock performs relative to its revised price targets as the next earnings report approaches in February 2027. Analyst updates reflect ongoing evaluations of the company's growth path in the waste management sector.