Hi dover,
Thank you for your reply. Yes, I installed the VM740ML on the VM95E headshell (kept everything the same), and I still get the buzz from the VM740ML (on both channels).
Just spoke with an Audio Solutions Specialist from Audio-Technica. He suggested I make certain that the white nylon washers are in place, because the washers isolate the cartridge fasteners from the headshell (without them I can get a ground loop between the cartridge and the headshell because the other end of the fastener is probably touching the side of the metal cartridge body).
I installed the white nylon washers with the installation screws, but not in the same way shown in the diagram he sent me, which is weird because in the VM740ML manual, the screws are installed 180° in the opposite direction (i.e., facing upward into the headshell as opposed to downwards). But I'll proceed to do as he suggested to see what happens. If the problem persists, it's most likely the cartridge. In which case, I'll send it back as it's only been a few months.
Thanks again, dover, for your helpful input. Much appreciated.