Watsco, Inc. (NYSE:WSO) Shares Sold by Baillie Gifford & Co.

Key Points

• Baillie Gifford & Co. reduced its stake in Watsco, Inc. by 7.2% in the first quarter, retaining 1,019,100 shares valued at approximately $518 million.
• Watsco reported a EPS of $1.93 for the last quarter, falling short of the consensus estimate of $2.29, with a revenue of $1.53 billion against an expected $1.66 billion.
• The company announced a quarterly dividend of $3.00 per share, providing a 2.47% dividend yield, with a payout ratio of 92.24%.

Baillie Gifford & Co. lessened its stake in shares of Watsco, Inc. (NYSE:WSO - Free Report) by 7.2% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,019,100 shares of the construction company's stock after selling 78,981 shares during the quarter. Baillie Gifford & Co. owned about 2.52% of Watsco worth $518,009,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of WSO. OneDigital Investment Advisors LLC purchased a new position in Watsco in the first quarter worth $266,000. Teacher Retirement System of Texas purchased a new position in Watsco in the first quarter worth $2,588,000. Golden State Wealth Management LLC raised its position in Watsco by 109.4% in the first quarter. Golden State Wealth Management LLC now owns 222 shares of the construction company's stock worth $113,000 after acquiring an additional 116 shares in the last quarter. SG Americas Securities LLC raised its position in Watsco by 133.1% in the first quarter. SG Americas Securities LLC now owns 844 shares of the construction company's stock worth $429,000 after acquiring an additional 482 shares in the last quarter. Finally, Fifth Third Bancorp raised its position in Watsco by 4.8% in the first quarter. Fifth Third Bancorp now owns 1,028 shares of the construction company's stock worth $523,000 after acquiring an additional 47 shares in the last quarter. Hedge funds and other institutional investors own 89.71% of the company's stock.

Watsco Stock Down 2.0%

Shares of WSO traded down $9.53 during trading hours on Tuesday, reaching $470.34. 220,555 shares of the company traded hands, compared to its average volume of 291,014. The stock has a market capitalization of $19.05 billion, a PE ratio of 36.15 and a beta of 1.04. Watsco, Inc. has a fifty-two week low of $418.31 and a fifty-two week high of $571.41. The stock has a fifty day simple moving average of $453.04 and a 200 day simple moving average of $477.42.

Watsco Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, July 31st. Investors of record on Wednesday, July 16th will be paid a dividend of $3.00 per share. This represents a $12.00 dividend on an annualized basis and a dividend yield of 2.55%. The ex-dividend date of this dividend is Wednesday, July 16th. Watsco's payout ratio is currently 92.24%.

Wall Street Analyst Weigh In

Several research analysts have issued reports on the company. Mizuho set a $490.00 price objective on Watsco in a research report on Thursday, April 24th. Robert W. Baird cut their price objective on Watsco from $560.00 to $540.00 and set an "outperform" rating for the company in a research report on Thursday, April 24th. JPMorgan Chase & Co. increased their price objective on Watsco from $445.00 to $460.00 and gave the stock a "neutral" rating in a research report on Tuesday, May 27th. UBS Group cut their price objective on Watsco from $455.00 to $450.00 and set a "neutral" rating for the company in a research report on Wednesday, June 25th. Finally, Wall Street Zen raised Watsco from a "sell" rating to a "hold" rating in a report on Friday, May 9th. Seven equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $484.17.

Watsco Company Profile

Watsco, Inc, together with its subsidiaries, engages in the distribution of air conditioning, heating, refrigeration equipment, and related parts and supplies in the United States and internationally. The company distributes equipment, including residential ducted and ductless air conditioners, such as gas, electric, and oil furnaces; commercial air conditioning and heating equipment systems; and other specialized equipment.