Envestnet Portfolio Solutions Inc. Trims Position in Watsco, Inc. (NYSE:WSO)

Envestnet Portfolio Solutions Inc. decreased its holdings in shares of Watsco, Inc. (NYSE:WSO - Free Report) by 19.8% during the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 3,102 shares of the construction company's stock after selling 764 shares during the quarter. Envestnet Portfolio Solutions Inc.'s holdings in Watsco were worth $1,577,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Centennial Wealth Advisory LLC increased its position in shares of Watsco by 2.9% during the first quarter. Centennial Wealth Advisory LLC now owns 776 shares of the construction company's stock worth $395,000 after acquiring an additional 22 shares during the period. M&T Bank Corp increased its holdings in Watsco by 1.4% during the 4th quarter. M&T Bank Corp now owns 1,686 shares of the construction company's stock worth $799,000 after purchasing an additional 23 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its holdings in Watsco by 0.3% during the 4th quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 7,692 shares of the construction company's stock worth $3,645,000 after purchasing an additional 23 shares during the period. Meiji Yasuda Asset Management Co Ltd. increased its stake in shares of Watsco by 1.2% during the fourth quarter. Meiji Yasuda Asset Management Co Ltd. now owns 1,949 shares of the construction company's stock valued at $924,000 after buying an additional 23 shares during the period. Finally, Principal Securities Inc. raised its holdings in shares of Watsco by 6.9% in the fourth quarter. Principal Securities Inc. now owns 373 shares of the construction company's stock valued at $177,000 after acquiring an additional 24 shares in the last quarter. 89.71% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have commented on WSO shares. JPMorgan Chase & Co. raised their target price on shares of Watsco from $445.00 to $460.00 and gave the company a "neutral" rating in a research report on Tuesday, May 27th. Morgan Stanley started coverage on Watsco in a report on Monday, April 14th. They set an "equal weight" rating and a $515.00 target price for the company. Wall Street Zen raised Watsco from a "sell" rating to a "hold" rating in a research report on Friday, May 9th. UBS Group decreased their price objective on Watsco from $475.00 to $455.00 and set a "neutral" rating for the company in a research note on Thursday, April 24th. Finally, Loop Capital raised their price objective on Watsco from $450.00 to $460.00 and gave the company a "hold" rating in a research report on Thursday, February 27th. Seven research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and an average target price of $486.67.

Watsco Trading Up 0.4%

Shares of NYSE WSO traded up $1.68 during trading on Tuesday, reaching $431.07. 157,744 shares of the company traded hands, compared to its average volume of 256,606. The stock has a market cap of $17.46 billion, a P/E ratio of 33.13 and a beta of 1.06. Watsco, Inc. has a 12-month low of $419.91 and a 12-month high of $571.42. The firm's fifty day simple moving average is $460.41 and its 200 day simple moving average is $481.63.

Watsco (NYSE:WSO - Get Free Report) last issued its quarterly earnings data on Wednesday, April 23rd. The construction company reported $1.93 EPS for the quarter, missing the consensus estimate of $2.29 by ($0.36). The business had revenue of $1.53 billion during the quarter, compared to analyst estimates of $1.66 billion. Watsco had a net margin of 6.98% and a return on equity of 17.13%. The firm's revenue for the quarter was down 2.2% on a year-over-year basis. During the same period in the previous year, the business posted $2.17 earnings per share. As a group, research analysts expect that Watsco, Inc. will post 14.62 EPS for the current year.

Watsco Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, April 30th. Shareholders of record on Tuesday, April 15th were issued a dividend of $3.00 per share. The ex-dividend date of this dividend was Tuesday, April 15th. This represents a $12.00 dividend on an annualized basis and a dividend yield of 2.78%. This is a boost from Watsco's previous quarterly dividend of $2.70. Watsco's dividend payout ratio is presently 92.24%.

Watsco 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.