Riverbridge Partners LLC Sells 10,920 Shares of Watsco, Inc. $WSO

Key Points

• Riverbridge Partners LLC reduced its stake in Watsco, Inc. by 10.5%, selling 10,920 shares, and now holds approximately 0.23% of the company valued at $40.9 million.
• Watsco reported earnings of $4.52 per share for the latest quarter, missing analysts' estimates, with revenue declining 3.6% year-over-year.
• The company declared a quarterly dividend of $3.00 per share, resulting in an annualized dividend of $12.00 and a dividend yield of 3.1%.

Riverbridge Partners LLC decreased its holdings in shares of Watsco, Inc. (NYSE:WSO - Free Report) by 10.5% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 92,603 shares of the construction company's stock after selling 10,920 shares during the quarter. Riverbridge Partners LLC owned approximately 0.23% of Watsco worth $40,895,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the business. Centennial Wealth Advisory LLC lifted its stake in shares of Watsco by 2.9% in the 1st quarter. Centennial Wealth Advisory LLC now owns 776 shares of the construction company's stock valued at $395,000 after purchasing an additional 22 shares during the last quarter. Cary Street Partners Financial LLC lifted its stake in shares of Watsco by 2.2% in the 1st quarter. Cary Street Partners Financial LLC now owns 1,073 shares of the construction company's stock valued at $545,000 after purchasing an additional 23 shares during the last quarter. Freedom Investment Management Inc. lifted its stake in shares of Watsco by 4.8% in the 1st quarter. Freedom Investment Management Inc. now owns 504 shares of the construction company's stock valued at $256,000 after purchasing an additional 23 shares during the last quarter. Valeo Financial Advisors LLC lifted its stake in shares of Watsco by 2.3% in the 1st quarter. Valeo Financial Advisors LLC now owns 1,056 shares of the construction company's stock valued at $537,000 after purchasing an additional 24 shares during the last quarter. Finally, First Horizon Advisors Inc. lifted its stake in shares of Watsco by 4.6% in the 1st quarter. First Horizon Advisors Inc. now owns 569 shares of the construction company's stock valued at $290,000 after purchasing an additional 25 shares during the last quarter. Institutional investors and hedge funds own 89.71% of the company's stock.

Watsco Price Performance

Watsco stock opened at $391.44 on Thursday. The firm has a market cap of $15.87 billion, a price-to-earnings ratio of 30.02 and a beta of 0.95. Watsco, Inc. has a fifty-two week low of $378.35 and a fifty-two week high of $571.41. The firm has a fifty day moving average price of $421.01 and a two-hundred day moving average price of $454.28.

Watsco (NYSE:WSO - Get Free Report) last released its earnings results on Wednesday, July 30th. The construction company reported $4.52 earnings per share for the quarter, missing analysts' consensus estimates of $4.84 by ($0.32). The firm had revenue of $2.06 billion for the quarter, compared to analyst estimates of $2.24 billion. Watsco had a return on equity of 16.96% and a net margin of 7.08%.The firm's revenue was down 3.6% on a year-over-year basis. During the same period in the prior year, the firm earned $4.49 EPS. As a group, sell-side analysts expect that Watsco, Inc. will post 14.62 earnings per share for the current year.

Watsco Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, July 31st. Stockholders of record on Wednesday, July 16th were issued a dividend of $3.00 per share. The ex-dividend date was Wednesday, July 16th. This represents a $12.00 annualized dividend and a dividend yield of 3.1%. Watsco's payout ratio is presently 92.02%.

Wall Street Analyst Weigh In

Several research firms recently issued reports on WSO. UBS Group reduced their price objective on shares of Watsco from $450.00 to $425.00 and set a "neutral" rating for the company in a research note on Tuesday. Morgan Stanley set a $505.00 price objective on shares of Watsco in a research note on Wednesday, July 2nd. One equities research analyst has rated the stock with a Buy rating and six have given a Hold rating to the stock. According to MarketBeat, Watsco currently has a consensus rating of "Hold" and an average target price of $480.00.

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.

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