Riverbridge Partners LLC Sells 9,949 Shares of Watsco, Inc. (NYSE:WSO)

Riverbridge Partners LLC reduced its stake in shares of Watsco, Inc. (NYSE:WSO - Free Report) by 8.8% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 103,523 shares of the construction company's stock after selling 9,949 shares during the quarter. Riverbridge Partners LLC owned 0.26% of Watsco worth $52,621,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. GAMMA Investing LLC increased its stake in shares of Watsco by 89,376.0% in the first quarter. GAMMA Investing LLC now owns 477,802 shares of the construction company's stock valued at $242,867,000 after buying an additional 477,268 shares in the last quarter. Norges Bank acquired a new stake in shares of Watsco in the fourth quarter valued at $118,312,000. Lord Abbett & CO. LLC acquired a new stake in shares of Watsco in the fourth quarter valued at $104,533,000. Proficio Capital Partners LLC acquired a new stake in shares of Watsco in the fourth quarter valued at $63,603,000. Finally, Charles Schwab Investment Management Inc. increased its stake in shares of Watsco by 9.5% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,371,535 shares of the construction company's stock valued at $649,957,000 after buying an additional 118,713 shares in the last quarter. 89.71% of the stock is currently owned by institutional investors and hedge funds.

Watsco Stock Performance

WSO traded up $8.35 during midday trading on Monday, reaching $430.19. 281,500 shares of the company were exchanged, compared to its average volume of 256,458. Watsco, Inc. has a one year low of $415.70 and a one year high of $571.42. The stock has a market capitalization of $17.43 billion, a P/E ratio of 33.07 and a beta of 1.06. The stock's 50-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 earnings results on Wednesday, April 23rd. The construction company reported $1.93 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.29 by ($0.36). Watsco had a return on equity of 17.13% and a net margin of 6.98%. The company had revenue of $1.53 billion for the quarter, compared to the consensus estimate of $1.66 billion. During the same quarter last year, the business posted $2.17 EPS. Watsco's quarterly revenue was down 2.2% on a year-over-year basis. On average, research analysts anticipate that Watsco, Inc. will post 14.62 earnings per share for the current year.

Watsco Increases Dividend

The business 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 yield of 2.79%. This is a boost from Watsco's previous quarterly dividend of $2.70. Watsco's dividend payout ratio (DPR) is 92.24%.

Analyst Ratings Changes

A number of analysts have recently weighed in on WSO shares. Loop Capital raised their target price on Watsco from $450.00 to $460.00 and gave the company a "hold" rating in a research note on Thursday, February 27th. Mizuho set a $490.00 target price on Watsco in a research note on Thursday, April 24th. Morgan Stanley began coverage on Watsco in a research report on Monday, April 14th. They issued an "equal weight" rating and a $515.00 price objective for the company. JPMorgan Chase & Co. lifted 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. Finally, UBS Group lowered their price objective on Watsco from $475.00 to $455.00 and set a "neutral" rating for the company in a research report on Thursday, April 24th. Seven equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $486.67.

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.