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

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

Several other large investors also recently added to or reduced their stakes in the business. Blue Trust Inc. grew its position in Watsco by 16.2% in the first quarter. Blue Trust Inc. now owns 315 shares of the construction company's stock worth $160,000 after acquiring an additional 44 shares in the last quarter. Centennial Wealth Advisory LLC grew its position in Watsco by 2.9% in 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 in the last quarter. State of Alaska Department of Revenue grew its position in Watsco by 2.6% in the first quarter. State of Alaska Department of Revenue now owns 4,077 shares of the construction company's stock worth $2,072,000 after acquiring an additional 105 shares in the last quarter. LifeWealth Investments LLC grew its position in Watsco by 37.8% in the first quarter. LifeWealth Investments LLC now owns 641 shares of the construction company's stock worth $326,000 after acquiring an additional 176 shares in the last quarter. Finally, Crown Oak Advisors LLC grew its position in Watsco by 1.0% in the first quarter. Crown Oak Advisors LLC now owns 24,371 shares of the construction company's stock worth $12,388,000 after acquiring an additional 250 shares in the last quarter. 89.71% of the stock is owned by institutional investors.

Analyst Ratings Changes

WSO has been the subject of several recent analyst reports. Wall Street Zen raised shares of Watsco from a "sell" rating to a "hold" rating in a report on Friday, May 9th. JPMorgan Chase & Co. upped their price objective on shares of Watsco from $445.00 to $460.00 and gave the stock a "neutral" rating in a report on Tuesday, May 27th. Loop Capital upped their price objective on shares of Watsco from $450.00 to $460.00 and gave the stock a "hold" rating in a report on Thursday, February 27th. Morgan Stanley initiated coverage on shares of Watsco in a report on Monday, April 14th. They set an "equal weight" rating and a $515.00 price objective for the company. Finally, Mizuho set a $490.00 price objective on shares of Watsco in a report on Thursday, April 24th. Seven analysts have rated the stock with a hold rating and one has given a buy rating to the company's stock. Based on data from MarketBeat.com, Watsco presently has a consensus rating of "Hold" and an average price target of $486.67.

Watsco Price Performance

Shares of Watsco stock opened at $423.61 on Friday. Watsco, Inc. has a fifty-two week low of $422.99 and a fifty-two week high of $571.42. The firm has a fifty day moving average price of $463.89 and a two-hundred day moving average price of $483.81. The company has a market cap of $17.16 billion, a PE ratio of 32.56 and a beta of 1.06.

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

Watsco Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, April 30th. Shareholders of record on Tuesday, April 15th were issued a $3.00 dividend. The ex-dividend date was Tuesday, April 15th. This is an increase from Watsco's previous quarterly dividend of $2.70. This represents a $12.00 dividend on an annualized basis and a yield of 2.83%. Watsco's dividend payout ratio is 92.24%.

About Watsco

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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