Royal Bank of Canada Buys 3,301 Shares of Watsco, Inc. (NYSE:WSO)

Royal Bank of Canada boosted its stake in shares of Watsco, Inc. (NYSE:WSO - Free Report) by 1.5% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 228,115 shares of the construction company's stock after purchasing an additional 3,301 shares during the period. Royal Bank of Canada owned about 0.56% of Watsco worth $108,102,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of WSO. Rialto Wealth Management LLC purchased a new position in Watsco during the fourth quarter valued at $31,000. Wingate Wealth Advisors Inc. purchased a new position in Watsco during the fourth quarter valued at $36,000. Atala Financial Inc purchased a new position in Watsco during the fourth quarter valued at $49,000. Golden State Wealth Management LLC purchased a new position in Watsco during the fourth quarter valued at $50,000. Finally, Tortoise Investment Management LLC lifted its position in Watsco by 76.2% during the fourth quarter. Tortoise Investment Management LLC now owns 148 shares of the construction company's stock valued at $70,000 after purchasing an additional 64 shares in the last quarter. 89.71% of the stock is currently owned by hedge funds and other institutional investors.

Watsco Trading Down 0.2%

Shares of NYSE:WSO traded down $1.11 during mid-day trading on Friday, reaching $454.98. The stock had a trading volume of 252,686 shares, compared to its average volume of 254,528. The company has a market cap of $18.43 billion, a P/E ratio of 34.34 and a beta of 1.11. Watsco, Inc. has a 1 year low of $439.08 and a 1 year high of $571.42. The business's 50 day moving average price is $485.90 and its 200 day moving average price is $496.42.

Watsco (NYSE:WSO - Get Free Report) last posted its earnings results on Wednesday, April 23rd. The construction company reported $1.93 EPS for the quarter, missing analysts' consensus estimates of $2.29 by ($0.36). The firm had revenue of $1.53 billion during the quarter, compared to analysts' expectations of $1.66 billion. Watsco had a return on equity of 17.59% and a net margin of 7.04%. Watsco's quarterly revenue was down 2.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.17 earnings per share. Analysts predict that Watsco, Inc. will post 14.62 earnings per share for the current fiscal year.

Watsco Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, April 30th. Investors of record on Tuesday, April 15th were given a $3.00 dividend. 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 dividend yield of 2.64%. The ex-dividend date of this dividend was Tuesday, April 15th. Watsco's payout ratio is currently 92.24%.

Analyst Ratings Changes

Several brokerages have recently commented on WSO. Wall Street Zen upgraded Watsco from a "sell" rating to a "hold" rating in a research report on Friday, May 9th. Loop Capital boosted 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. 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 on the stock. UBS Group lowered their price objective on Watsco from $475.00 to $455.00 and set a "neutral" rating on the stock in a research report on Thursday, April 24th. Finally, Robert W. Baird lowered their price objective on Watsco from $560.00 to $540.00 and set an "outperform" rating on the stock in a research report on Thursday, April 24th. Seven research analysts have rated the stock with a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat, Watsco currently has a consensus rating of "Hold" and a consensus price target of $480.83.

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.