Watsco, Inc. (NYSE:WSO) Shares Sold by Vanguard Group Inc.

Key Points

• Vanguard Group Inc. has decreased its stake in Watsco, Inc. by 1.4%, selling 49,247 shares and owning a total of 3,568,862 shares worth approximately $1.81 billion.
• Watsco reported a miss in its quarterly earnings with an EPS of $4.52, falling short of analysts' expectations of $4.84, alongside a revenue decline of 3.6% year-over-year.
• Watsco has declared a quarterly dividend of $3.00 per share, reflecting an annualized yield of 2.9% with a payout ratio of 92.02%.

Vanguard Group Inc. lessened its position in Watsco, Inc. (NYSE:WSO - Free Report) by 1.4% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,568,862 shares of the construction company's stock after selling 49,247 shares during the period. Vanguard Group Inc. owned about 8.83% of Watsco worth $1,814,053,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Centennial Wealth Advisory LLC lifted its position 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 worth $395,000 after purchasing an additional 22 shares during the period. Cary Street Partners Financial LLC raised its holdings in Watsco by 2.2% during the first quarter. Cary Street Partners Financial LLC now owns 1,073 shares of the construction company's stock worth $545,000 after buying an additional 23 shares during the last quarter. Valeo Financial Advisors LLC raised its holdings in Watsco by 2.3% during the first quarter. Valeo Financial Advisors LLC now owns 1,056 shares of the construction company's stock worth $537,000 after buying an additional 24 shares during the last quarter. First Horizon Advisors Inc. grew 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 worth $290,000 after acquiring an additional 25 shares in the last quarter. Finally, Nicolet Advisory Services LLC grew its stake in shares of Watsco by 1.5% in the 1st quarter. Nicolet Advisory Services LLC now owns 1,705 shares of the construction company's stock worth $851,000 after acquiring an additional 25 shares in the last quarter. Institutional investors own 89.71% of the company's stock.

Watsco Stock Up 1.7%

Shares of Watsco stock traded up $7.02 on Tuesday, reaching $422.56. 227,416 shares of the stock were exchanged, compared to its average volume of 371,397. Watsco, Inc. has a twelve month low of $403.01 and a twelve month high of $571.41. The firm has a market capitalization of $17.12 billion, a price-to-earnings ratio of 32.40 and a beta of 0.95. The business has a 50 day moving average price of $448.35 and a two-hundred day moving average price of $472.76.

Watsco (NYSE:WSO - Get Free Report) last posted its quarterly earnings data on Wednesday, July 30th. The construction company reported $4.52 EPS for the quarter, missing analysts' consensus estimates of $4.84 by ($0.32). The business had revenue of $2.06 billion during the quarter, compared to analysts' expectations of $2.24 billion. Watsco had a net margin of 7.08% and a return on equity of 16.96%. The firm's quarterly revenue was down 3.6% compared to the same quarter last year. During the same quarter last year, the firm earned $4.49 earnings per share. Research analysts forecast that Watsco, Inc. will post 14.62 EPS for the current year.

Watsco Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, July 31st. Stockholders of record on Wednesday, July 16th were paid a $3.00 dividend. This represents a $12.00 annualized dividend and a dividend yield of 2.8%. The ex-dividend date of this dividend was Wednesday, July 16th. Watsco's dividend payout ratio is 92.02%.

Analyst Ratings Changes

Several equities analysts recently weighed in on WSO shares. UBS Group reduced their price target on shares of Watsco from $455.00 to $450.00 and set a "neutral" rating for the company in a research report on Wednesday, June 25th. Morgan Stanley set a $505.00 target price on shares of Watsco in a research note on Wednesday, July 2nd. Mizuho set a $490.00 target price on shares of Watsco in a report on Thursday, April 24th. Wall Street Zen upgraded shares of Watsco from a "sell" rating to a "hold" rating in a report on Friday, May 9th. Finally, JPMorgan Chase & Co. lifted their price target on shares of Watsco from $445.00 to $460.00 and gave the company a "neutral" rating in a report on Tuesday, May 27th. Seven investment analysts have rated the stock with a hold rating and one has given a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $484.17.

Watsco Company 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.