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

Key Points

• Vestcor Inc has reduced its stake in Watsco, Inc. by 40.4% in the first quarter, owning 1,428 shares worth $726,000 after selling 968 shares.
• Watsco, Inc. reported a loss in earnings per share, with $4.52 EPS compared to the consensus estimate of $4.84, and total revenue of $2.06 billion, which was below analyst expectations.
• The company declared a quarterly dividend of $3.00, resulting in an annualized yield of 2.8% with a payout ratio of 92.24%.

Vestcor Inc lessened its holdings in shares of Watsco, Inc. (NYSE:WSO - Free Report) by 40.4% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,428 shares of the construction company's stock after selling 968 shares during the quarter. Vestcor Inc's holdings in Watsco were worth $726,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Manitou Investment Management Ltd. purchased a new stake in shares of Watsco in the first quarter worth $25,000. Opal Wealth Advisors LLC purchased a new stake in shares of Watsco in the first quarter worth $25,000. TCTC Holdings LLC grew its stake in shares of Watsco by 115.4% in the first quarter. TCTC Holdings LLC now owns 56 shares of the construction company's stock worth $28,000 after acquiring an additional 30 shares during the last quarter. City Holding Co. purchased a new stake in shares of Watsco in the first quarter worth $29,000. Finally, Rossby Financial LCC purchased a new stake in shares of Watsco in the first quarter worth $33,000. 89.71% of the stock is owned by hedge funds and other institutional investors.

Watsco Stock Up 0.2%

Shares of WSO stock traded up $0.96 on Thursday, hitting $419.01. The stock had a trading volume of 349,932 shares, compared to its average volume of 302,593. The business has a 50 day moving average price of $450.42 and a 200 day moving average price of $475.26. The company has a market cap of $16.97 billion, a PE ratio of 32.09 and a beta of 0.95. Watsco, Inc. has a one year low of $413.99 and a one year high of $571.41.

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

Watsco Dividend Announcement

The company also recently disclosed 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 2.9%. The ex-dividend date was Wednesday, July 16th. Watsco's dividend payout ratio (DPR) is presently 92.02%.

Analyst Ratings Changes

Several equities research analysts recently commented on WSO shares. UBS Group dropped their price objective on Watsco from $455.00 to $450.00 and set a "neutral" rating on the stock in a research report on Wednesday, June 25th. Mizuho set a $490.00 price objective on Watsco in a research note on Thursday, April 24th. Morgan Stanley set a $505.00 target price on Watsco in a research note on Wednesday, July 2nd. JPMorgan Chase & Co. lifted their target price on Watsco from $445.00 to $460.00 and gave the company a "neutral" rating in a research note on Tuesday, May 27th. Finally, Robert W. Baird reduced their price objective on Watsco from $560.00 to $540.00 and set an "outperform" rating on the stock in a research note on Thursday, April 24th. Seven analysts have rated the stock with a hold rating and one has given a buy rating to the company. According to data from MarketBeat, Watsco presently has a consensus rating of "Hold" and an average target price of $484.17.

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.