Watsco, Inc. (NYSE:WSO) Shares Acquired by Charles Schwab Investment Management Inc.

Key Points

• Charles Schwab Investment Management increased its stake in Watsco, Inc. by 6.0%, owning approximately 1.45 million shares valued at $739.1 million.
• Watsco reported a quarterly EPS of $4.52, missing analysts' expectations of $4.84, with revenues of $2.06 billion against estimates of $2.24 billion, indicating a 3.6% year-over-year decline.
• Watsco announced a quarterly dividend of $3.00, translating to an annual yield of 2.9%, with a payout ratio currently at 92.02%.

Charles Schwab Investment Management Inc. boosted its stake in Watsco, Inc. (NYSE:WSO - Free Report) by 6.0% during the first quarter, according to its most recent 13F filing with the SEC. The firm owned 1,454,512 shares of the construction company's stock after acquiring an additional 82,977 shares during the quarter. Charles Schwab Investment Management Inc. owned 3.60% of Watsco worth $739,088,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Manitou Investment Management Ltd. acquired a new stake in Watsco in the 1st quarter worth about $25,000. Opal Wealth Advisors LLC acquired a new position in shares of Watsco during the first quarter valued at approximately $25,000. TCTC Holdings LLC lifted its position in shares of Watsco by 115.4% in the first quarter. TCTC Holdings LLC now owns 56 shares of the construction company's stock valued at $28,000 after acquiring an additional 30 shares in the last quarter. City Holding Co. acquired a new stake in shares of Watsco in the first quarter worth approximately $29,000. Finally, Rossby Financial LCC purchased a new stake in shares of Watsco during the first quarter worth approximately $33,000. Hedge funds and other institutional investors own 89.71% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on WSO shares. Mizuho set a $490.00 price objective on Watsco in a report on Thursday, April 24th. Robert W. Baird decreased their price target on shares of Watsco from $560.00 to $540.00 and set an "outperform" rating on the stock in a research note on Thursday, April 24th. Morgan Stanley set a $505.00 price target on shares of Watsco in a research report on Wednesday, July 2nd. UBS Group cut their price objective on shares of Watsco from $455.00 to $450.00 and set a "neutral" rating for the company in a report on Wednesday, June 25th. Finally, Wall Street Zen upgraded Watsco from a "sell" rating to a "hold" rating in a report on Friday, May 9th. Seven equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $484.17.

Watsco Trading Down 0.4%

Watsco stock opened at $416.31 on Friday. The company has a 50-day moving average price of $449.84 and a 200 day moving average price of $474.71. Watsco, Inc. has a 12-month low of $413.99 and a 12-month high of $571.41. The stock has a market cap of $16.86 billion, a P/E ratio of 31.93 and a beta of 0.95.

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

Watsco Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, July 31st. Shareholders of record on Wednesday, July 16th were given a $3.00 dividend. The ex-dividend date was Wednesday, July 16th. This represents a $12.00 dividend on an annualized basis and a yield of 2.9%. Watsco's payout ratio is currently 92.02%.

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.

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