Jennison Associates LLC Has $24.84 Million Stock Holdings in Watsco, Inc. (NYSE:WSO)

Jennison Associates LLC lowered its stake in shares of Watsco, Inc. (NYSE:WSO - Free Report) by 37.6% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 48,877 shares of the construction company's stock after selling 29,463 shares during the quarter. Jennison Associates LLC owned approximately 0.12% of Watsco worth $24,844,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Opal Wealth Advisors LLC bought a new stake in Watsco during the 1st quarter worth about $25,000. Manitou Investment Management Ltd. acquired a new position in Watsco during the 1st quarter valued at about $25,000. City Holding Co. acquired a new position in Watsco during the 1st quarter valued at about $29,000. Rossby Financial LCC acquired a new position in Watsco during the 1st quarter valued at about $33,000. Finally, ST Germain D J Co. Inc. lifted its position in Watsco by 260.0% during the 1st quarter. ST Germain D J Co. Inc. now owns 72 shares of the construction company's stock valued at $37,000 after purchasing an additional 52 shares during the period. Institutional investors own 89.71% of the company's stock.

Watsco Stock Performance

WSO stock traded down $1.26 during mid-day trading on Friday, hitting $471.16. 247,223 shares of the company were exchanged, compared to its average volume of 261,635. The firm has a market cap of $19.09 billion, a P/E ratio of 36.22 and a beta of 1.04. The firm's 50 day simple moving average is $453.21 and its 200 day simple moving average is $476.79. Watsco, Inc. has a 1-year low of $418.31 and a 1-year high of $571.42.

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 the consensus estimate of $2.29 by ($0.36). The business had revenue of $1.53 billion for the quarter, compared to the consensus estimate of $1.66 billion. Watsco had a return on equity of 17.13% and a net margin of 6.98%. Watsco's revenue was down 2.2% compared to the same quarter last year. During the same period in the prior year, the business earned $2.17 earnings per share. On average, equities research analysts predict that Watsco, Inc. will post 14.62 EPS for the current fiscal year.

Watsco Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, July 31st. Investors of record on Wednesday, July 16th will be paid a $3.00 dividend. The ex-dividend date is Wednesday, July 16th. This represents a $12.00 annualized dividend and a dividend yield of 2.55%. Watsco's dividend payout ratio is presently 92.24%.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on WSO. JPMorgan Chase & Co. upped their target price on shares of Watsco from $445.00 to $460.00 and gave the company a "neutral" rating in a research report on Tuesday, May 27th. Mizuho set a $490.00 price target on shares of Watsco in a research report on Thursday, April 24th. Wall Street Zen upgraded shares of Watsco from a "sell" rating to a "hold" rating in a research report on Friday, May 9th. UBS Group cut their price target on shares of Watsco from $455.00 to $450.00 and set a "neutral" rating on the stock in a research report on Wednesday, June 25th. Finally, Morgan Stanley set a $505.00 price target on shares of Watsco in a research report on Wednesday, July 2nd. Seven analysts have rated the stock with a hold rating and one has assigned a buy rating to the company's stock. According to MarketBeat, the stock presently has an average 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.