Mackenzie Financial Corp Reduces Holdings in Watsco, Inc. (NYSE:WSO)

Mackenzie Financial Corp lessened its position in shares of Watsco, Inc. (NYSE:WSO - Free Report) by 19.8% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 5,158 shares of the construction company's stock after selling 1,277 shares during the quarter. Mackenzie Financial Corp's holdings in Watsco were worth $2,444,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of WSO. Rialto Wealth Management LLC purchased a new stake in Watsco in the fourth quarter valued at $31,000. Wingate Wealth Advisors Inc. acquired a new stake in Watsco during the fourth quarter worth about $36,000. Atala Financial Inc acquired a new stake in Watsco during the fourth quarter worth about $49,000. Golden State Wealth Management LLC acquired a new stake in Watsco during the fourth quarter worth about $50,000. Finally, Tortoise Investment Management LLC grew its holdings in Watsco by 76.2% during the fourth quarter. Tortoise Investment Management LLC now owns 148 shares of the construction company's stock worth $70,000 after acquiring an additional 64 shares during the period. 89.71% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on WSO shares. Loop Capital upped their price objective on shares of Watsco from $450.00 to $460.00 and gave the stock a "hold" rating in a research report on Thursday, February 27th. Robert W. Baird decreased their price objective on shares of Watsco from $560.00 to $540.00 and set an "outperform" rating for the company in a research report on Thursday, April 24th. Mizuho set a $490.00 price objective 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. Finally, JPMorgan Chase & Co. upped their price objective on shares of Watsco from $445.00 to $460.00 and gave the stock a "neutral" rating in a research report on Tuesday. Seven analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $486.67.

Watsco Stock Performance

Shares of WSO stock traded down $2.50 on Friday, reaching $443.35. 405,339 shares of the company were exchanged, compared to its average volume of 257,546. The company has a market cap of $17.96 billion, a price-to-earnings ratio of 33.46 and a beta of 1.11. The business has a 50-day moving average price of $480.08 and a 200 day moving average price of $494.03. Watsco, Inc. has a 1 year low of $435.58 and a 1 year high of $571.42.

Watsco (NYSE:WSO - Get Free Report) last released 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). Watsco had a return on equity of 17.59% and a net margin of 7.04%. The company had revenue of $1.53 billion for the quarter, compared to analysts' expectations of $1.66 billion. During the same period in the prior year, the firm earned $2.17 EPS. The firm's revenue for the quarter was down 2.2% on a year-over-year basis. As a group, equities analysts anticipate that Watsco, Inc. will post 14.62 earnings per share for the current year.

Watsco Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, April 30th. Investors of record on Tuesday, April 15th were paid a dividend of $3.00 per share. This represents a $12.00 annualized dividend and a yield of 2.71%. The ex-dividend date of this dividend was Tuesday, April 15th. This is a boost from Watsco's previous quarterly dividend of $2.70. Watsco's dividend payout ratio is currently 92.24%.

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.