Victory Capital Management Inc. Sells 2,824 Shares of Watsco, Inc. (NYSE:WSO)

Victory Capital Management Inc. lessened its holdings in shares of Watsco, Inc. (NYSE:WSO - Free Report) by 10.6% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 23,936 shares of the construction company's stock after selling 2,824 shares during the quarter. Victory Capital Management Inc. owned 0.06% of Watsco worth $12,167,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. KLP Kapitalforvaltning AS bought a new stake in Watsco during the fourth quarter valued at $5,592,000. LPL Financial LLC raised its position in shares of Watsco by 21.6% during the 4th quarter. LPL Financial LLC now owns 27,557 shares of the construction company's stock valued at $13,059,000 after buying an additional 4,898 shares in the last quarter. Vanguard Group Inc. raised its position in Watsco by 1.5% in the 4th quarter. Vanguard Group Inc. now owns 3,618,109 shares of the construction company's stock worth $1,714,586,000 after purchasing an additional 52,127 shares during the period. Congress Wealth Management LLC DE boosted its stake in shares of Watsco by 9.2% during the 4th quarter. Congress Wealth Management LLC DE now owns 867 shares of the construction company's stock valued at $412,000 after purchasing an additional 73 shares in the last quarter. Finally, EntryPoint Capital LLC bought a new stake in Watsco during the fourth quarter worth about $322,000. Institutional investors and hedge funds own 89.71% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the stock. 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 decreased their price objective on shares of Watsco from $455.00 to $450.00 and set a "neutral" rating for the company in a research note on Wednesday, June 25th. Morgan Stanley set a $505.00 price target on shares of Watsco in a report on Wednesday, July 2nd. Mizuho set a $490.00 price objective on shares of Watsco in a research report on Thursday, April 24th. Finally, Robert W. Baird reduced their price target on Watsco from $560.00 to $540.00 and set an "outperform" rating on the stock in a research report on Thursday, April 24th. Seven research analysts have rated the stock with a hold rating and one has issued a buy rating to the company's stock. According to data from MarketBeat.com, Watsco presently has a consensus rating of "Hold" and a consensus price target of $484.17.

Watsco Stock Performance

Watsco stock traded up $4.49 during midday trading on Friday, reaching $489.18. The stock had a trading volume of 208,797 shares, compared to its average volume of 291,063. The stock has a market capitalization of $19.82 billion, a P/E ratio of 37.60 and a beta of 1.04. Watsco, Inc. has a 1-year low of $418.31 and a 1-year high of $571.41. The firm's fifty day simple moving average is $453.23 and its 200-day simple moving average is $476.98.

Watsco (NYSE:WSO - Get Free Report) last released its earnings results on Wednesday, April 23rd. The construction company reported $1.93 earnings per share for the quarter, missing analysts' consensus estimates of $2.29 by ($0.36). The company had revenue of $1.53 billion for the quarter, compared to the consensus estimate of $1.66 billion. Watsco had a net margin of 6.98% and a return on equity of 17.13%. The business's revenue was down 2.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.17 earnings per share. On average, sell-side analysts anticipate that Watsco, Inc. will post 14.62 earnings per share for the current fiscal year.

Watsco Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, July 31st. Stockholders of record on Wednesday, July 16th will be given a $3.00 dividend. This represents a $12.00 annualized dividend and a dividend yield of 2.45%. The ex-dividend date of this dividend is Wednesday, July 16th. Watsco's dividend payout ratio (DPR) is presently 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.