Royal Bank of Canada Purchases 1,482 Shares of Watsco, Inc. $WSO

Key Points

• Royal Bank of Canada increased its stake in Watsco, Inc. by 0.6%, owning approximately 0.57% of the company, valued at $116.7 million.
• Watsco reported earnings per share of $4.52 for the latest quarter, missing analysts' expectations and marking a 3.6% decrease in revenue year-over-year.
• The company declared a quarterly dividend of $3.00 per share, translating to an annualized yield of 3.0%, with a payout ratio of 92.02%.

Royal Bank of Canada boosted its position in shares of Watsco, Inc. (NYSE:WSO - Free Report) by 0.6% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 229,597 shares of the construction company's stock after purchasing an additional 1,482 shares during the period. Royal Bank of Canada owned 0.57% of Watsco worth $116,705,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of WSO. Centennial Wealth Advisory LLC lifted its holdings in Watsco by 2.9% during the 1st quarter. Centennial Wealth Advisory LLC now owns 776 shares of the construction company's stock worth $395,000 after buying an additional 22 shares in the last quarter. Cary Street Partners Financial LLC lifted its holdings in Watsco by 2.2% during the 1st quarter. Cary Street Partners Financial LLC now owns 1,073 shares of the construction company's stock worth $545,000 after buying an additional 23 shares in the last quarter. Freedom Investment Management Inc. lifted its holdings in Watsco by 4.8% during the 1st quarter. Freedom Investment Management Inc. now owns 504 shares of the construction company's stock worth $256,000 after buying an additional 23 shares in the last quarter. Valeo Financial Advisors LLC lifted its holdings in Watsco by 2.3% during the 1st quarter. Valeo Financial Advisors LLC now owns 1,056 shares of the construction company's stock worth $537,000 after buying an additional 24 shares in the last quarter. Finally, First Horizon Advisors Inc. lifted its holdings in Watsco by 4.6% during the 1st quarter. First Horizon Advisors Inc. now owns 569 shares of the construction company's stock worth $290,000 after buying an additional 25 shares in the last quarter. Institutional investors and hedge funds own 89.71% of the company's stock.

Analyst Ratings Changes

A number of research analysts have recently weighed in on the company. JPMorgan Chase & Co. increased their price target on Watsco from $445.00 to $460.00 and gave the company a "neutral" rating in a research note on Tuesday, May 27th. Morgan Stanley set a $505.00 price target on Watsco in a research note on Wednesday, July 2nd. Finally, UBS Group cut their price target on Watsco from $455.00 to $450.00 and set a "neutral" rating on the stock in a research note on Wednesday, June 25th. One equities research analyst has rated the stock with a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $484.17.

Watsco Stock Up 1.2%

Shares of WSO traded up $5.02 during trading hours on Friday, reaching $408.41. The stock had a trading volume of 241,987 shares, compared to its average volume of 282,389. Watsco, Inc. has a 52 week low of $390.36 and a 52 week high of $571.41. The firm has a 50-day moving average of $439.49 and a 200 day moving average of $463.70. The company has a market cap of $16.56 billion, a P/E ratio of 31.32 and a beta of 0.95.

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

Watsco Dividend Announcement

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

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.