Watsco, Inc. $WSO Holdings Reduced by Corebridge Financial Inc.

Key Points

• Corebridge Financial Inc. reduced its stake in Watsco, Inc. by 2.4%, holding 38,469 shares valued at approximately $19.55 million as of the end of the last quarter.
• Watsco reported $4.52 earnings per share for the last quarter, which fell short of analyst expectations, with revenues of $2.06 billion, down 3.6% year-over-year.
• The company announced a quarterly dividend of $3.00 per share, reflecting a $12.00 annualized dividend and a payout ratio of 92.02%.

Corebridge Financial Inc. lessened its holdings in shares of Watsco, Inc. (NYSE:WSO - Free Report) by 2.4% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 38,469 shares of the construction company's stock after selling 940 shares during the quarter. Corebridge Financial Inc. owned 0.10% of Watsco worth $19,554,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of WSO. Manitou Investment Management Ltd. acquired a new stake in Watsco in the first quarter valued at $25,000. Opal Wealth Advisors LLC acquired a new position in Watsco during the 1st quarter worth $25,000. TCTC Holdings LLC increased its position in shares of Watsco by 115.4% in the 1st quarter. TCTC Holdings LLC now owns 56 shares of the construction company's stock worth $28,000 after purchasing an additional 30 shares during the last quarter. City Holding Co. bought a new stake in shares of Watsco in the 1st quarter worth about $29,000. Finally, Rossby Financial LCC acquired a new stake in shares of Watsco in the 1st quarter valued at about $33,000. 89.71% of the stock is currently owned by hedge funds and other institutional investors.

Watsco Price Performance

Shares of NYSE WSO traded down $6.93 during mid-day trading on Thursday, hitting $401.74. The company had a trading volume of 174,750 shares, compared to its average volume of 334,525. Watsco, Inc. has a 12 month low of $397.73 and a 12 month high of $571.41. The stock has a market cap of $16.29 billion, a price-to-earnings ratio of 30.81 and a beta of 0.95. The firm's 50 day simple moving average is $442.97 and its two-hundred day simple moving average is $467.59.

Watsco (NYSE:WSO - Get Free Report) last issued 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 company had revenue of $2.06 billion for the quarter, compared to the consensus estimate of $2.24 billion. Watsco had a return on equity of 16.96% and a net margin of 7.08%.Watsco's quarterly revenue was down 3.6% compared to the same quarter last year. During the same quarter in the previous year, the company earned $4.49 earnings per share. Equities analysts forecast that Watsco, Inc. will post 14.62 earnings per share for the current year.

Watsco Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, July 31st. Investors 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 annualized dividend and a yield of 3.0%. Watsco's dividend payout ratio (DPR) is currently 92.02%.

Analysts Set New Price Targets

A number of equities analysts recently commented on the company. Wall Street Zen upgraded Watsco from a "sell" rating to a "hold" rating in a research note on Friday, May 9th. JPMorgan Chase & Co. increased their target price on Watsco from $445.00 to $460.00 and gave the stock a "neutral" rating in a report on Tuesday, May 27th. UBS Group lowered their price target on Watsco from $455.00 to $450.00 and set a "neutral" rating for the company in a report on Wednesday, June 25th. Finally, Morgan Stanley set a $505.00 price target on Watsco in a research report on Wednesday, July 2nd. One investment analyst has rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat, Watsco 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.