Watsco, Inc. $WSO Shares Sold by Wellington Management Group LLP

Key Points

• Wellington Management Group LLP reduced its holdings in Watsco, Inc. by 6.7%, now owning approximately $167.83 million worth of shares.
• The company's earnings results for the last quarter indicated a decline, with EPS of $4.52 falling short of the $4.84 consensus estimate.
• Watsco announced a quarterly dividend of $3.00, equating to an annualized dividend of $12.00 and a dividend yield of 2.9%.

Wellington Management Group LLP cut its stake in shares of Watsco, Inc. (NYSE:WSO - Free Report) by 6.7% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 330,179 shares of the construction company's stock after selling 23,670 shares during the period. Wellington Management Group LLP owned 0.82% of Watsco worth $167,830,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in WSO. Centennial Wealth Advisory LLC raised its holdings in shares of Watsco by 2.9% in the first quarter. Centennial Wealth Advisory LLC now owns 776 shares of the construction company's stock worth $395,000 after buying an additional 22 shares during the period. Cary Street Partners Financial LLC grew its stake in Watsco by 2.2% in the first quarter. Cary Street Partners Financial LLC now owns 1,073 shares of the construction company's stock worth $545,000 after purchasing an additional 23 shares in the last quarter. Valeo Financial Advisors LLC grew its stake in Watsco by 2.3% in the first quarter. Valeo Financial Advisors LLC now owns 1,056 shares of the construction company's stock worth $537,000 after purchasing an additional 24 shares in the last quarter. First Horizon Advisors Inc. grew its stake in Watsco by 4.6% in the first quarter. First Horizon Advisors Inc. now owns 569 shares of the construction company's stock worth $290,000 after purchasing an additional 25 shares in the last quarter. Finally, Nicolet Advisory Services LLC grew its stake in Watsco by 1.5% in the first quarter. Nicolet Advisory Services LLC now owns 1,705 shares of the construction company's stock worth $851,000 after purchasing an additional 25 shares in the last quarter. 89.71% of the stock is currently owned by hedge funds and other institutional investors.

Watsco Price Performance

NYSE WSO traded down $0.89 during midday trading on Tuesday, hitting $407.11. 349,396 shares of the company traded hands, compared to its average volume of 378,337. The company has a market cap of $16.51 billion, a PE ratio of 31.22 and a beta of 0.95. The company's 50-day simple moving average is $443.68 and its 200-day simple moving average is $468.46. Watsco, Inc. has a 52 week low of $397.73 and a 52 week high of $571.41.

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

Watsco Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, July 31st. Stockholders of record on Wednesday, July 16th were given a $3.00 dividend. The ex-dividend date of this dividend was Wednesday, July 16th. This represents a $12.00 dividend on an annualized basis and a dividend yield of 2.9%. Watsco's dividend payout ratio (DPR) is presently 92.02%.

Analysts Set New Price Targets

Several research analysts recently issued reports on the company. UBS Group dropped their price objective on Watsco from $455.00 to $450.00 and set a "neutral" rating on the stock in a research note on Wednesday, June 25th. JPMorgan Chase & Co. increased their price objective on Watsco from $445.00 to $460.00 and gave the stock a "neutral" rating in a research note on Tuesday, May 27th. Morgan Stanley set a $505.00 price objective on Watsco in a research note on Wednesday, July 2nd. Finally, Wall Street Zen raised Watsco from a "sell" rating to a "hold" rating in a research note on Friday, May 9th. One research analyst has rated the stock with a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and an average target price of $484.17.

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.