Focus Partners Wealth Boosts Stock Position in Watsco, Inc. (NYSE:WSO)

Focus Partners Wealth grew its stake in shares of Watsco, Inc. (NYSE:WSO - Free Report) by 48.0% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 7,714 shares of the construction company's stock after buying an additional 2,502 shares during the period. Focus Partners Wealth's holdings in Watsco were worth $3,707,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. JPMorgan Chase & Co. lifted its holdings in Watsco by 9.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 464,061 shares of the construction company's stock worth $228,263,000 after purchasing an additional 41,845 shares in the last quarter. Fifth Third Wealth Advisors LLC lifted its holdings in Watsco by 19.0% in the 4th quarter. Fifth Third Wealth Advisors LLC now owns 1,299 shares of the construction company's stock worth $616,000 after purchasing an additional 207 shares in the last quarter. Avanza Fonder AB purchased a new position in Watsco in the 4th quarter worth approximately $1,854,000. Verity & Verity LLC bought a new stake in Watsco in the 4th quarter worth approximately $644,000. Finally, HB Wealth Management LLC purchased a new stake in shares of Watsco during the 4th quarter worth approximately $359,000. 89.71% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts have recently issued reports on WSO shares. Loop Capital upped their price objective on Watsco from $450.00 to $460.00 and gave the stock a "hold" rating in a report on Thursday, February 27th. Mizuho set a $490.00 price objective on Watsco in a report on Thursday, April 24th. UBS Group decreased their price objective on Watsco from $475.00 to $455.00 and set a "neutral" rating on the stock in a report on Thursday, April 24th. StockNews.com raised Watsco from a "sell" rating to a "hold" rating in a report on Friday, May 9th. Finally, Morgan Stanley started coverage on Watsco in a report on Monday, April 14th. They set an "equal weight" rating and a $515.00 price objective on the stock. Seven investment analysts have rated the stock with a hold rating and one has issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $480.83.

Watsco Stock Performance

NYSE WSO opened at $478.93 on Friday. The company has a market cap of $19.35 billion, a P/E ratio of 36.15 and a beta of 1.11. The business's 50 day moving average price is $490.08 and its 200-day moving average price is $497.02. Watsco, Inc. has a fifty-two week low of $439.08 and a fifty-two week 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 earnings per share for the quarter, missing the consensus estimate 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 7.04% and a return on equity of 17.59%. The business's revenue for the quarter was down 2.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $2.17 EPS. As a group, equities analysts predict that Watsco, Inc. will post 14.62 EPS for the current year.

Watsco Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, April 30th. Stockholders of record on Tuesday, April 15th were given a dividend of $3.00 per share. The ex-dividend date was Tuesday, April 15th. This represents a $12.00 annualized dividend and a dividend yield of 2.51%. This is an increase from Watsco's previous quarterly dividend of $2.70. Watsco's payout ratio is currently 92.24%.

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.

Want to see what other hedge funds are holding WSO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Watsco, Inc. (NYSE:WSO - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.