Jennison Associates LLC Purchases 62,593 Shares of Watsco, Inc. (NYSE:WSO)

Jennison Associates LLC increased its position in Watsco, Inc. (NYSE:WSO - Free Report) by 50.9% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 185,633 shares of the construction company's stock after buying an additional 62,593 shares during the period. Jennison Associates LLC owned 0.47% of Watsco worth $80,188,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Franklin Resources Inc. boosted its position in Watsco by 3.8% during the fourth quarter. Franklin Resources Inc. now owns 44,737 shares of the construction company's stock worth $19,168,000 after purchasing an additional 1,650 shares during the period. Goldman Sachs Group Inc. grew its stake in shares of Watsco by 12.4% in the fourth quarter. Goldman Sachs Group Inc. now owns 255,062 shares of the construction company's stock worth $109,287,000 after acquiring an additional 28,047 shares during the last quarter. Sapient Capital LLC acquired a new stake in shares of Watsco in the fourth quarter worth $751,000. Benchmark Financial Wealth Advisors LLC acquired a new stake in shares of Watsco in the fourth quarter worth $536,000. Finally, American National Bank grew its stake in shares of Watsco by 878.1% in the first quarter. American National Bank now owns 2,416 shares of the construction company's stock worth $1,044,000 after acquiring an additional 2,169 shares during the last quarter. Institutional investors and hedge funds own 89.71% of the company's stock.

Analysts Set New Price Targets

Several brokerages have recently issued reports on WSO. Stephens restated an "overweight" rating and issued a $500.00 price objective on shares of Watsco in a research note on Thursday, April 25th. Robert W. Baird raised their price objective on shares of Watsco from $420.00 to $460.00 and gave the stock an "outperform" rating in a research note on Thursday, April 25th. One research analyst has rated the stock with a sell rating, four have given a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $404.25.

Insider Activity at Watsco

In related news, EVP Barry S. Logan sold 774 shares of Watsco stock in a transaction dated Friday, May 10th. The stock was sold at an average price of $473.85, for a total value of $366,759.90. Following the completion of the transaction, the executive vice president now directly owns 1,770 shares of the company's stock, valued at $838,714.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Watsco news, EVP Barry S. Logan sold 774 shares of the business's stock in a transaction dated Friday, May 10th. The stock was sold at an average price of $473.85, for a total transaction of $366,759.90. Following the completion of the sale, the executive vice president now directly owns 1,770 shares of the company's stock, valued at approximately $838,714.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director John Alexander Macdonald sold 5,334 shares of the business's stock in a transaction dated Thursday, May 9th. The stock was sold at an average price of $466.41, for a total value of $2,487,830.94. The disclosure for this sale can be found here. 12.86% of the stock is currently owned by company insiders.

Watsco Price Performance

Shares of NYSE WSO traded down $4.92 during midday trading on Tuesday, reaching $476.90. 177,104 shares of the company traded hands, compared to its average volume of 318,373. The firm has a market cap of $19.22 billion, a PE ratio of 36.68 and a beta of 0.88. The stock's 50-day simple moving average is $474.88 and its 200-day simple moving average is $432.51. Watsco, Inc. has a 12 month low of $337.58 and a 12 month high of $493.65. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.31 and a current ratio of 2.92.

Watsco (NYSE:WSO - Get Free Report) last issued its quarterly earnings data on Wednesday, April 24th. The construction company reported $2.17 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.26 by ($0.09). Watsco had a net margin of 7.03% and a return on equity of 19.26%. The company had revenue of $1.56 billion for the quarter, compared to the consensus estimate of $1.59 billion. During the same period in the previous year, the business posted $2.83 earnings per share. The firm's revenue was up .9% compared to the same quarter last year. As a group, equities analysts anticipate that Watsco, Inc. will post 14.26 earnings per share for the current fiscal year.

Watsco Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, July 31st. Investors of record on Tuesday, July 16th will be issued a $2.70 dividend. The ex-dividend date is Tuesday, July 16th. This represents a $10.80 dividend on an annualized basis and a dividend yield of 2.26%. Watsco's dividend payout ratio is 83.08%.

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.