Perigon Wealth Management LLC Takes Position in Watsco, Inc. (NYSE:WSO)

Perigon Wealth Management LLC acquired a new position in shares of Watsco, Inc. (NYSE:WSO - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 3,536 shares of the construction company's stock, valued at approximately $1,737,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. KBC Group NV lifted its holdings in Watsco by 6.5% during the 4th quarter. KBC Group NV now owns 6,245 shares of the construction company's stock worth $2,959,000 after buying an additional 380 shares during the period. Blue Trust Inc. boosted its holdings in Watsco by 28.1% in the fourth quarter. Blue Trust Inc. now owns 675 shares of the construction company's stock worth $332,000 after acquiring an additional 148 shares in the last quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management grew its stake in Watsco by 11.6% in the fourth quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 11,532 shares of the construction company's stock valued at $5,465,000 after acquiring an additional 1,195 shares during the period. First Citizens Bank & Trust Co. increased its holdings in shares of Watsco by 8.7% during the fourth quarter. First Citizens Bank & Trust Co. now owns 674 shares of the construction company's stock valued at $319,000 after acquiring an additional 54 shares in the last quarter. Finally, Running Oak Capital LLC raised its position in shares of Watsco by 4.1% during the fourth quarter. Running Oak Capital LLC now owns 28,659 shares of the construction company's stock worth $13,581,000 after purchasing an additional 1,135 shares during the period. Institutional investors own 89.71% of the company's stock.

Watsco Trading Up 0.4 %

Shares of WSO traded up $1.80 during trading hours on Thursday, reaching $483.62. 124,727 shares of the stock traded hands, compared to its average volume of 212,112. Watsco, Inc. has a 52 week low of $373.33 and a 52 week high of $571.41. The company has a market cap of $19.53 billion, a price-to-earnings ratio of 37.37 and a beta of 0.95. The stock has a fifty day simple moving average of $502.60 and a 200 day simple moving average of $493.05.

Watsco Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 31st. Stockholders of record on Friday, January 17th will be paid a $2.70 dividend. The ex-dividend date is Friday, January 17th. This represents a $10.80 dividend on an annualized basis and a dividend yield of 2.23%. Watsco's payout ratio is presently 83.46%.

Analysts Set New Price Targets

A number of brokerages have commented on WSO. Northcoast Research assumed coverage on shares of Watsco in a research note on Friday, November 22nd. They set a "neutral" rating for the company. Robert W. Baird decreased their target price on shares of Watsco from $550.00 to $540.00 and set an "outperform" rating for the company in a research report on Thursday, October 24th. Finally, Raymond James initiated coverage on shares of Watsco in a research report on Friday, January 17th. They issued a "market perform" rating on the stock. Three equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $488.33.

Insider Activity at Watsco

In related news, EVP Barry S. Logan sold 10,998 shares of the business's stock in a transaction on Wednesday, December 18th. The stock was sold at an average price of $508.21, for a total transaction of $5,589,293.58. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 12.86% of the stock is currently owned by company insiders.

About Watsco

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.