Prudential PLC Lowers Stock Position in Watsco, Inc. (NYSE:WSO)

Prudential PLC reduced its holdings in shares of Watsco, Inc. (NYSE:WSO - Free Report) by 58.6% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 477 shares of the construction company's stock after selling 675 shares during the period. Prudential PLC's holdings in Watsco were worth $226,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in WSO. Norges Bank bought a new stake in Watsco in the fourth quarter worth $118,312,000. Proficio Capital Partners LLC bought a new stake in Watsco in the 4th quarter worth about $63,603,000. Charles Schwab Investment Management Inc. grew its holdings in shares of Watsco by 9.5% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,371,535 shares of the construction company's stock worth $649,957,000 after acquiring an additional 118,713 shares during the period. Geode Capital Management LLC raised its stake in shares of Watsco by 9.9% in the third quarter. Geode Capital Management LLC now owns 704,330 shares of the construction company's stock worth $345,783,000 after buying an additional 63,254 shares during the period. Finally, Vanguard Group Inc. raised its stake in Watsco by 1.5% during the 4th quarter. Vanguard Group Inc. now owns 3,618,109 shares of the construction company's stock worth $1,714,586,000 after acquiring an additional 52,127 shares during the period. 89.71% of the stock is currently owned by hedge funds and other institutional investors.

Watsco Price Performance

Shares of NYSE:WSO traded up $6.37 on Monday, hitting $515.30. 23,522 shares of the company's stock were exchanged, compared to its average volume of 253,335. The business's 50 day simple moving average is $496.96 and its two-hundred day simple moving average is $498.91. The stock has a market capitalization of $20.82 billion, a price-to-earnings ratio of 38.89 and a beta of 1.00. Watsco, Inc. has a 12 month low of $396.82 and a 12 month high of $571.42.

Watsco (NYSE:WSO - Get Free Report) last issued its earnings results on Tuesday, February 18th. The construction company reported $2.37 EPS for the quarter, topping analysts' consensus estimates of $2.13 by $0.24. Watsco had a net margin of 7.04% and a return on equity of 17.59%. The business had revenue of $1.75 billion for the quarter, compared to the consensus estimate of $1.67 billion. Equities analysts forecast that Watsco, Inc. will post 14.62 EPS for the current fiscal year.

Watsco Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, April 30th. Stockholders of record on Tuesday, April 15th will be given a dividend of $3.00 per share. This is an increase from Watsco's previous quarterly dividend of $2.70. The ex-dividend date of this dividend is Tuesday, April 15th. This represents a $12.00 dividend on an annualized basis and a dividend yield of 2.33%. Watsco's dividend payout ratio is presently 90.57%.

Analyst Ratings Changes

WSO has been the subject of a number of analyst reports. Loop Capital increased their price objective on shares of Watsco from $450.00 to $460.00 and gave the stock a "hold" rating in a research note on Thursday, February 27th. Raymond James began coverage on Watsco in a research note on Friday, January 17th. They issued a "market perform" rating on the stock. Robert W. Baird upped their target price on shares of Watsco from $540.00 to $560.00 and gave the company an "outperform" rating in a research report on Wednesday, February 19th. Finally, Morgan Stanley initiated coverage on Watsco in a research note on Monday. They set an "equal weight" rating and a $515.00 price objective on the stock. Five equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $492.00.

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.