Corebridge Financial Inc. Trims Holdings in Watsco, Inc. (NYSE:WSO)

Corebridge Financial Inc. decreased its position in Watsco, Inc. (NYSE:WSO - Free Report) by 4.2% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 39,409 shares of the construction company's stock after selling 1,729 shares during the period. Corebridge Financial Inc. owned 0.10% of Watsco worth $18,676,000 as of its most recent filing with the SEC.

Other hedge funds have also recently modified their holdings of the company. Quest Partners LLC increased its position in Watsco by 329.3% in the third quarter. Quest Partners LLC now owns 249 shares of the construction company's stock worth $122,000 after buying an additional 191 shares during the last quarter. Commerce Bank raised its holdings in shares of Watsco by 59.5% in the 3rd quarter. Commerce Bank now owns 2,046 shares of the construction company's stock valued at $1,006,000 after acquiring an additional 763 shares in the last quarter. Citigroup Inc. grew its holdings in shares of Watsco by 35.0% during the third quarter. Citigroup Inc. now owns 16,219 shares of the construction company's stock worth $7,978,000 after purchasing an additional 4,204 shares in the last quarter. Cerity Partners LLC lifted its position in Watsco by 90.0% during the third quarter. Cerity Partners LLC now owns 10,632 shares of the construction company's stock valued at $5,230,000 after purchasing an additional 5,036 shares during the last quarter. Finally, Larson Financial Group LLC grew its stake in Watsco by 3,571.0% in the 3rd quarter. Larson Financial Group LLC now owns 1,138 shares of the construction company's stock worth $560,000 after buying an additional 1,107 shares in the last quarter. Institutional investors own 89.71% of the company's stock.

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Watsco Price Performance

Watsco stock traded down $13.58 during mid-day trading on Friday, hitting $500.42. The company's stock had a trading volume of 226,579 shares, compared to its average volume of 252,562. The business has a 50 day moving average price of $496.12 and a 200-day moving average price of $498.48. Watsco, Inc. has a 12 month low of $396.82 and a 12 month high of $571.42. The stock has a market cap of $20.22 billion, a price-to-earnings ratio of 37.77 and a beta of 0.92.

Watsco (NYSE:WSO - Get Free Report) last released its earnings results on Tuesday, February 18th. The construction company reported $2.37 earnings per share for the quarter, beating analysts' consensus estimates of $2.13 by $0.24. The company had revenue of $1.75 billion during the quarter, compared to analyst estimates of $1.67 billion. Watsco had a return on equity of 17.59% and a net margin of 7.04%. On average, equities research analysts expect that Watsco, Inc. will post 14.62 earnings per share for the current fiscal year.

Watsco Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, January 31st. Stockholders of record on Friday, January 17th were paid a dividend of $2.70 per share. This represents a $10.80 dividend on an annualized basis and a dividend yield of 2.16%. The ex-dividend date was Friday, January 17th. Watsco's dividend payout ratio (DPR) is presently 81.51%.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the stock. Robert W. Baird lifted their price objective on shares of Watsco from $540.00 to $560.00 and gave the stock an "outperform" rating in a report on Wednesday, February 19th. 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. Finally, Raymond James started coverage on Watsco in a research report on Friday, January 17th. They set a "market perform" rating on the stock. Four investment analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to MarketBeat, Watsco has a consensus rating of "Hold" and an average target price of $486.25.

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.