Legal & General Group Plc Sells 56,503 Shares of Watsco, Inc. (NYSE:WSO)

Legal & General Group Plc lowered its holdings in shares of Watsco, Inc. (NYSE:WSO - Free Report) by 34.4% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 107,925 shares of the construction company's stock after selling 56,503 shares during the quarter. Legal & General Group Plc owned 0.27% of Watsco worth $51,145,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of the business. Rialto Wealth Management LLC bought a new position in Watsco during the 4th quarter worth about $31,000. Wingate Wealth Advisors Inc. bought a new stake in Watsco in the 4th quarter valued at approximately $36,000. Atala Financial Inc acquired a new position in Watsco during the 4th quarter worth approximately $49,000. Golden State Wealth Management LLC acquired a new stake in shares of Watsco in the fourth quarter valued at approximately $50,000. Finally, Tortoise Investment Management LLC lifted its position in shares of Watsco by 76.2% in the fourth quarter. Tortoise Investment Management LLC now owns 148 shares of the construction company's stock worth $70,000 after purchasing an additional 64 shares in the last quarter. Institutional investors own 89.71% of the company's stock.

Watsco Stock Performance

Shares of WSO stock traded up $8.21 during midday trading on Thursday, hitting $505.89. 49,655 shares of the company were exchanged, compared to its average volume of 253,267. The firm has a market capitalization of $20.44 billion, a P/E ratio of 38.03 and a beta of 1.00. Watsco, Inc. has a 52 week low of $396.82 and a 52 week high of $571.42. The firm's 50 day moving average price is $499.21 and its two-hundred day moving average price is $499.12.

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

Watsco Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 30th. Shareholders of record on Tuesday, April 15th will be issued a $3.00 dividend. The ex-dividend date of this dividend is Tuesday, April 15th. This represents a $12.00 dividend on an annualized basis and a yield of 2.37%. This is an increase from Watsco's previous quarterly dividend of $2.70. Watsco's payout ratio is currently 90.57%.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on WSO shares. Loop Capital boosted their price target on shares of Watsco from $450.00 to $460.00 and gave the stock a "hold" rating in a research report on Thursday, February 27th. Raymond James started coverage on Watsco in a research report on Friday, January 17th. They set a "market perform" rating on the stock. Morgan Stanley started coverage on Watsco in a report on Monday. They issued an "equal weight" rating and a $515.00 price objective for the company. Finally, Robert W. Baird upped their price target on shares of Watsco from $540.00 to $560.00 and gave the stock an "outperform" rating in a research report on Wednesday, February 19th. Five analysts have rated the stock with a hold rating and two have assigned a buy rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $492.00.

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.