Watsco, Inc. (NYSE:WSO) Shares Sold by Wells Fargo & Company MN

Wells Fargo & Company MN decreased its position in shares of Watsco, Inc. (NYSE:WSO - Free Report) by 1.5% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 466,710 shares of the construction company's stock after selling 7,232 shares during the quarter. Wells Fargo & Company MN owned 1.16% of Watsco worth $221,169,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. lifted its position in Watsco by 1.5% during the fourth quarter. Vanguard Group Inc. now owns 3,618,109 shares of the construction company's stock valued at $1,714,586,000 after purchasing an additional 52,127 shares during the period. Charles Schwab Investment Management Inc. grew its position in Watsco by 9.5% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,371,535 shares of the construction company's stock valued at $649,957,000 after buying an additional 118,713 shares during the period. State Street Corp raised its holdings in Watsco by 5.9% in the 3rd quarter. State Street Corp now owns 1,173,762 shares of the construction company's stock worth $577,350,000 after purchasing an additional 65,846 shares during the period. Geode Capital Management LLC lifted its position in Watsco by 3.0% during the fourth quarter. Geode Capital Management LLC now owns 725,186 shares of the construction company's stock valued at $343,168,000 after purchasing an additional 20,856 shares in the last quarter. Finally, Markel Group Inc. boosted its position in shares of Watsco by 1.4% in the fourth quarter. Markel Group Inc. now owns 590,500 shares of the construction company's stock worth $279,832,000 after purchasing an additional 8,000 shares during the period. Institutional investors own 89.71% of the company's stock.

Watsco Stock Up 2.1 %

NYSE:WSO traded up $10.63 during mid-day trading on Friday, hitting $509.76. 214,485 shares of the stock traded hands, compared to its average volume of 254,309. Watsco, Inc. has a 52 week low of $396.82 and a 52 week high of $571.42. The stock has a market capitalization of $20.60 billion, a price-to-earnings ratio of 38.47 and a beta of 1.00. The firm's 50 day moving average is $496.96 and its two-hundred day moving average is $498.92.

Watsco (NYSE:WSO - Get Free Report) last announced its quarterly earnings data on Tuesday, February 18th. The construction company reported $2.37 EPS for the quarter, beating the consensus estimate of $2.13 by $0.24. The company had revenue of $1.75 billion for the quarter, compared to the consensus estimate of $1.67 billion. Watsco had a return on equity of 17.59% and a net margin of 7.04%. As a group, research analysts predict that Watsco, Inc. will post 14.62 EPS for the current 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 is Tuesday, April 15th. This represents a $12.00 dividend on an annualized basis and a dividend yield of 2.35%. Watsco's dividend payout ratio is presently 90.57%.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the company. Robert W. Baird increased their target price on Watsco from $540.00 to $560.00 and gave the stock an "outperform" rating in a research report on Wednesday, February 19th. Raymond James began coverage on Watsco in a report on Friday, January 17th. They set a "market perform" rating for the company. Finally, Loop Capital upped their target price on shares of Watsco from $450.00 to $460.00 and gave the company a "hold" rating in a research report on Thursday, February 27th. Four equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, Watsco currently has an average rating of "Hold" and a consensus price target of $486.25.

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.