CIBC Private Wealth Group LLC Raises Stock Holdings in Watsco, Inc. (NYSE:WSO)

CIBC Private Wealth Group LLC lifted its stake in Watsco, Inc. (NYSE:WSO) by 2.2% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 11,201 shares of the construction company’s stock after buying an additional 238 shares during the quarter. CIBC Private Wealth Group LLC’s holdings in Watsco were worth $5,226,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in the stock. Norges Bank bought a new stake in Watsco during the 4th quarter worth approximately $118,312,000. Proficio Capital Partners LLC bought a new stake in shares of Watsco during the 4th quarter valued at $63,603,000. Charles Schwab Investment Management Inc. lifted its stake in shares of Watsco by 9.5% during the 4th 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 in the last quarter. State Street Corp boosted 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 buying an additional 65,846 shares during the period. Finally, Geode Capital Management LLC increased its stake in Watsco by 9.9% in the 3rd 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 in the last quarter. 89.71% of the stock is owned by hedge funds and other institutional investors.

Watsco Trading Up 0.6 %

NYSE:WSO opened at $511.19 on Wednesday. The business’s 50-day moving average is $496.49 and its 200 day moving average is $499.26. Watsco, Inc. has a 12 month low of $396.82 and a 12 month high of $571.42. The company has a market capitalization of $20.65 billion, a P/E ratio of 38.58 and a beta of 0.92.

Watsco (NYSE:WSO) last released 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 business had revenue of $1.75 billion during the quarter, compared to analyst estimates of $1.67 billion. Watsco had a net margin of 7.04% and a return on equity of 17.59%. On average, research analysts forecast that Watsco, Inc. will post 14.62 earnings per share for the current year.

Watsco Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, April 30th. Investors of record on Tuesday, April 15th will be given a $3.00 dividend. This is an increase from Watsco’s previous quarterly dividend of $2.70. This represents a $12.00 dividend on an annualized basis and a yield of 2.35%. Watsco’s dividend payout ratio (DPR) is currently 81.51%.

Wall Street Analyst Weigh In

WSO has been the subject of a number of recent analyst reports. Robert W. Baird upped their price objective on Watsco from $540.00 to $560.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 19th. Loop Capital increased their price objective on shares of Watsco from $450.00 to $460.00 and gave the company a “hold” rating in a report on Thursday, February 27th. Finally, Raymond James assumed coverage on shares of 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 company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target 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.