Watsco, Inc. (NYSE:WSO) Plans $2.20 Dividend

Watsco, Inc. (NYSE:WSOGet Rating) declared a dividend on Saturday, July 2nd, investing.com reports. Shareholders of record on Friday, July 15th will be given a dividend of 2.20 per share by the construction company on Friday, July 29th. This represents a yield of 3.65%. The ex-dividend date of this dividend is Thursday, July 14th.

Watsco has raised its dividend by an average of 10.8% annually over the last three years and has increased its dividend every year for the last 9 years. Watsco has a dividend payout ratio of 61.8% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Watsco to earn $14.36 per share next year, which means the company should continue to be able to cover its $8.80 annual dividend with an expected future payout ratio of 61.3%.

NYSE:WSO opened at $240.98 on Friday. The company has a current ratio of 2.77, a quick ratio of 1.11 and a debt-to-equity ratio of 0.13. The firm has a 50-day moving average price of $252.64 and a two-hundred day moving average price of $276.88. Watsco has a twelve month low of $220.68 and a twelve month high of $318.98. The company has a market capitalization of $9.39 billion, a P/E ratio of 19.67 and a beta of 0.89.

Watsco (NYSE:WSOGet Rating) last issued its quarterly earnings results on Thursday, April 21st. The construction company reported $2.90 EPS for the quarter, topping analysts’ consensus estimates of $1.82 by $1.08. The business had revenue of $1.52 billion during the quarter, compared to the consensus estimate of $1.39 billion. Watsco had a net margin of 7.16% and a return on equity of 23.76%. The company’s quarterly revenue was up 34.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.39 earnings per share. On average, equities research analysts predict that Watsco will post 14.46 earnings per share for the current year.

In related news, Director Cesar L. Alvarez sold 4,000 shares of the firm’s stock in a transaction that occurred on Friday, May 27th. The shares were sold at an average price of $253.55, for a total value of $1,014,200.00. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 13.31% of the stock is currently owned by company insiders.

A number of hedge funds have recently made changes to their positions in WSO. Lumature Wealth Partners LLC lifted its position in Watsco by 136.6% during the first quarter. Lumature Wealth Partners LLC now owns 265 shares of the construction company’s stock valued at $81,000 after buying an additional 153 shares in the last quarter. Cetera Advisor Networks LLC acquired a new position in Watsco during the first quarter valued at approximately $229,000. Point72 Hong Kong Ltd acquired a new position in Watsco during the first quarter valued at approximately $232,000. APG Asset Management N.V. acquired a new position in Watsco during the first quarter valued at approximately $246,000. Finally, Ethic Inc. lifted its position in Watsco by 7.6% during the first quarter. Ethic Inc. now owns 1,425 shares of the construction company’s stock valued at $434,000 after buying an additional 101 shares in the last quarter. 78.13% of the stock is currently owned by hedge funds and other institutional investors.

A number of equities research analysts have recently commented on WSO shares. Morgan Stanley downgraded shares of Watsco from an “equal weight” rating to an “underweight” rating and lowered their price target for the stock from $228.00 to $207.00 in a report on Thursday, June 16th. StockNews.com downgraded shares of Watsco from a “buy” rating to a “hold” rating in a report on Saturday, April 30th. Finally, Robert W. Baird lifted their price target on shares of Watsco from $300.00 to $350.00 in a report on Friday, April 22nd. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $305.17.

About Watsco (Get Rating)

Watsco, Inc, together with its subsidiaries, distributes air conditioning, heating, refrigeration equipment, and related parts and supplies. The company distributes equipment comprising residential ducted and ductless air conditioners, such as gas, electric, and oil furnaces; commercial air conditioning and heating equipment systems; and other specialized equipment.

See Also

Dividend History for Watsco (NYSE:WSO)

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