C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors Buys New Stake in Watsco, Inc. (NYSE:WSO)

C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors purchased a new position in shares of Watsco, Inc. (NYSE:WSO) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 2,117 shares of the construction company’s stock, valued at approximately $1,003,000.

Other institutional investors also recently added to or reduced their stakes in the company. Creative Planning boosted its stake in Watsco by 7.7% in the 3rd quarter. Creative Planning now owns 5,212 shares of the construction company’s stock valued at $2,564,000 after buying an additional 371 shares in the last quarter. Blue Trust Inc. boosted its stake in shares of Watsco by 139.5% in the 3rd quarter. Blue Trust Inc. now owns 527 shares of the construction company’s stock valued at $244,000 after purchasing an additional 307 shares in the last quarter. Eastern Bank bought a new stake in shares of Watsco in the 3rd quarter worth about $1,463,000. International Assets Investment Management LLC increased its position in shares of Watsco by 48,984.7% during the 3rd quarter. International Assets Investment Management LLC now owns 233,643 shares of the construction company’s stock worth $114,924,000 after purchasing an additional 233,167 shares in the last quarter. Finally, Impact Partnership Wealth LLC bought a new position in Watsco during the 3rd quarter valued at about $397,000. 89.71% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts have weighed in on WSO shares. Northcoast Research assumed coverage on shares of Watsco in a research note on Friday, November 22nd. They set a “neutral” rating on the stock. Robert W. Baird raised their price target on Watsco from $540.00 to $560.00 and gave the company an “outperform” rating in a report on Wednesday. Finally, Raymond James initiated coverage on Watsco in a research note on Friday, January 17th. They issued a “market perform” rating on the stock. Three investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat, Watsco has an average rating of “Hold” and an average price target of $495.00.

Insider Activity

In related news, EVP Barry S. Logan sold 10,998 shares of the stock in a transaction that occurred on Wednesday, December 18th. The shares were sold at an average price of $508.21, for a total value of $5,589,293.58. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Insiders own 12.86% of the company’s stock.

Watsco Price Performance

Shares of Watsco stock opened at $511.11 on Thursday. The firm has a 50 day simple moving average of $484.90 and a 200 day simple moving average of $491.75. Watsco, Inc. has a fifty-two week low of $373.33 and a fifty-two week high of $571.41. The firm has a market cap of $20.64 billion, a P/E ratio of 39.50 and a beta of 0.95.

Watsco (NYSE:WSO) last released its earnings results on Tuesday, February 18th. The construction company reported $2.37 EPS for the quarter, beating the consensus estimate of $2.13 by $0.24. Watsco had a return on equity of 17.77% and a net margin of 6.99%. The company had revenue of $1.75 billion during the quarter, compared to analysts’ expectations of $1.67 billion. On average, sell-side analysts expect that Watsco, Inc. will post 13.03 EPS for the current year.

Watsco Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, January 31st. Shareholders of record on Friday, January 17th were given a dividend of $2.70 per share. The ex-dividend date was Friday, January 17th. This represents a $10.80 dividend on an annualized basis and a yield of 2.11%. Watsco’s payout ratio is presently 81.51%.

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.