Procyon Advisors LLC Acquires 184 Shares of Watsco, Inc. (NYSE:WSO)

Procyon Advisors LLC increased its holdings in shares of Watsco, Inc. (NYSE:WSO) by 6.3% in the 1st quarter, HoldingsChannel.com reports. The firm owned 3,127 shares of the construction company’s stock after acquiring an additional 184 shares during the period. Procyon Advisors LLC’s holdings in Watsco were worth $1,589,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Avidian Wealth Enterprises LLC grew its position in shares of Watsco by 1.8% during the fourth quarter. Avidian Wealth Enterprises LLC now owns 1,196 shares of the construction company’s stock valued at $567,000 after purchasing an additional 21 shares in the last quarter. M&T Bank Corp boosted its stake in Watsco by 1.4% during the fourth quarter. M&T Bank Corp now owns 1,686 shares of the construction company’s stock valued at $799,000 after buying an additional 23 shares during the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its stake in Watsco by 0.3% during the fourth quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 7,692 shares of the construction company’s stock valued at $3,645,000 after buying an additional 23 shares during the last quarter. Meiji Yasuda Asset Management Co Ltd. grew its holdings in Watsco by 1.2% during the 4th quarter. Meiji Yasuda Asset Management Co Ltd. now owns 1,949 shares of the construction company’s stock valued at $924,000 after buying an additional 23 shares in the last quarter. Finally, Principal Securities Inc. increased its stake in Watsco by 6.9% in the 4th quarter. Principal Securities Inc. now owns 373 shares of the construction company’s stock worth $177,000 after acquiring an additional 24 shares during the last quarter. 89.71% of the stock is currently owned by institutional investors.

Watsco Trading Up 0.6%

NYSE WSO opened at $445.13 on Friday. The stock has a market cap of $18.03 billion, a PE ratio of 33.59 and a beta of 1.06. Watsco, Inc. has a 12 month low of $430.20 and a 12 month high of $571.42. The company’s 50-day moving average price is $473.33 and its 200-day moving average price is $491.01.

Watsco (NYSE:WSO) last issued its earnings results on Wednesday, April 23rd. The construction company reported $1.93 EPS for the quarter, missing analysts’ consensus estimates of $2.29 by ($0.36). The company had revenue of $1.53 billion during the quarter, compared to the consensus estimate of $1.66 billion. Watsco had a return on equity of 17.59% and a net margin of 7.04%. Watsco’s revenue was down 2.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.17 earnings per share. As a group, sell-side analysts forecast that Watsco, Inc. will post 14.62 earnings per share for the current year.

Watsco Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, April 30th. Investors of record on Tuesday, April 15th were paid a $3.00 dividend. The ex-dividend date was Tuesday, April 15th. This represents a $12.00 annualized dividend and a yield of 2.70%. This is a boost from Watsco’s previous quarterly dividend of $2.70. Watsco’s dividend payout ratio is 92.24%.

Analyst Ratings Changes

A number of research analysts have recently commented on the company. JPMorgan Chase & Co. increased their target price on Watsco from $445.00 to $460.00 and gave the company a “neutral” rating in a research report on Tuesday, May 27th. 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 research report on Thursday, February 27th. Mizuho set a $490.00 price objective on shares of Watsco in a research note on Thursday, April 24th. Robert W. Baird decreased their target price on shares of Watsco from $560.00 to $540.00 and set an “outperform” rating on the stock in a research report on Thursday, April 24th. Finally, Morgan Stanley began coverage on shares of Watsco in a report on Monday, April 14th. They issued an “equal weight” rating and a $515.00 price target for the company. Seven equities research analysts have rated the stock with a hold rating and one has given a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $486.67.

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.