Trueblood Wealth Management LLC Increases Position in Watsco, Inc. $WSO

Trueblood Wealth Management LLC grew its stake in Watsco, Inc. (NYSE:WSO) by 4.1% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 4,157 shares of the construction company’s stock after acquiring an additional 163 shares during the quarter. Watsco comprises about 0.8% of Trueblood Wealth Management LLC’s portfolio, making the stock its 29th biggest position. Trueblood Wealth Management LLC’s holdings in Watsco were worth $1,836,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. Opal Wealth Advisors LLC purchased a new position in shares of Watsco in the 1st quarter valued at $25,000. Manitou Investment Management Ltd. purchased a new position in shares of Watsco in the 1st quarter valued at $25,000. WPG Advisers LLC purchased a new position in shares of Watsco in the 1st quarter valued at $25,000. TCTC Holdings LLC increased its holdings in shares of Watsco by 115.4% in the 1st quarter. TCTC Holdings LLC now owns 56 shares of the construction company’s stock valued at $28,000 after acquiring an additional 30 shares during the period. Finally, City Holding Co. purchased a new position in shares of Watsco in the 1st quarter valued at $29,000. 89.71% of the stock is currently owned by hedge funds and other institutional investors.

Watsco Price Performance

Shares of WSO stock opened at $411.29 on Tuesday. Watsco, Inc. has a 1-year low of $378.35 and a 1-year high of $571.41. The stock’s fifty day moving average price is $409.03 and its 200 day moving average price is $447.91. The company has a market cap of $16.68 billion, a price-to-earnings ratio of 31.54 and a beta of 0.94.

Watsco (NYSE:WSO) last announced its earnings results on Wednesday, July 30th. The construction company reported $4.52 earnings per share for the quarter, missing the consensus estimate of $4.84 by ($0.32). Watsco had a return on equity of 16.96% and a net margin of 7.08%.The business had revenue of $2.06 billion for the quarter, compared to analysts’ expectations of $2.24 billion. During the same quarter last year, the firm earned $4.49 earnings per share. The firm’s quarterly revenue was down 3.6% compared to the same quarter last year. As a group, equities research analysts anticipate that Watsco, Inc. will post 14.62 earnings per share for the current year.

Watsco Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, October 31st. Shareholders of record on Thursday, October 16th will be given a dividend of $3.00 per share. The ex-dividend date of this dividend is Thursday, October 16th. This represents a $12.00 dividend on an annualized basis and a yield of 2.9%. Watsco’s payout ratio is currently 92.02%.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the company. UBS Group cut their price target on Watsco from $450.00 to $425.00 and set a “neutral” rating on the stock in a report on Tuesday, September 23rd. Morgan Stanley set a $505.00 target price on Watsco in a research note on Wednesday, July 2nd. Finally, Weiss Ratings restated a “hold (c+)” rating on shares of Watsco in a research note on Saturday, September 27th. One equities research analyst has rated the stock with a Buy rating and seven have given a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $480.00.

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.