Marks Group Wealth Management Inc Acquires 413 Shares of Watsco, Inc. (NYSE:WSO)

Marks Group Wealth Management Inc raised its holdings in Watsco, Inc. (NYSE:WSO) by 2.4% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 17,940 shares of the construction company’s stock after acquiring an additional 413 shares during the quarter. Marks Group Wealth Management Inc’s holdings in Watsco were worth $9,119,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Opal Wealth Advisors LLC bought a new position in shares of Watsco during the 1st quarter worth $25,000. Manitou Investment Management Ltd. purchased a new stake in shares of Watsco during the 1st quarter worth $25,000. City Holding Co. purchased a new stake in shares of Watsco during the 1st quarter worth $29,000. Rossby Financial LCC purchased a new stake in shares of Watsco during the 1st quarter worth $33,000. Finally, ST Germain D J Co. Inc. lifted its stake in shares of Watsco by 260.0% during the 1st quarter. ST Germain D J Co. Inc. now owns 72 shares of the construction company’s stock worth $37,000 after purchasing an additional 52 shares during the last quarter. Institutional investors own 89.71% of the company’s stock.

Watsco Stock Performance

Shares of WSO stock opened at $471.33 on Friday. The stock’s 50-day simple moving average is $453.34 and its 200-day simple moving average is $476.97. The firm has a market capitalization of $19.09 billion, a PE ratio of 36.23 and a beta of 1.04. Watsco, Inc. has a fifty-two week low of $418.31 and a fifty-two week high of $571.42.

Watsco (NYSE:WSO) last announced its quarterly earnings results on Wednesday, April 23rd. The construction company reported $1.93 earnings per share for the quarter, missing the consensus estimate of $2.29 by ($0.36). The company had revenue of $1.53 billion for the quarter, compared to analysts’ expectations of $1.66 billion. Watsco had a net margin of 6.98% and a return on equity of 17.13%. The firm’s revenue was down 2.2% compared to the same quarter last year. During the same quarter in the prior year, the business posted $2.17 earnings per share. Sell-side analysts forecast that Watsco, Inc. will post 14.62 earnings per share for the current year.

Watsco Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, July 31st. Investors of record on Wednesday, July 16th will be given a dividend of $3.00 per share. This represents a $12.00 annualized dividend and a yield of 2.55%. The ex-dividend date is Wednesday, July 16th. Watsco’s dividend payout ratio is currently 92.24%.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on WSO. UBS Group decreased their price objective on Watsco from $455.00 to $450.00 and set a “neutral” rating for the company in a research note on Wednesday, June 25th. JPMorgan Chase & Co. increased their price target on Watsco from $445.00 to $460.00 and gave the company a “neutral” rating in a research note on Tuesday, May 27th. Morgan Stanley set a $505.00 price target on Watsco in a research note on Wednesday, July 2nd. Wall Street Zen upgraded Watsco from a “sell” rating to a “hold” rating in a research note on Friday, May 9th. Finally, Robert W. Baird decreased their price target on Watsco from $560.00 to $540.00 and set an “outperform” rating for the company in a research note on Thursday, April 24th. Seven analysts have rated the stock with a hold rating and one has issued a buy rating to the company. According to data from MarketBeat, Watsco has an average rating of “Hold” and an average price target of $484.17.

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.