Avidian Wealth Enterprises LLC Sells 106 Shares of Watsco, Inc. $WSO

Avidian Wealth Enterprises LLC lessened its holdings in Watsco, Inc. (NYSE:WSO) by 8.7% during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 1,109 shares of the construction company’s stock after selling 106 shares during the period. Avidian Wealth Enterprises LLC’s holdings in Watsco were worth $490,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. WPG Advisers LLC purchased a new stake in Watsco in the 1st quarter worth approximately $25,000. TCTC Holdings LLC increased its holdings in Watsco by 115.4% in the 1st quarter. TCTC Holdings LLC now owns 56 shares of the construction company’s stock worth $28,000 after acquiring an additional 30 shares in the last quarter. Ameritas Advisory Services LLC purchased a new stake in Watsco in the 2nd quarter worth approximately $26,000. Rossby Financial LCC purchased a new stake in Watsco in the 1st quarter worth approximately $33,000. Finally, Ransom Advisory Ltd purchased a new stake in Watsco in the 1st quarter worth approximately $45,000. 89.71% of the stock is owned by hedge funds and other institutional investors.

Watsco Price Performance

Shares of WSO opened at $351.59 on Thursday. Watsco, Inc. has a 1 year low of $350.00 and a 1 year high of $571.41. The company has a 50 day simple moving average of $395.44 and a two-hundred day simple moving average of $437.68. The firm has a market cap of $14.26 billion, a P/E ratio of 26.96 and a beta of 0.94.

Watsco (NYSE:WSO) last posted its earnings results on Wednesday, July 30th. The construction company reported $4.52 earnings per share for the quarter, missing analysts’ consensus estimates of $4.84 by ($0.32). Watsco had a net margin of 7.08% and a return on equity of 16.96%. The business had revenue of $2.06 billion during the quarter, compared to analysts’ expectations of $2.24 billion. During the same period last year, the business posted $4.49 earnings per share. The company’s revenue for the quarter was down 3.6% compared to the same quarter last year. On average, sell-side analysts anticipate that Watsco, Inc. will post 14.62 earnings per share for the current year.

Watsco Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 31st. Investors of record on Thursday, October 16th will be issued a $3.00 dividend. The ex-dividend date of this dividend is Thursday, October 16th. This represents a $12.00 dividend on an annualized basis and a dividend yield of 3.4%. Watsco’s dividend payout ratio (DPR) is 92.02%.

Analysts Set New Price Targets

Several research firms recently issued reports on WSO. Weiss Ratings reissued a “hold (c+)” rating on shares of Watsco in a report on Wednesday, October 8th. UBS Group reduced their target price on shares of Watsco from $450.00 to $425.00 and set a “neutral” rating for the company in a report on Tuesday, September 23rd. Morgan Stanley cut their price objective on shares of Watsco from $505.00 to $460.00 and set an “equal weight” rating for the company in a report on Wednesday, October 8th. Mizuho cut their price objective on shares of Watsco from $525.00 to $400.00 and set a “neutral” rating for the company in a report on Friday, October 17th. Finally, JPMorgan Chase & Co. cut their price objective on shares of Watsco from $425.00 to $400.00 and set a “neutral” rating for the company in a report on Wednesday, October 15th. One research analyst has rated the stock with a Buy rating and nine have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $447.50.

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.