Watsco, Inc. $WSO Stock Position Reduced by Integrated Wealth Concepts LLC

Integrated Wealth Concepts LLC cut its stake in shares of Watsco, Inc. (NYSE:WSO) by 33.4% during the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,221 shares of the construction company’s stock after selling 611 shares during the period. Integrated Wealth Concepts LLC’s holdings in Watsco were worth $620,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in the business. Centennial Wealth Advisory LLC grew its position in Watsco by 2.9% in the first quarter. Centennial Wealth Advisory LLC now owns 776 shares of the construction company’s stock worth $395,000 after acquiring an additional 22 shares in the last quarter. Cary Street Partners Financial LLC boosted its holdings in Watsco by 2.2% in the 1st quarter. Cary Street Partners Financial LLC now owns 1,073 shares of the construction company’s stock valued at $545,000 after purchasing an additional 23 shares during the period. Freedom Investment Management Inc. lifted its holdings in shares of Watsco by 4.8% during the 1st quarter. Freedom Investment Management Inc. now owns 504 shares of the construction company’s stock worth $256,000 after acquiring an additional 23 shares during the period. Valeo Financial Advisors LLC lifted its holdings in shares of Watsco by 2.3% during the 1st quarter. Valeo Financial Advisors LLC now owns 1,056 shares of the construction company’s stock worth $537,000 after acquiring an additional 24 shares during the period. Finally, First Horizon Advisors Inc. increased its position in shares of Watsco by 4.6% during the 1st quarter. First Horizon Advisors Inc. now owns 569 shares of the construction company’s stock worth $290,000 after purchasing an additional 25 shares in the last quarter. 89.71% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on WSO shares. UBS Group dropped their target price on shares of Watsco from $455.00 to $450.00 and set a “neutral” rating for the company in a research report on Wednesday, June 25th. Morgan Stanley set a $505.00 target price on shares of Watsco in a research note on Wednesday, July 2nd. Finally, JPMorgan Chase & Co. raised their target price on shares of Watsco from $445.00 to $460.00 and gave the company a “neutral” rating in a research note on Tuesday, May 27th. One analyst has rated the stock with a Buy rating and six have given a Hold rating to the company. According to MarketBeat.com, Watsco presently has a consensus rating of “Hold” and an average price target of $484.17.

Watsco Stock Down 3.9%

NYSE WSO opened at $381.84 on Friday. The company has a market capitalization of $15.48 billion, a PE ratio of 29.28 and a beta of 0.95. Watsco, Inc. has a 12-month low of $378.35 and a 12-month high of $571.41. The firm’s 50 day moving average is $433.70 and its 200-day moving average is $460.28.

Watsco (NYSE:WSO) last issued 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 return on equity of 16.96% and a net margin of 7.08%.The firm had revenue of $2.06 billion for the quarter, compared to analyst estimates of $2.24 billion. During the same quarter in the previous year, the firm posted $4.49 earnings per share. Watsco’s quarterly revenue was down 3.6% on a year-over-year basis. As a group, sell-side analysts expect that Watsco, Inc. will post 14.62 EPS for the current year.

Watsco Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, July 31st. Shareholders of record on Wednesday, July 16th were given a dividend of $3.00 per share. This represents a $12.00 dividend on an annualized basis and a yield of 3.1%. The ex-dividend date of this dividend was Wednesday, July 16th. Watsco’s payout ratio is 92.02%.

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.