Avidian Wealth Enterprises LLC Cuts Stake in Watsco, Inc. $WSO

Avidian Wealth Enterprises LLC trimmed its position in shares of Watsco, Inc. (NYSE:WSO) by 8.7% during the 2nd quarter, according to its most recent 13F filing with the SEC. The fund owned 1,109 shares of the construction company’s stock after selling 106 shares during the quarter. Avidian Wealth Enterprises LLC’s holdings in Watsco were worth $490,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of WSO. WPG Advisers LLC purchased a new stake in Watsco during the 1st quarter valued at about $25,000. Ameritas Advisory Services LLC purchased a new stake in Watsco during the 2nd quarter valued at about $26,000. TCTC Holdings LLC grew its position in Watsco by 115.4% during the 1st quarter. TCTC Holdings LLC now owns 56 shares of the construction company’s stock valued at $28,000 after purchasing an additional 30 shares during the last quarter. Rossby Financial LCC purchased a new stake in Watsco during the 1st quarter valued at about $33,000. Finally, Ransom Advisory Ltd purchased a new stake in Watsco during the 1st quarter valued at about $45,000. 89.71% of the stock is owned by hedge funds and other institutional investors.

Watsco Stock Performance

WSO opened at $351.59 on Thursday. The stock has a market capitalization of $14.26 billion, a P/E ratio of 26.96 and a beta of 0.94. The company’s 50-day simple moving average is $395.44 and its two-hundred day simple moving average is $437.68. Watsco, Inc. has a 52-week low of $350.00 and a 52-week high of $571.41.

Watsco (NYSE:WSO) last issued its quarterly earnings data 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 during the quarter, compared to the consensus estimate of $2.24 billion. During the same quarter last year, the company earned $4.49 EPS. Watsco’s revenue for the quarter was down 3.6% on a year-over-year basis. Research analysts forecast that Watsco, Inc. will post 14.62 EPS for the current fiscal year.

Watsco Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 31st. Stockholders of record on Thursday, October 16th will be paid a $3.00 dividend. This represents a $12.00 annualized dividend and a dividend yield of 3.4%. The ex-dividend date is Thursday, October 16th. Watsco’s dividend payout ratio is 92.02%.

Analyst Ratings Changes

WSO has been the topic of several recent analyst reports. Weiss Ratings reissued a “hold (c+)” rating on shares of Watsco in a research report on Wednesday, October 8th. William Blair restated a “market perform” rating on shares of Watsco in a research note on Wednesday, October 15th. JPMorgan Chase & Co. lowered their target price on shares of Watsco from $425.00 to $400.00 and set a “neutral” rating on the stock in a research note on Wednesday, October 15th. Morgan Stanley lowered their target price on shares of Watsco from $505.00 to $460.00 and set an “equal weight” rating on the stock in a research note on Wednesday, October 8th. Finally, Mizuho lowered their target price on shares of Watsco from $525.00 to $400.00 and set a “neutral” rating on the stock in a research note on Friday, October 17th. One analyst has rated the stock with a Buy rating and nine have given a Hold rating to the stock. According to MarketBeat.com, Watsco currently has an average rating of “Hold” and an average target price of $447.50.

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.