Royal Bank of Canada Has $108.10 Million Stock Holdings in Watsco, Inc. (NYSE:WSO)

Royal Bank of Canada raised its position in Watsco, Inc. (NYSE:WSO) by 1.5% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 228,115 shares of the construction company’s stock after purchasing an additional 3,301 shares during the period. Royal Bank of Canada’s holdings in Watsco were worth $108,102,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Rialto Wealth Management LLC acquired a new position in Watsco in the 4th quarter valued at $31,000. Wingate Wealth Advisors Inc. bought a new stake in shares of Watsco in the fourth quarter valued at approximately $36,000. Atala Financial Inc bought a new stake in shares of Watsco in the fourth quarter valued at approximately $49,000. Golden State Wealth Management LLC bought a new stake in shares of Watsco in the fourth quarter valued at approximately $50,000. Finally, Tortoise Investment Management LLC boosted its stake in shares of Watsco by 76.2% in the fourth quarter. Tortoise Investment Management LLC now owns 148 shares of the construction company’s stock valued at $70,000 after buying an additional 64 shares during the period. 89.71% of the stock is owned by institutional investors and hedge funds.

Watsco Price Performance

NYSE WSO opened at $488.06 on Tuesday. The business has a fifty day moving average price of $489.46 and a two-hundred day moving average price of $497.58. The stock has a market capitalization of $19.72 billion, a PE ratio of 36.83 and a beta of 1.11. Watsco, Inc. has a fifty-two week low of $439.08 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 (EPS) 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 analyst estimates of $1.66 billion. Watsco had a return on equity of 17.59% and a net margin of 7.04%. The firm’s quarterly revenue was down 2.2% on a year-over-year basis. During the same quarter last year, the company posted $2.17 earnings per share. As a group, sell-side analysts expect that Watsco, Inc. will post 14.62 earnings per share for the current year.

Watsco Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, April 30th. Shareholders of record on Tuesday, April 15th were given a dividend of $3.00 per share. The ex-dividend date was Tuesday, April 15th. This represents a $12.00 dividend on an annualized basis and a yield of 2.46%. This is a boost from Watsco’s previous quarterly dividend of $2.70. Watsco’s dividend payout ratio is 92.24%.

Analyst Ratings Changes

Several brokerages recently issued reports on WSO. Loop Capital boosted their price target on Watsco from $450.00 to $460.00 and gave the company a “hold” rating in a research note on Thursday, February 27th. UBS Group cut their price target on Watsco from $475.00 to $455.00 and set a “neutral” rating for the company in a research note on Thursday, April 24th. Robert W. Baird cut 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. StockNews.com upgraded Watsco from a “sell” rating to a “hold” rating in a research note on Friday, May 9th. Finally, Mizuho set a $490.00 target price on Watsco in a research note on Thursday, April 24th. Seven research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $480.83.

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.