C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors Acquires New Holdings in Watsco, Inc. (NYSE:WSO)

C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors bought a new position in Watsco, Inc. (NYSE:WSO) in the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund bought 2,117 shares of the construction company’s stock, valued at approximately $1,003,000.

Other hedge funds have also added to or reduced their stakes in the company. Wingate Wealth Advisors Inc. bought a new stake in shares of Watsco in the fourth quarter worth $36,000. Ashton Thomas Securities LLC purchased a new position in Watsco in the third quarter worth about $43,000. Quarry LP grew its stake in shares of Watsco by 57.9% during the 3rd quarter. Quarry LP now owns 90 shares of the construction company’s stock valued at $44,000 after purchasing an additional 33 shares during the period. Brooklyn Investment Group purchased a new stake in shares of Watsco during the 3rd quarter valued at about $48,000. Finally, Golden State Wealth Management LLC bought a new position in shares of Watsco in the 4th quarter worth approximately $50,000. 89.71% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the stock. Robert W. Baird decreased their price target on shares of Watsco from $550.00 to $540.00 and set an “outperform” rating on the stock in a research report on Thursday, October 24th. Northcoast Research initiated coverage on Watsco in a research report on Friday, November 22nd. They set a “neutral” rating on the stock. Finally, Raymond James assumed coverage on Watsco in a research report on Friday, January 17th. They issued a “market perform” rating for the company. Three investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $488.33.

Insider Activity at Watsco

In other Watsco news, EVP Barry S. Logan sold 10,998 shares of the company’s stock in a transaction that occurred on Wednesday, December 18th. The stock was sold at an average price of $508.21, for a total value of $5,589,293.58. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 12.86% of the stock is owned by corporate insiders.

Watsco Stock Performance

WSO opened at $475.62 on Friday. The stock has a market cap of $19.21 billion, a price-to-earnings ratio of 36.76 and a beta of 0.95. The firm’s fifty day moving average is $486.28 and its 200 day moving average is $491.11. Watsco, Inc. has a fifty-two week low of $373.33 and a fifty-two week high of $571.41.

Watsco Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, January 31st. Investors of record on Friday, January 17th were given a dividend of $2.70 per share. This represents a $10.80 annualized dividend and a dividend yield of 2.27%. The ex-dividend date was Friday, January 17th. Watsco’s dividend payout ratio is currently 83.46%.

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.