Envestnet Portfolio Solutions Inc. Reduces Position in Watsco, Inc. (NYSE:WSO)

Envestnet Portfolio Solutions Inc. reduced its holdings in Watsco, Inc. (NYSE:WSO) by 0.8% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 3,866 shares of the construction company’s stock after selling 32 shares during the period. Envestnet Portfolio Solutions Inc.’s holdings in Watsco were worth $1,832,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. Rialto Wealth Management LLC purchased a new stake in shares of Watsco in the 4th quarter valued at $31,000. Wingate Wealth Advisors Inc. purchased a new stake in shares of Watsco in the 4th quarter valued at $36,000. Quarry LP boosted its holdings in shares of Watsco by 57.9% in the 3rd quarter. Quarry LP now owns 90 shares of the construction company’s stock valued at $44,000 after acquiring an additional 33 shares during the last quarter. Brooklyn Investment Group purchased a new stake in shares of Watsco in the 3rd quarter valued at $48,000. Finally, Atala Financial Inc purchased a new stake in shares of Watsco in the 4th quarter valued at $49,000. 89.71% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

WSO has been the topic of several recent research reports. Robert W. Baird upped their price objective on shares of Watsco from $540.00 to $560.00 and gave the company an “outperform” rating in a report on Wednesday, February 19th. Northcoast Research started coverage on shares of Watsco in a research note on Friday, November 22nd. They issued a “neutral” rating for the company. Raymond James started coverage on shares of Watsco in a research note on Friday, January 17th. They issued a “market perform” rating for the company. Finally, Loop Capital boosted their target price on shares of Watsco from $450.00 to $460.00 and gave the company a “hold” rating in a research note on Thursday, February 27th. Four investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, Watsco presently has an average rating of “Hold” and an average price target of $486.25.

Watsco Stock Performance

NYSE:WSO opened at $502.84 on Friday. The company has a fifty day moving average of $492.81 and a two-hundred day moving average of $495.99. The stock has a market capitalization of $20.32 billion, a PE ratio of 37.95 and a beta of 0.92. Watsco, Inc. has a fifty-two week low of $396.82 and a fifty-two week high of $571.42.

Watsco (NYSE:WSO) last posted its quarterly earnings data on Tuesday, February 18th. The construction company reported $2.37 earnings per share for the quarter, topping analysts’ consensus estimates of $2.13 by $0.24. The company had revenue of $1.75 billion during the quarter, compared to analysts’ expectations of $1.67 billion. Watsco had a net margin of 7.04% and a return on equity of 17.59%. Research analysts forecast that Watsco, Inc. will post 14.62 earnings per share for the current year.

Watsco Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, January 31st. Shareholders of record on Friday, January 17th were given a dividend of $2.70 per share. This represents a $10.80 dividend on an annualized basis and a yield of 2.15%. The ex-dividend date was Friday, January 17th. Watsco’s dividend payout ratio is presently 81.51%.

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.