Pembroke Management LTD Reduces Stake in Watsco, Inc. (NYSE:WSO)

Pembroke Management LTD lowered its position in Watsco, Inc. (NYSE:WSO) by 1.1% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 59,241 shares of the construction company’s stock after selling 648 shares during the quarter. Watsco accounts for about 3.6% of Pembroke Management LTD’s holdings, making the stock its 6th largest position. Pembroke Management LTD owned 0.15% of Watsco worth $28,074,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. FMR LLC increased its holdings in shares of Watsco by 10.6% in the third quarter. FMR LLC now owns 3,624,159 shares of the construction company’s stock valued at $1,782,651,000 after purchasing an additional 346,470 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in shares of Watsco by 5.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,252,822 shares of the construction company’s stock valued at $616,357,000 after buying an additional 62,041 shares during the period. State Street Corp raised its stake in shares of Watsco by 5.9% in the 3rd quarter. State Street Corp now owns 1,173,762 shares of the construction company’s stock valued at $577,350,000 after purchasing an additional 65,846 shares during the period. Geode Capital Management LLC boosted its position in Watsco by 9.9% during the 3rd quarter. Geode Capital Management LLC now owns 704,330 shares of the construction company’s stock worth $345,783,000 after acquiring an additional 63,254 shares during the last quarter. Finally, Markel Group Inc. lifted its position in Watsco by 2.0% during the 3rd quarter. Markel Group Inc. now owns 582,500 shares of the construction company’s stock worth $286,520,000 after buying an additional 11,250 shares in the last quarter. Institutional investors own 89.71% of the company’s stock.

Insider Activity at Watsco

In other news, EVP Barry S. Logan sold 10,998 shares of the firm’s stock in a transaction 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 legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 12.86% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

WSO has been the topic of several research analyst reports. Northcoast Research began coverage on Watsco in a research note on Friday, November 22nd. They issued a “neutral” rating on the stock. Raymond James initiated coverage on shares of Watsco in a research report on Friday, January 17th. They set a “market perform” rating for the company. Finally, 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 report on Thursday, October 24th. Three research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $488.33.

Watsco Price Performance

WSO stock opened at $485.21 on Tuesday. Watsco, Inc. has a one year low of $373.33 and a one year high of $571.41. The firm has a 50 day simple moving average of $484.70 and a two-hundred day simple moving average of $491.17. The stock has a market cap of $19.59 billion, a PE ratio of 37.50 and a beta of 0.95.

Watsco Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, January 31st. Stockholders of record on Friday, January 17th were paid a $2.70 dividend. This represents a $10.80 annualized dividend and a dividend yield of 2.23%. The ex-dividend date was Friday, January 17th. Watsco’s dividend payout ratio (DPR) is presently 83.46%.

Watsco Company 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.