Covington Investment Advisors Inc. Sells 325 Shares of Watsco, Inc. (NYSE:WSO)

Covington Investment Advisors Inc. decreased its holdings in Watsco, Inc. (NYSE:WSO) by 1.0% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 31,985 shares of the construction company’s stock after selling 325 shares during the period. Watsco comprises approximately 1.3% of Covington Investment Advisors Inc.’s holdings, making the stock its 17th largest holding. Covington Investment Advisors Inc. owned approximately 0.08% of Watsco worth $15,115,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the business. Quest Partners LLC raised its position in shares of Watsco by 329.3% during the 3rd quarter. Quest Partners LLC now owns 249 shares of the construction company’s stock worth $122,000 after purchasing an additional 191 shares during the last quarter. Citigroup Inc. raised its position in Watsco by 35.0% in the third quarter. Citigroup Inc. now owns 16,219 shares of the construction company’s stock worth $7,978,000 after acquiring an additional 4,204 shares in the last quarter. Cerity Partners LLC increased its stake in shares of Watsco by 90.0% during the 3rd quarter. Cerity Partners LLC now owns 10,632 shares of the construction company’s stock worth $5,230,000 after purchasing an additional 5,036 shares in the last quarter. Daiwa Securities Group Inc. increased its stake in shares of Watsco by 12.5% during the 3rd quarter. Daiwa Securities Group Inc. now owns 2,700 shares of the construction company’s stock valued at $1,328,000 after acquiring an additional 300 shares during the last quarter. Finally, The Manufacturers Life Insurance Company lifted its holdings in shares of Watsco by 2.8% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 22,759 shares of the construction company’s stock valued at $11,195,000 after acquiring an additional 623 shares in the last quarter. 89.71% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the stock. Robert W. Baird raised their target price on shares of Watsco from $540.00 to $560.00 and gave the company an “outperform” rating in a research note on Wednesday, February 19th. 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. Finally, Raymond James began coverage on shares of Watsco in a research note on Friday, January 17th. They set a “market perform” rating for the company. Four equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $486.25.

Watsco Stock Up 0.4 %

Watsco stock opened at $515.34 on Friday. The business has a 50-day simple moving average of $496.05 and a 200 day simple moving average of $497.87. The stock has a market cap of $20.82 billion, a price-to-earnings ratio of 38.89 and a beta of 0.92. Watsco, Inc. has a 52 week low of $396.82 and a 52 week high of $571.42.

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

Watsco Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, January 31st. Investors of record on Friday, January 17th were given a $2.70 dividend. The ex-dividend date of this dividend was Friday, January 17th. This represents a $10.80 annualized dividend and a yield of 2.10%. Watsco’s dividend payout ratio is currently 81.51%.

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.