Watsco Inc (NYSE:WSO) announced a quarterly dividend on Wednesday, January 2nd, RTT News reports. Shareholders of record on Wednesday, January 16th will be paid a dividend of 1.60 per share by the construction company on Thursday, January 31st. This represents a $6.40 dividend on an annualized basis and a yield of 4.53%. The ex-dividend date is Tuesday, January 15th. This is a positive change from Watsco’s previous quarterly dividend of $1.45.
Watsco has increased its dividend by an average of 26.0% per year over the last three years and has increased its dividend every year for the last 5 years. Watsco has a dividend payout ratio of 96.0% indicating that its dividend is currently covered by earnings, but may not be in the future if the company’s earnings fall. Analysts expect Watsco to earn $7.01 per share next year, which means the company should continue to be able to cover its $6.40 annual dividend with an expected future payout ratio of 91.3%.
Shares of NYSE:WSO opened at $141.24 on Thursday. Watsco has a 12 month low of $131.88 and a 12 month high of $192.94. The stock has a market cap of $5.35 billion, a price-to-earnings ratio of 25.77, a P/E/G ratio of 1.63 and a beta of 0.96.
In related news, SVP Barry S. Logan sold 2,500 shares of the stock in a transaction that occurred on Thursday, December 20th. The shares were sold at an average price of $141.27, for a total value of $353,175.00. Following the sale, the senior vice president now directly owns 13,300 shares in the company, valued at approximately $1,878,891. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 13.45% of the company’s stock.
Several research analysts have recently issued reports on the stock. Zacks Investment Research lowered shares of Watsco from a “hold” rating to a “sell” rating in a research note on Friday, December 7th. ValuEngine lowered shares of Watsco from a “buy” rating to a “hold” rating in a research note on Tuesday, October 2nd. Morgan Stanley assumed coverage on shares of Watsco in a research note on Tuesday, December 18th. They issued an “equal weight” rating and a $144.00 target price on the stock. JPMorgan Chase & Co. lowered shares of Watsco from a “neutral” rating to an “underweight” rating and raised their target price for the company from $166.00 to $176.00 in a research note on Friday, September 21st. Finally, Buckingham Research assumed coverage on shares of Watsco in a research note on Tuesday, October 9th. They issued a “neutral” rating and a $187.00 target price on the stock. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and two have issued a buy rating to the stock. The company presently has an average rating of “Hold” and an average target price of $178.11.
Watsco, Inc, together with its subsidiaries, distributes air conditioning, heating, and refrigeration equipment; and related parts and supplies in the United States, Canada, Mexico, and Puerto Rico. It offers residential ducted and ductless air conditioners; gas, electric, and oil furnaces; commercial air conditioning and heating equipment systems; and other specialized equipment.
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