Watsco, Inc. to Issue Quarterly Dividend of $1.95 (NYSE:WSO)

Watsco, Inc. (NYSE:WSO) declared a quarterly dividend on Saturday, October 2nd, investing.com reports. Stockholders of record on Friday, October 15th will be paid a dividend of 1.95 per share by the construction company on Friday, October 29th. This represents a $7.80 annualized dividend and a dividend yield of 2.83%. The ex-dividend date of this dividend is Thursday, October 14th.

Watsco has raised its dividend by 50.5% over the last three years and has increased its dividend annually for the last 1 consecutive years. Watsco has a payout ratio of 73.6% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Watsco to earn $10.51 per share next year, which means the company should continue to be able to cover its $7.45 annual dividend with an expected future payout ratio of 70.9%.

Shares of WSO opened at $275.71 on Wednesday. The company’s fifty day moving average is $276.76 and its 200-day moving average is $282.21. Watsco has a 12 month low of $216.25 and a 12 month high of $307.81. The firm has a market cap of $10.68 billion, a price-to-earnings ratio of 30.63 and a beta of 0.77. The company has a quick ratio of 1.20, a current ratio of 2.48 and a debt-to-equity ratio of 0.06.

Watsco (NYSE:WSO) last announced its quarterly earnings results on Thursday, July 22nd. The construction company reported $3.71 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $3.15 by $0.56. Watsco had a net margin of 6.19% and a return on equity of 19.20%. The company had revenue of $1.85 billion for the quarter, compared to analyst estimates of $1.68 billion. During the same quarter in the prior year, the business posted $2.26 EPS. Watsco’s quarterly revenue was up 36.5% on a year-over-year basis. As a group, research analysts predict that Watsco will post 10.02 earnings per share for the current fiscal year.

Several research analysts have recently commented on the stock. Stephens upgraded shares of Watsco from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $300.00 to $350.00 in a research note on Friday, July 23rd. Wolfe Research downgraded shares of Watsco from a “peer perform” rating to an “underperform” rating and decreased their price objective for the stock from $309.00 to $304.00 in a report on Monday, July 12th. Finally, Loop Capital began coverage on shares of Watsco in a report on Tuesday, August 3rd. They set a “hold” rating and a $300.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $281.33.

About Watsco

Watsco, Inc engages in distribution of air conditioning, heating and refrigeration equipment and related parts. Its products include residential central air conditioners, gas, electric & oil furnaces, commercial air conditioning & heating equipment, and other specialized equipment, parts, including replacement compressors, evaporator coils, motors and other component parts; and supplies, including thermostats, insulation material, refrigerants, ductwork, grills, registers, sheet metal, tools, copper tubing, concrete pads, tape, adhesives, and other ancillary supplies.

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Dividend History for Watsco (NYSE:WSO)

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