Watsco, Inc. (NYSE:WSO) to Issue Quarterly Dividend of $2.70

Watsco, Inc. (NYSE:WSO) declared a quarterly dividend on Monday, July 1st, Zacks reports. Stockholders of record on Tuesday, July 16th will be paid a dividend of 2.70 per share by the construction company on Wednesday, July 31st. This represents a $10.80 dividend on an annualized basis and a dividend yield of 2.33%. The ex-dividend date of this dividend is Tuesday, July 16th.

Watsco has increased its dividend by an average of 12.3% annually over the last three years and has raised its dividend annually for the last 11 consecutive years. Watsco has a payout ratio of 68.7% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Watsco to earn $16.10 per share next year, which means the company should continue to be able to cover its $10.80 annual dividend with an expected future payout ratio of 67.1%.

Watsco Stock Down 0.1 %

Shares of NYSE WSO opened at $462.65 on Tuesday. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.92 and a quick ratio of 1.31. Watsco has a one year low of $337.58 and a one year high of $493.65. The stock has a market capitalization of $18.64 billion, a PE ratio of 35.59 and a beta of 0.88. The business’s fifty day moving average price is $470.04 and its 200-day moving average price is $430.11.

Watsco (NYSE:WSO) last released its quarterly earnings data on Wednesday, April 24th. The construction company reported $2.17 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.26 by ($0.09). Watsco had a net margin of 7.03% and a return on equity of 19.26%. The company had revenue of $1.56 billion for the quarter, compared to the consensus estimate of $1.59 billion. During the same quarter in the previous year, the firm posted $2.83 earnings per share. The business’s revenue for the quarter was up .9% compared to the same quarter last year. On average, equities research analysts anticipate that Watsco will post 14.26 EPS for the current year.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on WSO shares. Robert W. Baird boosted their price objective on Watsco from $420.00 to $460.00 and gave the company an “outperform” rating in a research note on Thursday, April 25th. Stephens reiterated an “overweight” rating and set a $500.00 price objective on shares of Watsco in a research note on Thursday, April 25th. One analyst has rated the stock with a sell rating, four have given a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, Watsco currently has a consensus rating of “Hold” and a consensus target price of $404.25.

Insiders Place Their Bets

In other Watsco news, Director John Alexander Macdonald sold 5,334 shares of the company’s stock in a transaction dated Thursday, May 9th. The stock was sold at an average price of $466.41, for a total value of $2,487,830.94. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, EVP Barry S. Logan sold 774 shares of the stock in a transaction on Friday, May 10th. The shares were sold at an average price of $473.85, for a total transaction of $366,759.90. Following the transaction, the executive vice president now owns 1,770 shares of the company’s stock, valued at approximately $838,714.50. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director John Alexander Macdonald sold 5,334 shares of the business’s stock in a transaction on Thursday, May 9th. The stock was sold at an average price of $466.41, for a total transaction of $2,487,830.94. The disclosure for this sale can be found here. Corporate insiders own 12.86% of the company’s stock.

About Watsco

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.