Watsco Inc (NYSE:WSO) declared a quarterly dividend on Wednesday, January 2nd, RTT News reports. Stockholders 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 annualized dividend and a dividend yield of 4.53%. The ex-dividend date of this dividend is Tuesday, January 15th. This is a boost from Watsco’s previous quarterly dividend of $1.45.
Watsco has increased its dividend payment by an average of 26.0% per year over the last three years and has raised its dividend every year for the last 5 years. Watsco has a dividend payout ratio of 96.0% meaning its dividend is currently covered by earnings, but may not be in the future if the company’s earnings tumble. 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 WSO opened at $141.24 on Thursday. The company has a market cap of $5.35 billion, a PE ratio of 25.77, a price-to-earnings-growth ratio of 1.63 and a beta of 0.96. Watsco has a twelve month low of $131.88 and a twelve month high of $192.94.
In related news, SVP Barry S. Logan sold 2,500 shares of the firm’s stock in a transaction 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 completion of the transaction, the senior vice president now directly owns 13,300 shares of the company’s stock, valued at $1,878,891. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 13.45% of the stock is currently owned by company insiders.
Several brokerages have recently weighed in on WSO. Zacks Investment Research raised shares of Watsco from a “sell” rating to a “hold” rating in a research note on Monday, December 17th. Buckingham Research began coverage on shares of Watsco in a research note on Tuesday, October 9th. They set a “neutral” rating and a $187.00 price target for the company. Jefferies Financial Group initiated coverage on shares of Watsco in a research note on Friday, October 12th. They set a “hold” rating and a $160.00 price target for the company. Morgan Stanley initiated 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 for the company. Finally, ValuEngine cut shares of Watsco from a “buy” rating to a “hold” rating in a research note on Tuesday, October 2nd. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and two have given a buy rating to the company’s stock. Watsco has a consensus rating of “Hold” and a consensus price target 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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