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Watsco raises dividend, boosting yield to more than double that of the S&P 500

36435 watsco raises dividend boosting yield to more than double that of the sp 500

Watsco Inc. WSO, -1.15% said Friday it will raise its quarterly dividend by 13%, to boost the heating, air conditioning and refrigeration (HVAC/R) distributor’s dividend yield to more than double that of the S&P 500. The company said the new dividend of $2.20 a share, up from $1.95 a share, will be payable April 29 to shareholders of record on April 14. The stock was still inactive in premarket trading. Based on Thursday’s closing price of $304.64, the new annual dividend rate implies a dividend yield of 2.89%, compared with the implied yield for the S&P 500 SPX, -1.57% of 1.39%, according to FactSet. Watsco’s stock has slipped 2.6% year to date, while the S&P 500 has lost 5.0%.

Source: Marketwatch

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