Corebridge Financial Inc. Cuts Holdings in WESCO International, Inc. (NYSE:WCC)

Corebridge Financial Inc. lowered its stake in shares of WESCO International, Inc. (NYSE:WCC) by 4.6% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 50,439 shares of the technology company’s stock after selling 2,454 shares during the quarter. Corebridge Financial Inc.’s holdings in WESCO International were worth $9,127,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in WCC. Handelsbanken Fonder AB increased its stake in WESCO International by 167.3% in the fourth quarter. Handelsbanken Fonder AB now owns 192,182 shares of the technology company’s stock valued at $34,777,000 after acquiring an additional 120,289 shares during the last quarter. Geode Capital Management LLC boosted its holdings in shares of WESCO International by 3.0% in the 3rd quarter. Geode Capital Management LLC now owns 762,653 shares of the technology company’s stock worth $128,143,000 after purchasing an additional 22,080 shares in the last quarter. MassMutual Private Wealth & Trust FSB increased its position in shares of WESCO International by 12,056.3% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 11,670 shares of the technology company’s stock valued at $2,112,000 after purchasing an additional 11,574 shares during the last quarter. KLP Kapitalforvaltning AS purchased a new position in shares of WESCO International during the 4th quarter valued at about $2,060,000. Finally, Bank of New York Mellon Corp lifted its position in WESCO International by 2.5% in the 4th quarter. Bank of New York Mellon Corp now owns 403,216 shares of the technology company’s stock worth $72,966,000 after buying an additional 10,016 shares during the last quarter. 93.76% of the stock is owned by institutional investors.

WESCO International Stock Performance

Shares of NYSE:WCC opened at $163.12 on Friday. The company has a current ratio of 2.20, a quick ratio of 1.27 and a debt-to-equity ratio of 1.02. The company has a 50-day moving average price of $179.33 and a 200-day moving average price of $182.56. The company has a market cap of $7.96 billion, a price-to-earnings ratio of 12.48, a price-to-earnings-growth ratio of 1.45 and a beta of 2.00. WESCO International, Inc. has a 12 month low of $143.06 and a 12 month high of $216.17.

WESCO International (NYSE:WCC) last released its quarterly earnings results on Tuesday, February 11th. The technology company reported $3.16 EPS for the quarter, missing analysts’ consensus estimates of $3.23 by ($0.07). WESCO International had a net margin of 3.29% and a return on equity of 13.63%. As a group, equities analysts anticipate that WESCO International, Inc. will post 13.3 EPS for the current year.

WESCO International Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Friday, March 14th will be issued a $0.4538 dividend. The ex-dividend date is Friday, March 14th. This represents a $1.82 annualized dividend and a yield of 1.11%. This is a boost from WESCO International’s previous quarterly dividend of $0.41. WESCO International’s payout ratio is 13.85%.

Analyst Ratings Changes

Several research analysts have commented on WCC shares. KeyCorp decreased their price target on shares of WESCO International from $245.00 to $205.00 and set an “overweight” rating on the stock in a research note on Monday, March 17th. StockNews.com cut shares of WESCO International from a “buy” rating to a “hold” rating in a research report on Wednesday, February 12th. Jefferies Financial Group upped their price target on shares of WESCO International from $225.00 to $245.00 and gave the company a “buy” rating in a research report on Friday, December 6th. Stephens lifted their price objective on WESCO International from $205.00 to $215.00 and gave the stock an “overweight” rating in a report on Tuesday, February 18th. Finally, Royal Bank of Canada increased their target price on WESCO International from $212.00 to $213.00 and gave the company a “sector perform” rating in a report on Wednesday, February 12th. Two research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, WESCO International has a consensus rating of “Moderate Buy” and an average target price of $219.43.

WESCO International Company Profile

WESCO International, Inc provides business-to-business distribution, logistics services, and supply chain solutions in the United States, Canada, and internationally. It operates through three segments: Electrical & Electronic Solutions (EES), Communications & Security Solutions (CSS), and Utility and Broadband Solutions (UBS).