QRG Capital Management Inc. Reduces Stake in CDW Co. (NASDAQ:CDW)

QRG Capital Management Inc. decreased its stake in shares of CDW Co. (NASDAQ:CDW) by 49.3% during the third quarter, according to its most recent filing with the SEC. The institutional investor owned 28,015 shares of the information technology services provider’s stock after selling 27,291 shares during the period. QRG Capital Management Inc.’s holdings in CDW were worth $6,340,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in CDW. Janney Montgomery Scott LLC lifted its holdings in CDW by 0.4% during the 1st quarter. Janney Montgomery Scott LLC now owns 38,706 shares of the information technology services provider’s stock worth $9,900,000 after purchasing an additional 149 shares in the last quarter. Nordea Investment Management AB increased its stake in CDW by 2.6% in the 1st quarter. Nordea Investment Management AB now owns 9,619 shares of the information technology services provider’s stock worth $2,492,000 after acquiring an additional 246 shares during the last quarter. BI Asset Management Fondsmaeglerselskab A S increased its stake in CDW by 18.5% in the 1st quarter. BI Asset Management Fondsmaeglerselskab A S now owns 2,554 shares of the information technology services provider’s stock worth $653,000 after acquiring an additional 399 shares during the last quarter. Rehmann Capital Advisory Group increased its stake in CDW by 10.9% in the 1st quarter. Rehmann Capital Advisory Group now owns 1,748 shares of the information technology services provider’s stock worth $447,000 after acquiring an additional 172 shares during the last quarter. Finally, Mediolanum International Funds Ltd bought a new position in CDW in the 1st quarter worth about $2,461,000. Hedge funds and other institutional investors own 93.15% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on CDW. JPMorgan Chase & Co. lowered CDW from an “overweight” rating to a “neutral” rating and decreased their target price for the stock from $260.00 to $235.00 in a research note on Monday, October 28th. Barclays decreased their target price on CDW from $229.00 to $201.00 and set an “equal weight” rating on the stock in a research note on Thursday, October 31st. Stifel Nicolaus upped their target price on CDW from $250.00 to $260.00 and gave the stock a “buy” rating in a research note on Wednesday, July 17th. Finally, Citigroup downgraded CDW from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $250.00 to $245.00 in a research report on Tuesday, October 1st. Four investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $246.71.

CDW Price Performance

CDW opened at $192.99 on Wednesday. The stock has a market capitalization of $25.72 billion, a PE ratio of 23.59, a price-to-earnings-growth ratio of 5.07 and a beta of 1.05. The stock’s 50 day moving average price is $217.85 and its 200-day moving average price is $222.52. CDW Co. has a 52-week low of $187.73 and a 52-week high of $263.37. The company has a debt-to-equity ratio of 2.39, a quick ratio of 1.28 and a current ratio of 1.40.

CDW (NASDAQ:CDW) last released its earnings results on Wednesday, October 30th. The information technology services provider reported $2.63 EPS for the quarter, missing the consensus estimate of $2.68 by ($0.05). CDW had a return on equity of 58.31% and a net margin of 5.33%. The company had revenue of $5.52 billion during the quarter, compared to the consensus estimate of $5.72 billion. During the same period last year, the firm posted $2.60 earnings per share. The company’s revenue was down 2.0% compared to the same quarter last year. On average, equities research analysts predict that CDW Co. will post 9.38 EPS for the current year.

CDW Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 10th. Stockholders of record on Monday, November 25th will be issued a dividend of $0.625 per share. This is an increase from CDW’s previous quarterly dividend of $0.62. This represents a $2.50 dividend on an annualized basis and a dividend yield of 1.30%. The ex-dividend date of this dividend is Monday, November 25th. CDW’s dividend payout ratio is presently 30.32%.

About CDW

CDW Corporation provides information technology (IT) solutions in the United States, the United Kingdom, and Canada. It operates through three segments: Corporate, Small Business, and Public. The company offers discrete hardware and software products and services, as well as integrated IT solutions, including on-premise and cloud capabilities across hybrid infrastructure, digital experience, and security.