CDW Co. (NASDAQ:CDW) Shares Sold by M&T Bank Corp

M&T Bank Corp lowered its position in shares of CDW Co. (NASDAQ:CDW) by 25.2% during the third quarter, Holdings Channel reports. The firm owned 67,821 shares of the information technology services provider’s stock after selling 22,789 shares during the quarter. M&T Bank Corp’s holdings in CDW were worth $15,348,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also made changes to their positions in CDW. Cetera Advisors LLC increased its position in shares of CDW by 27.7% during the first quarter. Cetera Advisors LLC now owns 2,016 shares of the information technology services provider’s stock worth $516,000 after purchasing an additional 437 shares in the last quarter. ORG Partners LLC acquired a new position in CDW in the 2nd quarter valued at about $34,000. Envestnet Portfolio Solutions Inc. increased its position in CDW by 7.0% in the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 9,712 shares of the information technology services provider’s stock valued at $2,174,000 after acquiring an additional 632 shares during the period. 180 Wealth Advisors LLC acquired a new position in CDW in the 2nd quarter valued at about $443,000. Finally, Assenagon Asset Management S.A. increased its position in CDW by 2,164.6% in the 2nd quarter. Assenagon Asset Management S.A. now owns 140,040 shares of the information technology services provider’s stock valued at $31,347,000 after acquiring an additional 133,856 shares during the period. Institutional investors and hedge funds own 93.15% of the company’s stock.

CDW Stock Performance

NASDAQ CDW opened at $179.01 on Wednesday. The company has a current ratio of 1.40, a quick ratio of 1.28 and a debt-to-equity ratio of 2.39. The business’s 50 day moving average is $198.66 and its two-hundred day moving average is $214.40. CDW Co. has a 12-month low of $172.95 and a 12-month high of $263.37. The stock has a market capitalization of $23.85 billion, a price-to-earnings ratio of 21.88, a PEG ratio of 5.06 and a beta of 1.02.

CDW (NASDAQ:CDW) last released its earnings results on Wednesday, October 30th. The information technology services provider reported $2.63 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.68 by ($0.05). The business had revenue of $5.52 billion for the quarter, compared to analyst estimates of $5.72 billion. CDW had a return on equity of 58.31% and a net margin of 5.33%. The business’s revenue for the quarter was down 2.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.60 EPS. Research analysts expect that CDW Co. will post 8.99 EPS for the current year.

CDW Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, December 10th. Stockholders of record on Monday, November 25th were paid a dividend of $0.625 per share. This is a positive change from CDW’s previous quarterly dividend of $0.62. The ex-dividend date of this dividend was Monday, November 25th. This represents a $2.50 annualized dividend and a dividend yield of 1.40%. CDW’s payout ratio is 30.56%.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on CDW. Citigroup cut CDW from a “buy” rating to a “neutral” rating and dropped their price target for the company from $250.00 to $245.00 in a research report on Tuesday, October 1st. JPMorgan Chase & Co. cut CDW from an “overweight” rating to a “neutral” rating and dropped their price target for the company from $260.00 to $235.00 in a research report on Monday, October 28th. Redburn Atlantic began coverage on CDW in a research report on Friday, November 15th. They issued a “buy” rating and a $230.00 price target on the stock. Finally, Barclays dropped their price target on CDW from $229.00 to $201.00 and set an “equal weight” rating on the stock in a research report on Thursday, October 31st. Four research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, CDW has an average rating of “Moderate Buy” and an average price target of $244.63.

CDW Profile

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.