Bank of America Corp DE Trims Position in CDW Co. (NASDAQ:CDW)

Bank of America Corp DE decreased its holdings in CDW Co. (NASDAQ:CDW) by 46.4% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 562,899 shares of the information technology services provider’s stock after selling 486,755 shares during the quarter. Bank of America Corp DE owned about 0.42% of CDW worth $97,967,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also added to or reduced their stakes in the stock. Barclays PLC grew its holdings in shares of CDW by 0.3% during the 3rd quarter. Barclays PLC now owns 1,156,789 shares of the information technology services provider’s stock worth $261,779,000 after acquiring an additional 3,424 shares during the period. Franklin Resources Inc. grew its stake in CDW by 3.4% in the third quarter. Franklin Resources Inc. now owns 108,009 shares of the information technology services provider’s stock worth $24,138,000 after purchasing an additional 3,567 shares during the period. Nordea Investment Management AB lifted its position in CDW by 3.6% during the fourth quarter. Nordea Investment Management AB now owns 11,260 shares of the information technology services provider’s stock valued at $1,967,000 after buying an additional 395 shares during the period. Ridgewood Investments LLC bought a new stake in shares of CDW during the 4th quarter valued at $104,000. Finally, ORG Wealth Partners LLC purchased a new stake in shares of CDW in the 4th quarter worth about $69,000. Institutional investors own 93.15% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently commented on CDW shares. JPMorgan Chase & Co. dropped their price objective on shares of CDW from $222.00 to $175.00 and set a “neutral” rating on the stock in a research note on Thursday, April 17th. Barclays cut their price target on CDW from $223.00 to $205.00 and set an “equal weight” rating on the stock in a research note on Thursday. UBS Group lowered their price objective on CDW from $236.00 to $210.00 and set a “buy” rating for the company in a research note on Thursday. Morgan Stanley increased their target price on CDW from $193.00 to $201.00 and gave the stock an “equal weight” rating in a research note on Thursday, February 6th. Finally, Citigroup lifted their price target on CDW from $160.00 to $180.00 and gave the stock a “neutral” rating in a research report on Thursday. Four investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat, CDW currently has an average rating of “Moderate Buy” and an average price target of $216.38.

Insider Transactions at CDW

In other news, insider Christine A. Leahy sold 40,917 shares of the stock in a transaction that occurred on Thursday, May 8th. The shares were sold at an average price of $181.42, for a total value of $7,423,162.14. Following the transaction, the insider now owns 144,931 shares in the company, valued at $26,293,382.02. This represents a 22.02 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.90% of the company’s stock.

CDW Trading Down 0.6 %

Shares of NASDAQ:CDW opened at $178.94 on Friday. CDW Co. has a 1 year low of $137.31 and a 1 year high of $241.26. The stock’s fifty day moving average price is $161.13 and its 200-day moving average price is $177.42. The company has a market cap of $23.58 billion, a P/E ratio of 22.45, a PEG ratio of 3.21 and a beta of 0.91. The company has a debt-to-equity ratio of 2.38, a current ratio of 1.35 and a quick ratio of 1.24.

CDW (NASDAQ:CDW) last announced its quarterly earnings results on Wednesday, May 7th. The information technology services provider reported $2.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.96 by $0.19. The firm had revenue of $5.20 billion for the quarter, compared to the consensus estimate of $4.93 billion. CDW had a net margin of 5.13% and a return on equity of 55.42%. The business’s quarterly revenue was up 6.7% compared to the same quarter last year. During the same quarter last year, the firm posted $1.92 EPS. Sell-side analysts expect that CDW Co. will post 9.41 earnings per share for the current year.

CDW Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 10th. Stockholders of record on Monday, May 26th will be issued a dividend of $0.625 per share. The ex-dividend date is Friday, May 23rd. This represents a $2.50 annualized dividend and a dividend yield of 1.40%. CDW’s payout ratio is 31.37%.

CDW declared that its board has authorized a stock buyback program on Wednesday, February 5th that allows the company to repurchase $750.00 million in outstanding shares. This repurchase authorization allows the information technology services provider to purchase up to 2.7% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s management believes its shares are undervalued.

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.