Bank of America Corp DE Sells 486,755 Shares of CDW Co. (NASDAQ:CDW)

Bank of America Corp DE trimmed its position in CDW Co. (NASDAQ:CDW) by 46.4% in the 4th quarter, HoldingsChannel reports. The fund 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’s holdings in CDW were worth $97,967,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. BLI Banque de Luxembourg Investments purchased a new stake in CDW in the 4th quarter worth $12,740,000. BNP Paribas Financial Markets grew its position in shares of CDW by 29.9% during the fourth quarter. BNP Paribas Financial Markets now owns 314,097 shares of the information technology services provider’s stock worth $54,665,000 after purchasing an additional 72,316 shares in the last quarter. Alyeska Investment Group L.P. raised its stake in CDW by 17,349.6% during the 4th quarter. Alyeska Investment Group L.P. now owns 1,380,787 shares of the information technology services provider’s stock valued at $240,312,000 after purchasing an additional 1,372,874 shares during the period. AXA S.A. lifted its holdings in CDW by 13.4% in the 4th quarter. AXA S.A. now owns 46,519 shares of the information technology services provider’s stock worth $8,096,000 after purchasing an additional 5,503 shares in the last quarter. Finally, Caisse DE Depot ET Placement DU Quebec boosted its stake in CDW by 2,812.2% in the 4th quarter. Caisse DE Depot ET Placement DU Quebec now owns 27,753 shares of the information technology services provider’s stock worth $4,830,000 after purchasing an additional 26,800 shares during the period. Institutional investors own 93.15% of the company’s stock.

Analyst Ratings Changes

CDW has been the topic of several research analyst reports. JPMorgan Chase & Co. lowered their target price on shares of CDW from $222.00 to $175.00 and set a “neutral” rating on the stock in a report on Thursday, April 17th. Barclays dropped their price objective on shares of CDW from $223.00 to $205.00 and set an “equal weight” rating for the company in a report on Thursday. Morgan Stanley lifted their target price on CDW from $193.00 to $201.00 and gave the stock an “equal weight” rating in a report on Thursday, February 6th. UBS Group decreased their target price on CDW from $236.00 to $210.00 and set a “buy” rating on the stock in a research report on Thursday. Finally, Citigroup raised their price target on CDW from $160.00 to $180.00 and gave the company a “neutral” rating in a report on Thursday. Four research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $216.38.

Insider Activity at CDW

In other CDW news, insider Christine A. Leahy sold 40,917 shares of the stock in a transaction on Thursday, May 8th. The stock was sold at an average price of $181.42, for a total value of $7,423,162.14. Following the sale, the insider now owns 144,931 shares in the company, valued at $26,293,382.02. This trade represents a 22.02 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.90% of the stock is currently owned by insiders.

CDW Trading Down 0.6 %

Shares of NASDAQ CDW opened at $178.94 on Friday. The stock has a market capitalization of $23.58 billion, a P/E ratio of 22.45, a PEG ratio of 3.21 and a beta of 0.91. CDW Co. has a 1-year low of $137.31 and a 1-year high of $241.26. The business’s 50 day moving average is $161.13 and its two-hundred day moving average is $177.42. 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 released its quarterly earnings results on Wednesday, May 7th. The information technology services provider reported $2.15 earnings per share for the quarter, beating the consensus estimate of $1.96 by $0.19. The company had revenue of $5.20 billion for the quarter, compared to analyst estimates of $4.93 billion. CDW had a return on equity of 55.42% and a net margin of 5.13%. CDW’s quarterly revenue was up 6.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.92 EPS. As a group, research analysts expect that CDW Co. will post 9.41 EPS for the current year.

CDW Dividend Announcement

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

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

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.