Bank of America Corp DE Has $97.97 Million Stake in CDW Co. (NASDAQ:CDW)

Bank of America Corp DE cut its stake in CDW Co. (NASDAQ:CDW - Free Report) by 46.4% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 562,899 shares of the information technology services provider's stock after selling 486,755 shares during the period. Bank of America Corp DE owned 0.42% of CDW worth $97,967,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently made changes to their positions in the company. Alyeska Investment Group L.P. raised its position in CDW by 17,349.6% in the fourth quarter. Alyeska Investment Group L.P. now owns 1,380,787 shares of the information technology services provider's stock worth $240,312,000 after acquiring an additional 1,372,874 shares in the last quarter. Norges Bank acquired a new stake in CDW in the 4th quarter worth about $144,826,000. Madison Investment Advisors LLC acquired a new position in shares of CDW in the 4th quarter valued at about $130,996,000. Proficio Capital Partners LLC lifted its stake in shares of CDW by 18,259.3% in the 4th quarter. Proficio Capital Partners LLC now owns 687,189 shares of the information technology services provider's stock valued at $119,598,000 after purchasing an additional 683,446 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA lifted its stake in shares of CDW by 31.3% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 2,414,093 shares of the information technology services provider's stock valued at $420,149,000 after purchasing an additional 575,333 shares in the last quarter. 93.15% of the stock is owned by hedge funds and other institutional investors.

CDW Trading Up 1.0%

Shares of NASDAQ CDW traded up $1.86 during mid-day trading on Tuesday, hitting $190.68. 1,637,406 shares of the company traded hands, compared to its average volume of 1,208,962. CDW Co. has a 1 year low of $137.31 and a 1 year high of $241.26. The stock has a market capitalization of $25.11 billion, a price-to-earnings ratio of 23.92, a PEG ratio of 3.21 and a beta of 0.91. The company has a quick ratio of 1.24, a current ratio of 1.35 and a debt-to-equity ratio of 2.38. The business has a 50 day moving average of $161.92 and a two-hundred day moving average of $177.03.

CDW (NASDAQ:CDW - Get Free Report) last announced its earnings results on Wednesday, May 7th. The information technology services provider reported $2.15 EPS for the quarter, beating the consensus estimate of $1.96 by $0.19. CDW had a return on equity of 55.42% and a net margin of 5.13%. The business had revenue of $5.20 billion during the quarter, compared to the consensus estimate of $4.93 billion. During the same period in the prior year, the business posted $1.92 earnings per share. CDW's revenue was up 6.7% compared to the same quarter last year. On average, sell-side analysts anticipate that CDW Co. will post 9.41 earnings per share for the current fiscal year.

CDW announced that its board has approved a stock buyback plan on Wednesday, February 5th that permits the company to repurchase $750.00 million in shares. This repurchase authorization permits the information technology services provider to purchase up to 2.7% of its shares through open market purchases. Shares repurchase plans are often a sign that the company's board believes its shares are undervalued.

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 paid a dividend of $0.625 per share. This represents a $2.50 dividend on an annualized basis and a dividend yield of 1.31%. The ex-dividend date of this dividend is Friday, May 23rd. CDW's dividend payout ratio (DPR) is presently 30.98%.

Insider Transactions at CDW

In other CDW news, insider Christine A. Leahy sold 40,917 shares of the firm's stock in a transaction that occurred 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 of the company's stock, valued at $26,293,382.02. This trade represents a 22.02% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Company insiders own 0.84% of the company's stock.

Analysts Set New Price Targets

Several research firms recently commented on CDW. Barclays reduced their price target on CDW from $223.00 to $205.00 and set an "equal weight" rating on the stock in a research report on Thursday, May 8th. JPMorgan Chase & Co. reduced their price target on CDW from $222.00 to $175.00 and set a "neutral" rating on the stock in a research report on Thursday, April 17th. Morgan Stanley upped their target price on CDW from $193.00 to $201.00 and gave the company an "equal weight" rating in a research report on Thursday, February 6th. Citigroup upped their target price on CDW from $160.00 to $180.00 and gave the company a "neutral" rating in a research report on Thursday, May 8th. Finally, UBS Group cut 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, May 8th. Four equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $216.38.

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.