Cresset Asset Management LLC Reduces Position in CDW Co. (NASDAQ:CDW)

Cresset Asset Management LLC lowered its stake in CDW Co. (NASDAQ:CDW - Free Report) by 64.1% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 5,608 shares of the information technology services provider's stock after selling 10,012 shares during the period. Cresset Asset Management LLC's holdings in CDW were worth $976,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Allworth Financial LP grew its position in CDW by 39.7% during the 4th quarter. Allworth Financial LP now owns 183 shares of the information technology services provider's stock worth $32,000 after purchasing an additional 52 shares during the period. Summit Trail Advisors LLC grew its holdings in CDW by 1.4% during the fourth quarter. Summit Trail Advisors LLC now owns 4,040 shares of the information technology services provider's stock worth $703,000 after acquiring an additional 56 shares during the period. Parkside Financial Bank & Trust raised its position in CDW by 38.9% during the fourth quarter. Parkside Financial Bank & Trust now owns 207 shares of the information technology services provider's stock valued at $36,000 after acquiring an additional 58 shares in the last quarter. Jacobi Capital Management LLC lifted its holdings in CDW by 4.5% in the fourth quarter. Jacobi Capital Management LLC now owns 1,428 shares of the information technology services provider's stock valued at $248,000 after acquiring an additional 61 shares during the period. Finally, Resonant Capital Advisors LLC lifted its holdings in CDW by 1.7% in the fourth quarter. Resonant Capital Advisors LLC now owns 4,223 shares of the information technology services provider's stock valued at $735,000 after acquiring an additional 69 shares during the period. 93.15% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at CDW

In other news, insider Christine A. Leahy sold 40,917 shares of the business'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 transaction of $7,423,162.14. Following the transaction, the insider now directly owns 144,931 shares in the company, valued at $26,293,382.02. The trade was a 22.02% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 0.84% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the stock. 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. Morgan Stanley increased their price target on shares of CDW from $193.00 to $201.00 and gave the stock an "equal weight" rating in a report on Thursday, February 6th. Barclays cut 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, May 8th. UBS Group decreased their price objective on shares of CDW from $236.00 to $210.00 and set a "buy" rating for the company in a research report on Thursday, May 8th. Finally, Citigroup raised 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. Four analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $216.38.

CDW Stock Up 5.5%

CDW opened at $188.82 on Tuesday. The company has a market cap of $24.86 billion, a PE ratio of 23.69, a price-to-earnings-growth ratio of 3.21 and a beta of 0.91. CDW Co. has a twelve month low of $137.31 and a twelve month high of $241.26. The company has a 50-day moving average price of $161.45 and a 200 day moving average price of $176.93. The company has a quick ratio of 1.24, a current ratio of 1.35 and a debt-to-equity ratio of 2.38.

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 analysts' consensus estimates of $1.96 by $0.19. The business had revenue of $5.20 billion during the quarter, compared to analysts' expectations of $4.93 billion. CDW had a return on equity of 55.42% and a net margin of 5.13%. The business's revenue was up 6.7% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.92 earnings per share. Sell-side analysts expect that CDW Co. will post 9.41 earnings per share for the current fiscal year.

CDW announced that its Board of Directors has initiated a stock buyback plan on Wednesday, February 5th that authorizes the company to repurchase $750.00 million in shares. This repurchase authorization authorizes the information technology services provider to repurchase up to 2.7% of its stock through open market purchases. Stock repurchase plans are often an indication that the company's leadership believes its shares are undervalued.

CDW Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, June 10th. Shareholders of record on Monday, May 26th will be paid a dividend of $0.625 per share. The ex-dividend date is Friday, May 23rd. This represents a $2.50 annualized dividend and a yield of 1.32%. CDW's dividend payout ratio (DPR) is presently 30.98%.

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.

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