Bank of New York Mellon Corp Trims Stock Holdings in CDW Corporation $CDW

Key Points

• Bank of New York Mellon cut its CDW stake by 22.1% in the first quarter, selling 172,564 shares and ending with 606,592 shares valued at about $73.4 million.
• Analysts have turned more constructive on CDW, with JPMorgan and Morgan Stanley both upgrading the stock and the current consensus rating sitting at Moderate Buy with a $146.88 price target.
• CDW reported quarterly earnings of $2.28 per share, matching estimates, while revenue rose 9.2% year over year to $5.68 billion; the company also paid a quarterly dividend of $0.63 per share.

Bank of New York Mellon Corp decreased its holdings in shares of CDW Corporation (NASDAQ:CDW - Free Report) by 22.1% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 606,592 shares of the information technology services provider's stock after selling 172,564 shares during the quarter. Bank of New York Mellon Corp owned about 0.47% of CDW worth $73,410,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in CDW. Marshall Wace LLP grew its position in shares of CDW by 255.7% in the third quarter. Marshall Wace LLP now owns 599,248 shares of the information technology services provider's stock valued at $95,448,000 after purchasing an additional 430,796 shares in the last quarter. SG Americas Securities LLC boosted its stake in CDW by 531.9% in the 4th quarter. SG Americas Securities LLC now owns 189,285 shares of the information technology services provider's stock worth $25,781,000 after purchasing an additional 159,332 shares during the period. Life Cycle Investment Partners Ltd bought a new position in CDW in the 4th quarter worth about $18,948,000. PFA Pension Forsikringsaktieselskab purchased a new position in CDW during the 4th quarter valued at about $16,274,000. Finally, Danske Bank A S purchased a new position in CDW during the 3rd quarter valued at about $13,347,000. Hedge funds and other institutional investors own 93.15% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on CDW shares. JPMorgan Chase & Co. raised shares of CDW from a "neutral" rating to an "overweight" rating and set a $130.00 price target on the stock in a report on Wednesday, May 27th. Morgan Stanley upgraded shares of CDW from an "equal weight" rating to an "overweight" rating and increased their target price for the stock from $142.00 to $170.00 in a research note on Tuesday, June 23rd. Barclays cut their price target on shares of CDW from $144.00 to $123.00 and set an "equal weight" rating for the company in a report on Thursday, May 7th. Raymond James Financial set a $150.00 price target on shares of CDW in a report on Wednesday, May 6th. Finally, Weiss Ratings raised shares of CDW from a "sell (d+)" rating to a "hold (c-)" rating in a report on Thursday, June 11th. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $146.88.

CDW Stock Performance

NASDAQ CDW opened at $129.83 on Thursday. CDW Corporation has a 52-week low of $97.12 and a 52-week high of $183.66. The company has a fifty day moving average of $128.09 and a 200-day moving average of $126.87. The company has a market capitalization of $16.59 billion, a P/E ratio of 15.79, a P/E/G ratio of 1.72 and a beta of 0.97. The company has a debt-to-equity ratio of 1.81, a quick ratio of 1.06 and a current ratio of 1.16.

CDW (NASDAQ:CDW - Get Free Report) last released its quarterly earnings results on Wednesday, May 6th. The information technology services provider reported $2.28 earnings per share for the quarter, meeting analysts' consensus estimates of $2.28. CDW had a return on equity of 49.67% and a net margin of 4.70%.The business had revenue of $5.68 billion for the quarter, compared to the consensus estimate of $5.48 billion. During the same quarter last year, the business posted $2.15 earnings per share. The company's revenue for the quarter was up 9.2% on a year-over-year basis. As a group, equities research analysts predict that CDW Corporation will post 10.21 EPS for the current fiscal year.

CDW Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, June 10th. Stockholders of record on Monday, May 25th were paid a $0.63 dividend. The ex-dividend date of this dividend was Friday, May 22nd. This represents a $2.52 dividend on an annualized basis and a dividend yield of 1.9%. CDW's dividend payout ratio is 30.66%.

Insider Activity at CDW

In other CDW news, Director David W. Nelms purchased 18,000 shares of the stock in a transaction on Wednesday, May 27th. The stock was acquired at an average cost of $111.43 per share, with a total value of $2,005,740.00. Following the completion of the purchase, the director directly owned 51,025 shares of the company's stock, valued at approximately $5,685,715.75. This trade represents a 54.50% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 0.82% of the company's stock.

CDW Company Profile

CDW NASDAQ: CDW is a leading provider of information technology products and integrated solutions for business, government, education and healthcare customers. The company sources and resells hardware and software from major technology vendors and packages those products with professional services, managed services and lifecycle support. Its offerings span IT infrastructure, cloud and data center solutions, cybersecurity, networking, unified communications, endpoint devices, and software licensing and procurement services designed to simplify IT operations for customers.

CDW combines a broad product portfolio with consultative sales, implementation and technical support capabilities.

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