Bank of Nova Scotia Decreases Holdings in CDW Corporation (NASDAQ:CDW)

Key Points

• The Bank of Nova Scotia significantly reduced its stake in CDW Corporation by 87.4%, selling 185,477 shares in the first quarter, leaving it with 26,819 shares valued at approximately $4.3 million.
• CDW reported strong earnings with an EPS of $2.15 for the last quarter, surpassing analyst expectations of $1.96, and achieved a year-over-year revenue growth of 6.7% to reach $5.20 billion.
• CDW declared a quarterly dividend of $0.625 per share, representing an annualized yield of 1.5%, with a payout ratio of 30.98%.

Bank of Nova Scotia lowered its stake in CDW Corporation (NASDAQ:CDW - Free Report) by 87.4% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 26,819 shares of the information technology services provider's stock after selling 185,477 shares during the period. Bank of Nova Scotia's holdings in CDW were worth $4,298,000 as of its most recent filing with the SEC.

Several other institutional investors also recently modified their holdings of CDW. Vestcor Inc increased its holdings in shares of CDW by 1.8% during the first quarter. Vestcor Inc now owns 4,068 shares of the information technology services provider's stock worth $652,000 after buying an additional 71 shares in the last quarter. TD Private Client Wealth LLC increased its stake in shares of CDW by 30.3% during the 1st quarter. TD Private Client Wealth LLC now owns 310 shares of the information technology services provider's stock worth $50,000 after purchasing an additional 72 shares during the last quarter. GW&K Investment Management LLC boosted its holdings in shares of CDW by 78.9% during the 1st quarter. GW&K Investment Management LLC now owns 170 shares of the information technology services provider's stock worth $27,000 after buying an additional 75 shares during the period. Benin Management CORP boosted its holdings in CDW by 2.5% in the 1st quarter. Benin Management CORP now owns 3,248 shares of the information technology services provider's stock valued at $521,000 after purchasing an additional 80 shares during the period. Finally, GAMMA Investing LLC lifted its holdings in shares of CDW by 4.0% during the 1st quarter. GAMMA Investing LLC now owns 2,098 shares of the information technology services provider's stock worth $336,000 after acquiring an additional 81 shares during the period. Institutional investors own 93.15% of the company's stock.

Insider Activity at CDW

In other news, insider Frederick J. Kulevich sold 28,159 shares of the company's stock in a transaction on Tuesday, May 13th. The shares were sold at an average price of $190.90, for a total value of $5,375,553.10. Following the sale, the insider directly owned 36,077 shares of the company's stock, valued at approximately $6,887,099.30. This represents a 43.84% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 0.84% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on CDW shares. Citigroup upped their price objective on shares of CDW from $180.00 to $200.00 and gave the stock a "neutral" rating in a research report on Friday, July 11th. UBS Group lowered their price objective on shares of CDW from $210.00 to $200.00 and set a "buy" rating for the company in a research report on Thursday. Barclays decreased their price target on shares of CDW from $205.00 to $176.00 and set an "equal weight" rating for the company in a research report on Thursday. Finally, JPMorgan Chase & Co. upped their price target on shares of CDW from $185.00 to $205.00 and gave the company a "neutral" rating in a research report on Thursday, July 17th. Four analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $202.00.

CDW Trading Up 0.6%

NASDAQ CDW traded up $1.04 on Friday, hitting $162.92. The company's stock had a trading volume of 1,066,641 shares, compared to its average volume of 1,080,320. The company has a quick ratio of 1.20, a current ratio of 1.35 and a debt-to-equity ratio of 2.28. CDW Corporation has a 1-year low of $137.31 and a 1-year high of $231.38. The company's 50-day moving average is $176.17 and its 200 day moving average is $174.95. The firm has a market cap of $21.45 billion, a PE ratio of 20.24, a PEG ratio of 2.72 and a beta of 0.95.

CDW (NASDAQ:CDW - Get Free Report) last posted its quarterly earnings data on Wednesday, August 6th. The information technology services provider reported $2.60 EPS for the quarter, beating analysts' consensus estimates of $2.49 by $0.11. CDW had a net margin of 4.92% and a return on equity of 53.63%. The company had revenue of $5.98 billion for the quarter, compared to analyst estimates of $5.51 billion. During the same period in the prior year, the firm posted $2.50 EPS. The company's quarterly revenue was up 10.2% on a year-over-year basis. As a group, analysts predict that CDW Corporation will post 9.41 earnings per share for the current fiscal year.

CDW Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 10th. Stockholders of record on Monday, August 25th will be paid a $0.625 dividend. This represents a $2.50 dividend on an annualized basis and a dividend yield of 1.5%. The ex-dividend date of this dividend is Monday, August 25th. CDW's dividend payout ratio is currently 31.06%.

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.