Connecticut Wealth Management LLC Cuts Holdings in CDW Co. (NASDAQ:CDW)

Connecticut Wealth Management LLC decreased its stake in CDW Co. (NASDAQ:CDW - Free Report) by 73.3% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,529 shares of the information technology services provider's stock after selling 4,203 shares during the quarter. Connecticut Wealth Management LLC's holdings in CDW were worth $266,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the stock. Vanguard Group Inc. raised its stake in CDW by 0.6% during the 4th quarter. Vanguard Group Inc. now owns 16,673,784 shares of the information technology services provider's stock valued at $2,901,905,000 after purchasing an additional 99,947 shares during the period. Geode Capital Management LLC raised its stake in CDW by 1.6% during the fourth quarter. Geode Capital Management LLC now owns 3,535,405 shares of the information technology services provider's stock valued at $614,220,000 after purchasing an additional 54,341 shares in the last quarter. Wellington Management Group LLP lifted its position in CDW by 29.2% during the fourth quarter. Wellington Management Group LLP now owns 2,538,775 shares of the information technology services provider's stock valued at $441,848,000 after purchasing an additional 574,444 shares during the last quarter. Invesco Ltd. grew its stake in shares of CDW by 27.6% in the 4th quarter. Invesco Ltd. now owns 2,426,746 shares of the information technology services provider's stock worth $422,351,000 after buying an additional 524,559 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA raised its position in shares of CDW by 31.3% during 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 buying an additional 575,333 shares in the last quarter. Institutional investors own 93.15% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have issued reports on CDW. Citigroup upped their price objective on CDW from $160.00 to $180.00 and gave the company a "neutral" rating in a research report on Thursday, May 8th. UBS Group cut their price objective on CDW from $236.00 to $210.00 and set a "buy" rating on the stock in a research report on Thursday, May 8th. Morgan Stanley lifted their target price on CDW from $193.00 to $201.00 and gave the stock an "equal weight" rating in a research report on Thursday, February 6th. JPMorgan Chase & Co. cut their price target 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. Finally, Barclays decreased 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. Four research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat.com, CDW has an average rating of "Moderate Buy" and a consensus price target of $216.38.

Insider Buying and Selling at CDW

In other news, insider Christine A. Leahy sold 40,917 shares of the stock in a transaction dated 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 transaction, the insider now directly owns 144,931 shares of the company's stock, valued at approximately $26,293,382.02. This represents a 22.02% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Frederick J. Kulevich sold 28,159 shares of CDW stock in a transaction that occurred on Tuesday, May 13th. The shares were sold at an average price of $190.90, for a total transaction of $5,375,553.10. Following the sale, the insider now owns 36,077 shares of the company's stock, valued at approximately $6,887,099.30. The trade was a 43.84% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.84% of the stock is owned by insiders.

CDW Stock Up 1.9%

NASDAQ CDW traded up $3.47 during trading on Tuesday, reaching $185.63. 677,027 shares of the company's stock traded hands, compared to its average volume of 1,221,790. CDW Co. has a 12-month low of $137.31 and a 12-month high of $241.26. The company has a debt-to-equity ratio of 2.38, a current ratio of 1.35 and a quick ratio of 1.24. The firm has a market cap of $24.44 billion, a price-to-earnings ratio of 23.29, a price-to-earnings-growth ratio of 3.21 and a beta of 0.91. The company's 50 day simple moving average is $165.06 and its two-hundred day simple moving average is $175.98.

CDW (NASDAQ:CDW - Get Free Report) last issued its quarterly earnings data on Wednesday, May 7th. The information technology services provider reported $2.15 earnings per share (EPS) 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 net margin of 5.13% and a return on equity of 55.42%. CDW's revenue was up 6.7% compared to the same quarter last year. During the same period last year, the company posted $1.92 earnings per share. As a group, sell-side analysts forecast that CDW Co. will post 9.41 EPS for the current fiscal year.

CDW Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 10th. Investors of record on Monday, May 26th will be given a dividend of $0.625 per share. This represents a $2.50 dividend on an annualized basis and a yield of 1.35%. The ex-dividend date is Friday, May 23rd. CDW's payout ratio is currently 30.98%.

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

CDW Company 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.