Bank of New York Mellon Corp Sells 24,889 Shares of CDW Corporation (NASDAQ:CDW)

Bank of New York Mellon Corp reduced its stake in shares of CDW Corporation (NASDAQ:CDW - Free Report) by 2.5% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 954,632 shares of the information technology services provider's stock after selling 24,889 shares during the period. Bank of New York Mellon Corp owned about 0.72% of CDW worth $152,989,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Proficio Capital Partners LLC lifted its stake in shares of CDW by 5.5% during the 4th quarter. Proficio Capital Partners LLC now owns 3,948 shares of the information technology services provider's stock valued at $687,000 after buying an additional 205 shares in the last quarter. Raymond James Financial Inc. purchased a new stake in shares of CDW during the 4th quarter valued at approximately $27,243,000. OFI Invest Asset Management purchased a new stake in shares of CDW during the 4th quarter valued at approximately $32,000. AlphaQuest LLC purchased a new stake in shares of CDW during the 4th quarter valued at approximately $631,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of CDW by 2.3% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 27,644 shares of the information technology services provider's stock valued at $4,811,000 after buying an additional 611 shares in the last quarter. 93.15% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

CDW has been the topic of a number of recent research reports. Barclays dropped their price target on shares of CDW from $223.00 to $205.00 and set an "equal weight" rating on the stock in a research note on Thursday, May 8th. JPMorgan Chase & Co. lowered their target price 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. Citigroup increased their target price on shares of CDW from $180.00 to $200.00 and gave the stock a "neutral" rating in a research note on Friday. Finally, UBS Group lowered their target price on shares of CDW from $236.00 to $210.00 and set a "buy" rating on the stock in a research note on Thursday, May 8th. Four analysts have rated the stock with a hold rating and three have given a buy rating to the company's stock. Based on data from MarketBeat.com, CDW currently has a consensus rating of "Hold" and a consensus price target of $211.57.

Insider Buying and Selling at CDW

In related news, insider Frederick J. Kulevich sold 28,159 shares of the stock in a transaction 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 transaction, the insider owned 36,077 shares of the company's stock, valued at approximately $6,887,099.30. This trade represents a 43.84% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Christine A. Leahy sold 40,917 shares of the stock in a transaction on Thursday, May 8th. The shares were sold at an average price of $181.42, for a total transaction of $7,423,162.14. Following the transaction, the insider directly owned 144,931 shares in the company, valued at approximately $26,293,382.02. This represents a 22.02% decrease in their position. The disclosure for this sale can be found here. 0.84% of the stock is currently owned by company insiders.

CDW Price Performance

Shares of NASDAQ:CDW traded down $2.32 during trading on Friday, reaching $177.38. The company had a trading volume of 775,092 shares, compared to its average volume of 1,238,442. The company has a fifty day moving average of $179.04 and a two-hundred day moving average of $175.69. The stock has a market capitalization of $23.36 billion, a P/E ratio of 21.98, a price-to-earnings-growth ratio of 2.99 and a beta of 0.93. CDW Corporation has a 12 month low of $137.31 and a 12 month high of $241.26. The company has a current ratio of 1.32, a quick ratio of 1.20 and a debt-to-equity ratio of 2.42.

CDW (NASDAQ:CDW - Get Free Report) last issued its quarterly earnings results on Wednesday, May 7th. The information technology services provider reported $2.15 EPS for the quarter, topping analysts' consensus estimates of $1.96 by $0.19. CDW had a net margin of 5.10% and a return on equity of 54.90%. The firm had revenue of $5.20 billion for the quarter, compared to analyst estimates of $4.93 billion. During the same quarter in the prior year, the firm earned $1.92 EPS. The business's revenue for the quarter was up 6.7% compared to the same quarter last year. Equities research analysts forecast that CDW Corporation will post 9.41 earnings per share for the current year.

CDW Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, June 10th. Investors of record on Monday, May 26th were issued a dividend of $0.625 per share. This represents a $2.50 annualized dividend and a dividend yield of 1.41%. The ex-dividend date of this dividend was Friday, May 23rd. CDW's dividend payout ratio is currently 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.