M&T Bank Corp Reduces Position in CDW Corporation (NASDAQ:CDW)

M&T Bank Corp decreased its holdings in shares of CDW Corporation (NASDAQ:CDW - Free Report) by 23.0% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 22,712 shares of the information technology services provider's stock after selling 6,784 shares during the period. M&T Bank Corp's holdings in CDW were worth $3,639,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Brown Advisory Inc. raised its position in shares of CDW by 43.6% in the 1st quarter. Brown Advisory Inc. now owns 2,057 shares of the information technology services provider's stock worth $330,000 after acquiring an additional 625 shares in the last quarter. China Universal Asset Management Co. Ltd. raised its position in shares of CDW by 50.9% in the 1st quarter. China Universal Asset Management Co. Ltd. now owns 3,272 shares of the information technology services provider's stock worth $524,000 after acquiring an additional 1,103 shares in the last quarter. Crossmark Global Holdings Inc. raised its position in shares of CDW by 4.8% in the 1st quarter. Crossmark Global Holdings Inc. now owns 10,793 shares of the information technology services provider's stock worth $1,730,000 after acquiring an additional 491 shares in the last quarter. TD Private Client Wealth LLC raised its position in shares of CDW by 30.3% in the 1st quarter. TD Private Client Wealth LLC now owns 310 shares of the information technology services provider's stock worth $50,000 after acquiring an additional 72 shares in the last quarter. Finally, Envestnet Asset Management Inc. raised its position in shares of CDW by 20.8% in the 1st quarter. Envestnet Asset Management Inc. now owns 207,506 shares of the information technology services provider's stock worth $33,255,000 after acquiring an additional 35,737 shares in the last quarter. Institutional investors own 93.15% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the company. JPMorgan Chase & Co. decreased their target price on CDW from $222.00 to $175.00 and set a "neutral" rating for the company in a research report on Thursday, April 17th. Barclays cut their target price on CDW from $223.00 to $205.00 and set an "equal weight" rating on the stock in a research note on Thursday, May 8th. UBS Group dropped their price target on CDW from $236.00 to $210.00 and set a "buy" rating on the stock in a research note on Thursday, May 8th. Finally, Citigroup raised their target price on CDW from $180.00 to $200.00 and gave the stock a "neutral" rating in a report on Friday. Four research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $211.57.

Insider Activity

In related news, insider Christine A. Leahy sold 40,917 shares of CDW 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 completion of the transaction, the insider owned 144,931 shares in the company, valued at approximately $26,293,382.02. This trade represents a 22.02% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Frederick J. Kulevich sold 28,159 shares of CDW stock in a transaction dated Tuesday, May 13th. The stock was sold at an average price of $190.90, for a total value of $5,375,553.10. Following the completion of the transaction, the insider 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 disclosure for this sale can be found here. Insiders own 0.84% of the company's stock.

CDW Price Performance

Shares of CDW stock traded down $2.32 during trading hours on Friday, hitting $177.38. The stock had a trading volume of 775,092 shares, compared to its average volume of 1,237,246. CDW Corporation has a one year low of $137.31 and a one year high of $241.26. The company has a debt-to-equity ratio of 2.42, a current ratio of 1.32 and a quick ratio of 1.20. The stock's 50-day moving average price is $179.04 and its two-hundred day moving average price is $175.70. The stock has a market capitalization of $23.36 billion, a price-to-earnings ratio of 21.98, a PEG ratio of 3.03 and a beta of 0.93.

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

CDW Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 10th. Stockholders of record on Monday, May 26th were issued a $0.625 dividend. The ex-dividend date of this dividend was Friday, May 23rd. This represents a $2.50 annualized dividend and a dividend yield of 1.41%. CDW's dividend payout ratio (DPR) is 30.98%.

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.