PNC Financial Services Group Inc. Sells 22,951 Shares of CDW Corporation (NASDAQ:CDW)

Key Points

• PNC Financial Services Group Inc. reduced its holdings in CDW Corporation by 7.0%, selling 22,951 shares and retaining 306,938 shares valued at approximately $49.19 million.
• Insider Christine A. Leahy sold 40,917 shares at an average price of $181.42, decreasing their ownership by 22.02%.
• CDW's stock has a current consensus rating of "Hold" with a price target of $208.50 after various analysts updated their ratings recently.

PNC Financial Services Group Inc. trimmed its stake in CDW Corporation (NASDAQ:CDW - Free Report) by 7.0% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 306,938 shares of the information technology services provider's stock after selling 22,951 shares during the quarter. PNC Financial Services Group Inc. owned approximately 0.23% of CDW worth $49,190,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the stock. Vestcor Inc boosted its position in CDW by 1.8% during the first quarter. Vestcor Inc now owns 4,068 shares of the information technology services provider's stock valued at $652,000 after purchasing an additional 71 shares during the last quarter. TD Private Client Wealth LLC boosted its position in CDW by 30.3% during the first quarter. TD Private Client Wealth LLC now owns 310 shares of the information technology services provider's stock valued at $50,000 after purchasing an additional 72 shares during the last quarter. GW&K Investment Management LLC boosted its position in CDW by 78.9% during the first quarter. GW&K Investment Management LLC now owns 170 shares of the information technology services provider's stock valued at $27,000 after purchasing an additional 75 shares during the last quarter. Benin Management CORP lifted its position in shares of CDW by 2.5% in the first quarter. Benin Management CORP now owns 3,248 shares of the information technology services provider's stock worth $521,000 after buying an additional 80 shares during the last quarter. Finally, GAMMA Investing LLC lifted its position in shares of CDW by 4.0% in the first quarter. GAMMA Investing LLC now owns 2,098 shares of the information technology services provider's stock worth $336,000 after buying an additional 81 shares during the last quarter. 93.15% of the stock is currently owned by institutional investors and hedge funds.

CDW Stock Performance

CDW stock traded down $6.90 during trading hours on Tuesday, hitting $165.24. The stock had a trading volume of 2,351,796 shares, compared to its average volume of 863,993. The company has a 50-day moving average of $177.27 and a two-hundred day moving average of $175.40. The company has a quick ratio of 1.20, a current ratio of 1.32 and a debt-to-equity ratio of 2.42. The company has a market cap of $21.76 billion, a PE ratio of 20.48, a price-to-earnings-growth ratio of 2.89 and a beta of 0.95. CDW Corporation has a fifty-two week low of $137.31 and a fifty-two week high of $231.38.

CDW (NASDAQ:CDW - Get Free Report) last released its quarterly earnings data on Wednesday, May 7th. The information technology services provider reported $2.15 earnings per share for the quarter, beating 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 company had revenue of $5.20 billion for the quarter, compared to analyst estimates of $4.93 billion. During the same period in the prior year, the company posted $1.92 EPS. The company's revenue was up 6.7% compared to the same quarter last year. On average, equities research analysts anticipate that CDW Corporation will post 9.41 EPS for the current fiscal year.

CDW Announces Dividend

The firm 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. This represents a $2.50 annualized dividend and a dividend yield of 1.5%. The ex-dividend date of this dividend was Friday, May 23rd. CDW's payout ratio is presently 30.98%.

Insider Activity at CDW

In other CDW news, insider Christine A. Leahy sold 40,917 shares of the company's stock in a transaction on Thursday, May 8th. The stock was sold at an average price of $181.42, for a total transaction of $7,423,162.14. Following the transaction, the insider owned 144,931 shares of the company's stock, valued at approximately $26,293,382.02. This represents a 22.02% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, 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 value of $5,375,553.10. Following the completion of the transaction, the insider directly owned 36,077 shares in the company, valued at approximately $6,887,099.30. This trade represents a 43.84% decrease in their position. The disclosure for this sale can be found here. 0.90% of the stock is owned by insiders.

Analysts Set New Price Targets

Several research firms recently weighed in on CDW. Barclays cut their price objective on CDW from $223.00 to $205.00 and set an "equal weight" rating for the company in a research report on Thursday, May 8th. JPMorgan Chase & Co. boosted their price objective on CDW from $185.00 to $205.00 and gave the stock a "neutral" rating in a research report on Thursday, July 17th. UBS Group cut their price objective on CDW from $236.00 to $210.00 and set a "buy" rating for the company in a research report on Thursday, May 8th. Finally, Citigroup boosted their price objective on CDW from $180.00 to $200.00 and gave the stock a "neutral" rating in a research report on Friday, July 11th. Four analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat, CDW has an average rating of "Hold" and a consensus target price of $208.50.

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.