M&T Bank Corp Lowers Stock Position in CDW Co. (NASDAQ:CDW)

M&T Bank Corp lowered its position in CDW Co. (NASDAQ:CDW) by 16.2% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 171,312 shares of the information technology services provider’s stock after selling 33,091 shares during the quarter. M&T Bank Corp owned 0.13% of CDW worth $38,943,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. OFI Invest Asset Management acquired a new stake in CDW in the third quarter valued at approximately $25,000. VisionPoint Advisory Group LLC purchased a new stake in CDW during the 3rd quarter worth approximately $28,000. Larson Financial Group LLC acquired a new position in shares of CDW in the 4th quarter valued at approximately $30,000. Orion Capital Management LLC purchased a new position in shares of CDW during the 3rd quarter valued at approximately $35,000. Finally, ORG Partners LLC bought a new stake in shares of CDW in the fourth quarter worth $36,000. Hedge funds and other institutional investors own 93.15% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have commented on CDW shares. Evercore ISI lifted their price objective on shares of CDW from $250.00 to $300.00 and gave the stock an “outperform” rating in a report on Friday, March 22nd. JPMorgan Chase & Co. dropped their price target on CDW from $280.00 to $265.00 and set an “overweight” rating on the stock in a research report on Thursday. Barclays lowered their price objective on CDW from $261.00 to $232.00 and set an “equal weight” rating for the company in a research note on Thursday. Stifel Nicolaus cut their target price on CDW from $265.00 to $250.00 and set a “buy” rating on the stock in a research note on Thursday. Finally, Citigroup lowered their price target on shares of CDW from $295.00 to $260.00 and set a “buy” rating for the company in a research report on Thursday. Three equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, CDW currently has a consensus rating of “Moderate Buy” and an average target price of $235.50.

CDW Price Performance

CDW stock traded up $1.15 during trading hours on Friday, hitting $219.56. 805,670 shares of the company traded hands, compared to its average volume of 768,724. CDW Co. has a 1-year low of $162.59 and a 1-year high of $263.37. The firm has a market cap of $29.51 billion, a P/E ratio of 27.41, a P/E/G ratio of 2.47 and a beta of 1.09. The firm’s 50-day simple moving average is $245.67 and its two-hundred day simple moving average is $229.16. The company has a quick ratio of 1.11, a current ratio of 1.26 and a debt-to-equity ratio of 2.35.

CDW (NASDAQ:CDW) last announced its quarterly earnings data on Wednesday, February 7th. The information technology services provider reported $2.57 earnings per share for the quarter, beating the consensus estimate of $2.56 by $0.01. The business had revenue of $5.02 billion during the quarter, compared to analyst estimates of $5.32 billion. CDW had a return on equity of 67.56% and a net margin of 5.16%. The company’s revenue was down 7.7% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.40 earnings per share. As a group, analysts forecast that CDW Co. will post 9.89 earnings per share for the current fiscal year.

CDW Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, June 11th. Stockholders of record on Friday, May 24th will be given a $0.62 dividend. This represents a $2.48 annualized dividend and a dividend yield of 1.13%. The ex-dividend date is Thursday, May 23rd. CDW’s dividend payout ratio (DPR) is currently 30.96%.

CDW announced that its Board of Directors has approved a share buyback program on Wednesday, February 7th that allows the company to buyback $750.00 million in shares. This buyback authorization allows the information technology services provider to purchase up to 2.4% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s management believes its stock is 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.