Bank of New York Mellon Corp Sells 54,924 Shares of CDW Corporation $CDW

Bank of New York Mellon Corp lowered its stake in shares of CDW Corporation (NASDAQ:CDW) by 6.0% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 864,886 shares of the information technology services provider’s stock after selling 54,924 shares during the period. Bank of New York Mellon Corp owned 0.66% of CDW worth $137,759,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Mitsubishi UFJ Trust & Banking Corp increased its position in CDW by 8.9% in the third quarter. Mitsubishi UFJ Trust & Banking Corp now owns 91,904 shares of the information technology services provider’s stock worth $14,638,000 after buying an additional 7,548 shares during the last quarter. Covestor Ltd lifted its position in shares of CDW by 87.9% during the 3rd quarter. Covestor Ltd now owns 483 shares of the information technology services provider’s stock valued at $77,000 after buying an additional 226 shares during the last quarter. Root Financial Partners LLC bought a new position in shares of CDW during the 3rd quarter worth $26,000. Allstate Corp purchased a new stake in CDW in the 3rd quarter worth about $823,000. Finally, Quent Capital LLC purchased a new stake in CDW in the 3rd quarter worth about $57,000. Institutional investors own 93.15% of the company’s stock.

Insider Buying and Selling at CDW

In other news, insider Sona Chawla sold 7,400 shares of CDW stock in a transaction dated Monday, December 8th. The stock was sold at an average price of $146.17, for a total transaction of $1,081,658.00. Following the completion of the sale, the insider owned 28,110 shares in the company, valued at approximately $4,108,838.70. This trade represents a 20.84% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.84% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several research firms have commented on CDW. Evercore ISI reaffirmed an “outperform” rating and set a $180.00 price objective on shares of CDW in a report on Tuesday, January 20th. Raymond James Financial upgraded shares of CDW from an “outperform” rating to a “strong-buy” rating and set a $185.00 target price for the company in a research note on Tuesday, November 25th. Barclays lowered their price target on shares of CDW from $176.00 to $148.00 and set an “equal weight” rating on the stock in a research report on Wednesday, November 5th. Morgan Stanley downgraded shares of CDW from an “overweight” rating to an “equal weight” rating and cut their price objective for the stock from $177.00 to $141.00 in a report on Tuesday, January 20th. Finally, Citigroup reduced their price objective on shares of CDW from $160.00 to $148.00 and set a “neutral” rating for the company in a research note on Tuesday, January 20th. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, CDW has a consensus rating of “Moderate Buy” and an average target price of $171.00.

CDW Stock Performance

NASDAQ CDW opened at $126.39 on Friday. The company’s 50 day simple moving average is $137.36 and its two-hundred day simple moving average is $152.66. The company has a debt-to-equity ratio of 2.21, a current ratio of 1.39 and a quick ratio of 1.30. CDW Corporation has a 1 year low of $123.08 and a 1 year high of $222.92. The stock has a market capitalization of $16.45 billion, a PE ratio of 15.96, a P/E/G ratio of 1.64 and a beta of 1.08.

CDW (NASDAQ:CDW) last released its quarterly earnings results on Tuesday, November 4th. The information technology services provider reported $2.71 earnings per share for the quarter, topping the consensus estimate of $2.62 by $0.09. CDW had a net margin of 4.76% and a return on equity of 51.89%. The firm had revenue of $5.74 billion for the quarter, compared to analysts’ expectations of $5.75 billion. Analysts predict that CDW Corporation will post 9.41 earnings per share for the current fiscal year.

CDW Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, December 10th. Shareholders of record on Tuesday, November 25th were issued a $0.63 dividend. This represents a $2.52 annualized dividend and a dividend yield of 2.0%. The ex-dividend date of this dividend was Tuesday, November 25th. This is an increase from CDW’s previous quarterly dividend of $0.63. CDW’s payout ratio is 31.82%.

CDW Company Profile

CDW (NASDAQ: CDW) is a leading provider of information technology products and integrated solutions for business, government, education and healthcare customers. The company sources and resells hardware and software from major technology vendors and packages those products with professional services, managed services and lifecycle support. Its offerings span IT infrastructure, cloud and data center solutions, cybersecurity, networking, unified communications, endpoint devices, and software licensing and procurement services designed to simplify IT operations for customers.

CDW combines a broad product portfolio with consultative sales, implementation and technical support capabilities.