Covestor Ltd Purchases 109 Shares of CDW Co. (NASDAQ:CDW)

Covestor Ltd raised its position in shares of CDW Co. (NASDAQ:CDW) by 80.1% in the third quarter, Holdings Channel reports. The firm owned 245 shares of the information technology services provider’s stock after acquiring an additional 109 shares during the quarter. Covestor Ltd’s holdings in CDW were worth $55,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in CDW. Acadian Asset Management LLC lifted its stake in shares of CDW by 211.5% in the 1st quarter. Acadian Asset Management LLC now owns 44,205 shares of the information technology services provider’s stock worth $11,302,000 after purchasing an additional 30,012 shares during the period. Peak Financial Advisors LLC purchased a new position in shares of CDW during the 2nd quarter worth $2,854,000. M&G Plc bought a new stake in shares of CDW during the 1st quarter valued at $8,528,000. Virtu Financial LLC increased its stake in shares of CDW by 175.9% in the 1st quarter. Virtu Financial LLC now owns 7,115 shares of the information technology services provider’s stock worth $1,820,000 after purchasing an additional 4,536 shares in the last quarter. Finally, Ontario Teachers Pension Plan Board raised its holdings in CDW by 71.4% in the 1st quarter. Ontario Teachers Pension Plan Board now owns 8,075 shares of the information technology services provider’s stock worth $2,065,000 after purchasing an additional 3,365 shares during the period. Institutional investors own 93.15% of the company’s stock.

Analyst Upgrades and Downgrades

CDW has been the subject of several recent research reports. Barclays cut their price target on CDW from $229.00 to $201.00 and set an “equal weight” rating for the company in a report on Thursday, October 31st. JPMorgan Chase & Co. lowered shares of CDW from an “overweight” rating to a “neutral” rating and reduced their target price for the stock from $260.00 to $235.00 in a report on Monday, October 28th. Finally, Citigroup downgraded shares of CDW from a “buy” rating to a “neutral” rating and lowered their price target for the company from $250.00 to $245.00 in a report on Tuesday, October 1st. Four research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $246.71.

CDW Stock Down 2.8 %

NASDAQ CDW opened at $180.77 on Friday. The company has a current ratio of 1.40, a quick ratio of 1.28 and a debt-to-equity ratio of 2.39. CDW Co. has a 12 month low of $180.35 and a 12 month high of $263.37. The stock’s 50 day moving average is $214.18 and its 200 day moving average is $220.53. The stock has a market cap of $24.09 billion, a PE ratio of 22.10, a P/E/G ratio of 5.35 and a beta of 1.05.

CDW (NASDAQ:CDW) last issued its earnings results on Wednesday, October 30th. The information technology services provider reported $2.63 earnings per share for the quarter, missing analysts’ consensus estimates of $2.68 by ($0.05). The company had revenue of $5.52 billion for the quarter, compared to the consensus estimate of $5.72 billion. CDW had a return on equity of 58.31% and a net margin of 5.33%. CDW’s revenue was down 2.0% compared to the same quarter last year. During the same quarter in the prior year, the company posted $2.60 EPS. Research analysts predict that CDW Co. will post 9.05 EPS for the current fiscal year.

CDW Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 10th. Stockholders of record on Monday, November 25th will be given a dividend of $0.625 per share. This is a positive change from CDW’s previous quarterly dividend of $0.62. The ex-dividend date is Monday, November 25th. This represents a $2.50 dividend on an annualized basis and a dividend yield of 1.38%. CDW’s dividend payout ratio (DPR) is presently 30.32%.

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.