Jennison Associates LLC Decreases Stock Holdings in CDW Co. (NASDAQ:CDW)

Jennison Associates LLC lessened its stake in CDW Co. (NASDAQ:CDW) by 93.0% during the 3rd quarter, Holdings Channel.com reports. The firm owned 6,936 shares of the information technology services provider’s stock after selling 91,718 shares during the quarter. Jennison Associates LLC’s holdings in CDW were worth $1,570,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. ORG Partners LLC purchased a new stake in shares of CDW during the 2nd quarter valued at $34,000. Quest Partners LLC purchased a new stake in CDW in the second quarter valued at about $35,000. Canoe Financial LP acquired a new stake in CDW in the third quarter worth about $37,000. Fortitude Family Office LLC grew its stake in shares of CDW by 350.0% during the third quarter. Fortitude Family Office LLC now owns 171 shares of the information technology services provider’s stock worth $39,000 after acquiring an additional 133 shares during the last quarter. Finally, Summit Securities Group LLC acquired a new position in shares of CDW during the second quarter valued at about $40,000. 93.15% of the stock is currently owned by institutional investors.

CDW Trading Up 0.4 %

Shares of CDW stock opened at $178.96 on Friday. The stock has a market cap of $23.85 billion, a PE ratio of 21.88, a price-to-earnings-growth ratio of 4.97 and a beta of 1.05. The firm has a fifty day moving average price of $209.49 and a 200 day moving average price of $218.45. CDW Co. has a 1 year low of $172.95 and a 1 year high of $263.37. The company has a debt-to-equity ratio of 2.39, a current ratio of 1.40 and a quick ratio of 1.28.

CDW (NASDAQ:CDW) last issued its quarterly earnings data on Wednesday, October 30th. The information technology services provider reported $2.63 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.68 by ($0.05). The company had revenue of $5.52 billion during the quarter, compared to analyst estimates of $5.72 billion. CDW had a net margin of 5.33% and a return on equity of 58.31%. The business’s quarterly revenue was down 2.0% compared to the same quarter last year. During the same period last year, the firm earned $2.60 EPS. Equities research analysts predict that CDW Co. will post 9.05 earnings per share for the current 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 paid a dividend of $0.625 per share. This is a boost from CDW’s previous quarterly dividend of $0.62. The ex-dividend date of this dividend is Monday, November 25th. This represents a $2.50 dividend on an annualized basis and a dividend yield of 1.40%. CDW’s dividend payout ratio (DPR) is presently 30.32%.

Wall Street Analyst Weigh In

A number of research firms recently commented on CDW. Citigroup cut shares of CDW from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $250.00 to $245.00 in a research note on Tuesday, October 1st. JPMorgan Chase & Co. downgraded shares of CDW from an “overweight” rating to a “neutral” rating and lowered their price objective for the stock from $260.00 to $235.00 in a research note on Monday, October 28th. Barclays cut their target price on CDW from $229.00 to $201.00 and set an “equal weight” rating on the stock in a research report on Thursday, October 31st. Finally, Redburn Atlantic initiated coverage on CDW in a research report on Friday, November 15th. They set a “buy” rating and a $230.00 price target for the company. Four investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, CDW has a consensus rating of “Moderate Buy” and a consensus price target of $244.63.

About CDW

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.