JPMorgan Chase & Co. Trims Stock Position in CDW Co. (NASDAQ:CDW)

JPMorgan Chase & Co. trimmed its holdings in shares of CDW Co. (NASDAQ:CDW) by 44.4% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 866,309 shares of the information technology services provider’s stock after selling 692,460 shares during the period. JPMorgan Chase & Co.’s holdings in CDW were worth $196,046,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Quest Partners LLC purchased a new position in shares of CDW in the 2nd quarter worth approximately $35,000. Canoe Financial LP purchased a new position in CDW during the 3rd quarter worth approximately $37,000. Fortitude Family Office LLC raised its holdings 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 purchasing an additional 133 shares during the last quarter. Ashton Thomas Securities LLC acquired a new position in shares of CDW in the 3rd quarter valued at about $43,000. Finally, Covestor Ltd lifted its holdings in CDW by 80.1% in the third quarter. Covestor Ltd now owns 245 shares of the information technology services provider’s stock valued at $55,000 after acquiring an additional 109 shares during the period. 93.15% of the stock is currently owned by institutional investors.

CDW Stock Performance

Shares of CDW stock opened at $173.35 on Tuesday. The stock has a market capitalization of $23.10 billion, a PE ratio of 21.19, a P/E/G ratio of 5.01 and a beta of 1.02. The company has a quick ratio of 1.28, a current ratio of 1.40 and a debt-to-equity ratio of 2.39. CDW Co. has a 52 week low of $170.68 and a 52 week high of $263.37. The firm has a 50 day moving average of $186.89 and a two-hundred day moving average of $210.00.

CDW (NASDAQ:CDW) last issued its quarterly earnings results on Wednesday, October 30th. The information technology services provider reported $2.63 earnings per share for the quarter, missing the consensus estimate of $2.68 by ($0.05). The company had revenue of $5.52 billion for the quarter, compared to analysts’ expectations of $5.72 billion. CDW had a return on equity of 58.31% and a net margin of 5.33%. CDW’s revenue for the quarter was down 2.0% compared to the same quarter last year. During the same quarter last year, the company earned $2.60 EPS. On average, research analysts predict that CDW Co. will post 8.99 EPS for the current fiscal year.

CDW Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, December 10th. Stockholders of record on Monday, November 25th were given a dividend of $0.625 per share. This is a boost from CDW’s previous quarterly dividend of $0.62. This represents a $2.50 annualized dividend and a dividend yield of 1.44%. The ex-dividend date of this dividend was Monday, November 25th. CDW’s payout ratio is 30.56%.

Analyst Upgrades and Downgrades

CDW has been the topic of several recent analyst reports. Citigroup lowered 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. Barclays dropped their target price on shares of CDW from $229.00 to $201.00 and set an “equal weight” rating for the company in a report on Thursday, October 31st. Morgan Stanley lifted their price objective on CDW from $190.00 to $193.00 and gave the stock an “equal weight” rating in a research report on Monday, December 16th. JPMorgan Chase & Co. lowered shares of CDW from an “overweight” rating to a “neutral” rating and decreased their target price for the company from $260.00 to $235.00 in a report on Monday, October 28th. Finally, Redburn Atlantic started coverage on CDW in a research note on Friday, November 15th. They issued a “buy” rating and a $230.00 price target on the stock. Four research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $241.75.

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.