Denali Advisors LLC Reduces Stock Holdings in CDW Co. (NASDAQ:CDW)

Denali Advisors LLC reduced its stake in shares of CDW Co. (NASDAQ:CDW) by 50.0% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 100 shares of the information technology services provider’s stock after selling 100 shares during the quarter. Denali Advisors LLC’s holdings in CDW were worth $26,000 as of its most recent filing with the SEC.

Several other hedge funds have also modified their holdings of the stock. Wellington Management Group LLP grew its stake in CDW by 29.1% during the 4th quarter. Wellington Management Group LLP now owns 3,464,886 shares of the information technology services provider’s stock valued at $787,638,000 after purchasing an additional 781,421 shares in the last quarter. First Trust Advisors LP grew its stake in CDW by 627.3% during the 4th quarter. First Trust Advisors LP now owns 625,781 shares of the information technology services provider’s stock valued at $142,252,000 after purchasing an additional 539,745 shares in the last quarter. Norges Bank acquired a new stake in CDW during the 4th quarter valued at approximately $111,736,000. The Manufacturers Life Insurance Company grew its stake in CDW by 91.8% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 728,446 shares of the information technology services provider’s stock valued at $146,971,000 after purchasing an additional 348,749 shares in the last quarter. Finally, Royal Bank of Canada grew its stake in CDW by 54.3% during the 3rd quarter. Royal Bank of Canada now owns 561,366 shares of the information technology services provider’s stock valued at $113,261,000 after purchasing an additional 197,479 shares in the last quarter. 93.15% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on CDW shares. Northcoast Research upgraded CDW from a “neutral” rating to a “buy” rating and set a $270.00 price objective for the company in a research note on Friday, June 7th. 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, May 2nd. JPMorgan Chase & Co. decreased their target price on CDW from $280.00 to $265.00 and set an “overweight” rating for the company in a research report on Thursday, May 2nd. Stifel Nicolaus decreased their target price on CDW from $265.00 to $250.00 and set a “buy” rating for the company in a research report on Thursday, May 2nd. Finally, Evercore ISI lifted their target price on CDW from $250.00 to $300.00 and gave the stock an “outperform” rating in a research report on Friday, March 22nd. Three analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $250.00.

CDW Stock Performance

CDW traded down $1.01 during trading hours on Wednesday, hitting $218.11. The company’s stock had a trading volume of 645,954 shares, compared to its average volume of 782,281. The company has a current ratio of 1.26, a quick ratio of 1.13 and a debt-to-equity ratio of 2.35. CDW Co. has a fifty-two week low of $180.38 and a fifty-two week high of $263.37. The company has a 50-day simple moving average of $226.57 and a 200 day simple moving average of $233.84. The firm has a market capitalization of $29.31 billion, a PE ratio of 27.36, a PEG ratio of 3.30 and a beta of 1.04.

CDW (NASDAQ:CDW) last issued its quarterly earnings results on Wednesday, May 1st. The information technology services provider reported $1.89 EPS for the quarter, missing analysts’ consensus estimates of $2.04 by ($0.15). The business had revenue of $4.87 billion for the quarter, compared to analyst estimates of $4.94 billion. CDW had a net margin of 5.16% and a return on equity of 67.56%. As a group, sell-side analysts expect that CDW Co. will post 9.67 EPS for the current year.

CDW Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 11th. Investors of record on Friday, May 24th were issued a dividend of $0.62 per share. The ex-dividend date of this dividend was Thursday, May 23rd. This represents a $2.48 annualized dividend and a yield of 1.14%. CDW’s payout ratio is 30.96%.

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.