Bank of New York Mellon Corp Sells 34,822 Shares of CDW Corporation $CDW

Bank of New York Mellon Corp decreased its holdings in shares of CDW Corporation (NASDAQ:CDW) by 3.6% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 919,810 shares of the information technology services provider’s stock after selling 34,822 shares during the period. Bank of New York Mellon Corp’s holdings in CDW were worth $164,269,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in CDW. Allspring Global Investments Holdings LLC boosted its position in shares of CDW by 1.6% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 5,942 shares of the information technology services provider’s stock valued at $963,000 after purchasing an additional 94 shares in the last quarter. OneDigital Investment Advisors LLC bought a new stake in shares of CDW during the 1st quarter valued at about $212,000. Envestnet Asset Management Inc. boosted its position in shares of CDW by 20.8% during the 1st quarter. Envestnet Asset Management Inc. now owns 207,506 shares of the information technology services provider’s stock valued at $33,255,000 after purchasing an additional 35,737 shares in the last quarter. TD Private Client Wealth LLC boosted its position in shares of CDW by 30.3% during the 1st quarter. TD Private Client Wealth LLC now owns 310 shares of the information technology services provider’s stock valued at $50,000 after purchasing an additional 72 shares in the last quarter. Finally, Crossmark Global Holdings Inc. raised its stake in CDW by 4.8% during the 1st quarter. Crossmark Global Holdings Inc. now owns 10,793 shares of the information technology services provider’s stock worth $1,730,000 after buying an additional 491 shares during the period. Institutional investors own 93.15% of the company’s stock.

CDW Stock Performance

Shares of CDW opened at $146.32 on Thursday. The company has a current ratio of 1.39, a quick ratio of 1.22 and a debt-to-equity ratio of 2.21. The company has a market capitalization of $19.18 billion, a price-to-earnings ratio of 18.47, a PEG ratio of 2.35 and a beta of 1.03. The stock has a 50 day moving average of $159.16 and a 200 day moving average of $168.83. CDW Corporation has a 12 month low of $137.31 and a 12 month high of $222.92.

CDW (NASDAQ:CDW) last issued its quarterly earnings results on Wednesday, August 6th. The information technology services provider reported $2.60 EPS for the quarter, beating analysts’ consensus estimates of $2.49 by $0.11. The company had revenue of $5.98 billion during the quarter, compared to the consensus estimate of $5.51 billion. CDW had a return on equity of 51.89% and a net margin of 4.76%.CDW’s revenue was up 10.2% on a year-over-year basis. During the same period last year, the business posted $2.50 earnings per share. As a group, sell-side analysts forecast that CDW Corporation will post 9.41 earnings per share for the current year.

CDW Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 10th. Investors of record on Tuesday, November 25th will be given a dividend of $0.63 per share. The ex-dividend date of this dividend is Tuesday, November 25th. This is a positive change from CDW’s previous quarterly dividend of $0.63. This represents a $2.52 dividend on an annualized basis and a dividend yield of 1.7%. CDW’s dividend payout ratio (DPR) is 31.06%.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on CDW shares. UBS Group dropped their price target on CDW from $200.00 to $190.00 and set a “buy” rating on the stock in a research note on Wednesday. Evercore ISI dropped their price target on CDW from $215.00 to $200.00 and set an “outperform” rating on the stock in a research note on Monday, October 20th. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of CDW in a research note on Thursday, October 30th. JPMorgan Chase & Co. upped their price target on CDW from $185.00 to $205.00 and gave the stock a “neutral” rating in a research note on Thursday, July 17th. Finally, Barclays dropped their price target on CDW from $176.00 to $148.00 and set an “equal weight” rating on the stock in a research note on Wednesday. Three analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $196.29.

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.