First Citizens Bank & Trust Co. Cuts Stock Holdings in CDW Co. (NASDAQ:CDW)

First Citizens Bank & Trust Co. lessened its stake in CDW Co. (NASDAQ:CDW) by 8.9% in the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 5,067 shares of the information technology services provider’s stock after selling 495 shares during the quarter. First Citizens Bank & Trust Co.’s holdings in CDW were worth $882,000 at the end of the most recent reporting period.

A number of other large investors also recently added to or reduced their stakes in the stock. Canoe Financial LP purchased a new stake in CDW during the 3rd quarter worth approximately $37,000. Fortitude Family Office LLC increased its position 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 in the last quarter. Ashton Thomas Securities LLC acquired a new position in CDW in the 3rd quarter valued at $43,000. Covestor Ltd lifted its holdings in CDW by 80.1% in the 3rd quarter. Covestor Ltd now owns 245 shares of the information technology services provider’s stock valued at $55,000 after purchasing an additional 109 shares in the last quarter. Finally, Kimelman & Baird LLC acquired a new stake in CDW during the 2nd quarter worth $56,000. 93.15% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the stock. Citigroup cut shares of CDW from a “buy” rating to a “neutral” rating and reduced their target price for the company from $250.00 to $245.00 in a research report on Tuesday, October 1st. UBS Group lowered their target price on CDW from $233.00 to $220.00 and set a “buy” rating on the stock in a report on Tuesday, January 7th. Redburn Atlantic assumed coverage on CDW in a report on Friday, November 15th. They issued a “buy” rating and a $230.00 price target for the company. Morgan Stanley boosted their price objective on CDW from $190.00 to $193.00 and gave the stock an “equal weight” rating in a research note on Monday, December 16th. Finally, Barclays cut their target price on CDW from $229.00 to $201.00 and set an “equal weight” rating for the company in a research note on Thursday, October 31st. Four analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat, CDW currently has an average rating of “Moderate Buy” and a consensus price target of $239.33.

CDW Stock Down 0.6 %

CDW opened at $194.04 on Tuesday. The stock has a market capitalization of $25.86 billion, a P/E ratio of 23.72, a price-to-earnings-growth ratio of 5.26 and a beta of 1.01. CDW Co. has a one year low of $168.43 and a one year high of $263.37. The business’s 50-day simple moving average is $180.11 and its 200-day simple moving average is $204.14. The company has a debt-to-equity ratio of 2.39, a quick ratio of 1.28 and a current ratio of 1.40.

CDW (NASDAQ:CDW) last posted its quarterly earnings data 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). CDW had a return on equity of 58.31% and a net margin of 5.33%. The company had revenue of $5.52 billion for the quarter, compared to analyst estimates of $5.72 billion. During the same period in the previous year, the business posted $2.60 earnings per share. The firm’s revenue was down 2.0% compared to the same quarter last year. Analysts anticipate that CDW Co. will post 8.99 EPS for the current year.

CDW Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, December 10th. Stockholders of record on Monday, November 25th were paid a dividend of $0.625 per share. This represents a $2.50 dividend on an annualized basis and a dividend yield of 1.29%. This is an increase from CDW’s previous quarterly dividend of $0.62. The ex-dividend date was Monday, November 25th. CDW’s dividend payout ratio is 30.56%.

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.