Bank of New York Mellon Corp Reduces Stake in CDW Corporation $CDW

Bank of New York Mellon Corp reduced its holdings in CDW Corporation (NASDAQ:CDW) by 22.1% during the first quarter, Holdings Channel.com reports. The institutional investor owned 606,592 shares of the information technology services provider’s stock after selling 172,564 shares during the quarter. Bank of New York Mellon Corp’s holdings in CDW were worth $73,410,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in CDW. V Square Quantitative Management LLC increased its position in CDW by 49.7% during the 1st quarter. V Square Quantitative Management LLC now owns 3,375 shares of the information technology services provider’s stock valued at $408,000 after purchasing an additional 1,121 shares during the period. Root Financial Partners LLC boosted its stake in shares of CDW by 54.7% during the 1st quarter. Root Financial Partners LLC now owns 263 shares of the information technology services provider’s stock valued at $32,000 after purchasing an additional 93 shares in the last quarter. Align Financial LLC bought a new stake in shares of CDW during the 4th quarter valued at about $1,929,000. California State Teachers Retirement System increased its position in shares of CDW by 2.3% during the fourth quarter. California State Teachers Retirement System now owns 230,692 shares of the information technology services provider’s stock valued at $31,420,000 after buying an additional 5,121 shares during the period. Finally, Van ECK Associates Corp increased its position in shares of CDW by 9.8% during the fourth quarter. Van ECK Associates Corp now owns 27,910 shares of the information technology services provider’s stock valued at $3,801,000 after buying an additional 2,498 shares during the period. 93.15% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at CDW

In other CDW news, Director David W. Nelms purchased 18,000 shares of the firm’s stock in a transaction dated Wednesday, May 27th. The stock was purchased at an average price of $111.43 per share, for a total transaction of $2,005,740.00. Following the completion of the purchase, the director directly owned 51,025 shares of the company’s stock, valued at $5,685,715.75. This trade represents a 54.50% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders own 0.82% of the company’s stock.

CDW Stock Performance

CDW stock opened at $129.83 on Thursday. CDW Corporation has a twelve month low of $97.12 and a twelve month high of $183.66. The company has a quick ratio of 1.06, a current ratio of 1.16 and a debt-to-equity ratio of 1.81. The company has a market capitalization of $16.59 billion, a P/E ratio of 15.79, a PEG ratio of 1.72 and a beta of 0.97. The stock’s 50 day moving average is $128.09 and its 200 day moving average is $126.87.

CDW (NASDAQ:CDW) last announced its quarterly earnings results on Wednesday, May 6th. The information technology services provider reported $2.28 earnings per share for the quarter, meeting the consensus estimate of $2.28. CDW had a net margin of 4.70% and a return on equity of 49.67%. The company had revenue of $5.68 billion during the quarter, compared to the consensus estimate of $5.48 billion. During the same quarter last year, the firm earned $2.15 earnings per share. The firm’s quarterly revenue was up 9.2% compared to the same quarter last year. On average, equities research analysts predict that CDW Corporation will post 10.21 earnings per share for the current fiscal year.

CDW Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, June 10th. Shareholders of record on Monday, May 25th were issued a $0.63 dividend. The ex-dividend date of this dividend was Friday, May 22nd. This represents a $2.52 dividend on an annualized basis and a dividend yield of 1.9%. CDW’s dividend payout ratio (DPR) is presently 30.66%.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the company. Barclays reduced their target price on CDW from $144.00 to $123.00 and set an “equal weight” rating on the stock in a report on Thursday, May 7th. JPMorgan Chase & Co. upgraded CDW from a “neutral” rating to an “overweight” rating and set a $130.00 target price for the company in a research note on Wednesday, May 27th. Weiss Ratings upgraded CDW from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Thursday, June 11th. UBS Group reduced their price target on CDW from $162.00 to $147.00 and set a “buy” rating on the stock in a research note on Thursday, May 7th. Finally, Royal Bank Of Canada upgraded CDW to an “outperform” rating and set a $130.00 price objective for the company in a report on Wednesday, May 27th. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, CDW currently has a consensus rating of “Moderate Buy” and an average price target of $146.88.

CDW Profile

CDW (NASDAQ: CDW) is a leading provider of information technology products and integrated solutions for business, government, education and healthcare customers. The company sources and resells hardware and software from major technology vendors and packages those products with professional services, managed services and lifecycle support. Its offerings span IT infrastructure, cloud and data center solutions, cybersecurity, networking, unified communications, endpoint devices, and software licensing and procurement services designed to simplify IT operations for customers.

CDW combines a broad product portfolio with consultative sales, implementation and technical support capabilities.