Jennison Associates LLC Cuts Position in CDW Co. (NASDAQ:CDW)

Jennison Associates LLC trimmed its position in shares of CDW Co. (NASDAQ:CDW) by 93.0% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,936 shares of the information technology services provider’s stock after selling 91,718 shares during the period. Jennison Associates LLC’s holdings in CDW were worth $1,570,000 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 CDW. Dimensional Fund Advisors LP grew its position in CDW by 11.0% in the second quarter. Dimensional Fund Advisors LP now owns 1,292,674 shares of the information technology services provider’s stock worth $289,357,000 after acquiring an additional 128,263 shares in the last quarter. Boston Partners boosted its holdings in shares of CDW by 1.9% in the 1st quarter. Boston Partners now owns 807,590 shares of the information technology services provider’s stock worth $206,519,000 after purchasing an additional 15,178 shares during the period. Perpetual Ltd bought a new position in shares of CDW during the 3rd quarter valued at approximately $158,300,000. PNC Financial Services Group Inc. raised its holdings in CDW by 2.3% during the 3rd quarter. PNC Financial Services Group Inc. now owns 696,733 shares of the information technology services provider’s stock valued at $157,671,000 after buying an additional 15,527 shares during the period. Finally, Price T Rowe Associates Inc. MD lifted its position in CDW by 46.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 620,190 shares of the information technology services provider’s stock worth $158,634,000 after buying an additional 195,951 shares during the last quarter. 93.15% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

CDW has been the topic of a number of analyst reports. Redburn Atlantic began coverage on shares of CDW in a research note on Friday, November 15th. They issued a “buy” rating and a $230.00 target price on the stock. Citigroup lowered shares of CDW from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $250.00 to $245.00 in a research report on Tuesday, October 1st. Barclays dropped their target price on CDW from $229.00 to $201.00 and set an “equal weight” rating for the company in a research report on Thursday, October 31st. Finally, JPMorgan Chase & Co. downgraded CDW from an “overweight” rating to a “neutral” rating and reduced their price target for the stock from $260.00 to $235.00 in a report on Monday, October 28th. Four equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $244.63.

CDW Stock Performance

CDW stock opened at $178.96 on Friday. CDW Co. has a fifty-two week low of $172.95 and a fifty-two week high of $263.37. The company has a market capitalization of $23.85 billion, a PE ratio of 21.88, a P/E/G ratio of 4.97 and a beta of 1.05. The company has a 50 day moving average price of $209.49 and a 200-day moving average price of $218.45. 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 issued its 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 firm had revenue of $5.52 billion during 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 quarterly revenue was down 2.0% compared to the same quarter last year. During the same quarter in the prior year, the company posted $2.60 earnings per share. As a group, equities analysts forecast that CDW Co. will post 9.05 earnings per share for the current year.

CDW Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 10th. Shareholders of record on Monday, November 25th will be given a dividend of $0.625 per share. This is an increase from CDW’s previous quarterly dividend of $0.62. The ex-dividend date is Monday, November 25th. This represents a $2.50 dividend on an annualized basis and a yield of 1.40%. CDW’s dividend payout ratio (DPR) is 30.32%.

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.