JPMorgan Chase & Co. Reduces Holdings in CDW Co. (NASDAQ:CDW)

JPMorgan Chase & Co. cut its holdings in CDW Co. (NASDAQ:CDW) by 44.4% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 866,309 shares of the information technology services provider’s stock after selling 692,460 shares during the period. JPMorgan Chase & Co. owned 0.65% of CDW worth $196,046,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in CDW. Oddo BHF Asset Management Sas bought a new position in CDW in the 3rd quarter valued at $1,629,000. Franklin Resources Inc. grew its position in CDW by 3.4% during the third quarter. Franklin Resources Inc. now owns 108,009 shares of the information technology services provider’s stock valued at $24,138,000 after acquiring an additional 3,567 shares during the last quarter. United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund purchased a new position in CDW in the 3rd quarter worth $12,761,000. Thrivent Financial for Lutherans increased its holdings in shares of CDW by 12.8% in the third quarter. Thrivent Financial for Lutherans now owns 599,900 shares of the information technology services provider’s stock worth $135,758,000 after buying an additional 68,023 shares during the period. Finally, Fortem Financial Group LLC bought a new stake in CDW in the third quarter valued at approximately $1,061,000. 93.15% of the stock is owned by institutional investors.

CDW Stock Performance

Shares of NASDAQ CDW opened at $173.35 on Tuesday. CDW Co. has a 12-month low of $170.68 and a 12-month high of $263.37. The firm has a market capitalization of $23.10 billion, a price-to-earnings ratio of 21.19, a price-to-earnings-growth ratio of 5.01 and a beta of 1.02. The company has a current ratio of 1.40, a quick ratio of 1.28 and a debt-to-equity ratio of 2.39. The firm has a 50 day moving average of $186.89 and a 200 day moving average of $210.00.

CDW (NASDAQ:CDW) last issued its quarterly earnings results on Wednesday, October 30th. The information technology services provider reported $2.63 EPS 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 during the quarter, compared to analysts’ expectations of $5.72 billion. During the same quarter in the previous year, the company earned $2.60 EPS. The business’s quarterly revenue was down 2.0% compared to the same quarter last year. On average, research analysts anticipate that CDW Co. will post 8.99 earnings per share for the current year.

CDW Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, December 10th. Shareholders of record on Monday, November 25th were issued a dividend of $0.625 per share. The ex-dividend date was Monday, November 25th. This is a boost from CDW’s previous quarterly dividend of $0.62. This represents a $2.50 dividend on an annualized basis and a yield of 1.44%. CDW’s dividend payout ratio (DPR) is currently 30.56%.

Wall Street Analysts Forecast Growth

CDW has been the subject of several recent analyst reports. Barclays lowered their price objective on shares of CDW from $229.00 to $201.00 and set an “equal weight” rating for the company in a research note on Thursday, October 31st. Redburn Atlantic initiated coverage on shares of CDW in a report on Friday, November 15th. They set a “buy” rating and a $230.00 target price on the stock. JPMorgan Chase & Co. downgraded CDW from an “overweight” rating to a “neutral” rating and cut their price target for the stock from $260.00 to $235.00 in a research note on Monday, October 28th. Morgan Stanley increased their price objective on shares of CDW from $190.00 to $193.00 and gave the company an “equal weight” rating in a research report on Monday, December 16th. Finally, Citigroup lowered CDW from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $250.00 to $245.00 in a report on Tuesday, October 1st. Four investment analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $241.75.

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.