Covestor Ltd Increases Stake in CDW Co. (NASDAQ:CDW)

Covestor Ltd increased its holdings in CDW Co. (NASDAQ:CDW) by 80.1% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 245 shares of the information technology services provider’s stock after purchasing an additional 109 shares during the quarter. Covestor Ltd’s holdings in CDW were worth $55,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in CDW. RDA Financial Network increased its stake in shares of CDW by 3.0% in the second quarter. RDA Financial Network now owns 1,587 shares of the information technology services provider’s stock worth $355,000 after buying an additional 46 shares during the period. PDS Planning Inc increased its position in shares of CDW by 4.3% in the third quarter. PDS Planning Inc now owns 1,186 shares of the information technology services provider’s stock valued at $268,000 after acquiring an additional 49 shares during the period. Oregon Public Employees Retirement Fund raised its stake in shares of CDW by 0.5% during the second quarter. Oregon Public Employees Retirement Fund now owns 11,541 shares of the information technology services provider’s stock valued at $2,583,000 after acquiring an additional 54 shares during the last quarter. Profund Advisors LLC raised its stake in shares of CDW by 0.5% during the second quarter. Profund Advisors LLC now owns 12,469 shares of the information technology services provider’s stock valued at $2,791,000 after acquiring an additional 58 shares during the last quarter. Finally, Elo Mutual Pension Insurance Co boosted its holdings in shares of CDW by 0.5% during the second quarter. Elo Mutual Pension Insurance Co now owns 12,301 shares of the information technology services provider’s stock worth $2,753,000 after purchasing an additional 61 shares during the period. 93.15% of the stock is owned by institutional investors.

CDW Price Performance

Shares of CDW stock opened at $180.77 on Friday. The business’s fifty day moving average is $214.18 and its 200 day moving average is $220.53. The company has a quick ratio of 1.28, a current ratio of 1.40 and a debt-to-equity ratio of 2.39. The stock has a market cap of $24.09 billion, a price-to-earnings ratio of 22.10, a PEG ratio of 5.35 and a beta of 1.05. CDW Co. has a twelve month low of $180.35 and a twelve month high of $263.37.

CDW (NASDAQ:CDW) last released its earnings results 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 business had revenue of $5.52 billion during the quarter, compared to analysts’ expectations of $5.72 billion. During the same period in the prior year, the company earned $2.60 earnings per share. The firm’s quarterly revenue was down 2.0% compared to the same quarter last year. Research analysts expect that CDW Co. will post 9.05 EPS for the current fiscal year.

CDW Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 10th. Stockholders of record on Monday, November 25th will be issued a dividend of $0.625 per share. This represents a $2.50 annualized dividend and a dividend yield of 1.38%. This is a positive change from CDW’s previous quarterly dividend of $0.62. The ex-dividend date is Monday, November 25th. CDW’s dividend payout ratio (DPR) is presently 30.32%.

Analysts Set New Price Targets

CDW has been the subject of a number of recent analyst reports. Citigroup lowered CDW from a “buy” rating to a “neutral” rating and lowered their price target for the company from $250.00 to $245.00 in a research report on Tuesday, October 1st. JPMorgan Chase & Co. cut CDW from an “overweight” rating to a “neutral” rating and reduced their target price for the company from $260.00 to $235.00 in a research note on Monday, October 28th. Finally, Barclays dropped their price target 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 equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $246.71.

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.