CDW Co. (NASDAQ:CDW) Shares Sold by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. reduced its position in shares of CDW Co. (NASDAQ:CDW) by 52.7% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 329,889 shares of the information technology services provider’s stock after selling 366,844 shares during the period. PNC Financial Services Group Inc. owned about 0.25% of CDW worth $57,414,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in CDW. Allworth Financial LP increased its position in CDW by 39.7% in the fourth quarter. Allworth Financial LP now owns 183 shares of the information technology services provider’s stock worth $32,000 after buying an additional 52 shares during the period. Summit Trail Advisors LLC increased its position in CDW by 1.4% in the fourth quarter. Summit Trail Advisors LLC now owns 4,040 shares of the information technology services provider’s stock worth $703,000 after buying an additional 56 shares during the period. OneAscent Wealth Management LLC increased its position in CDW by 2.5% in the third quarter. OneAscent Wealth Management LLC now owns 2,387 shares of the information technology services provider’s stock worth $540,000 after buying an additional 58 shares during the period. Parkside Financial Bank & Trust increased its position in CDW by 38.9% in the fourth quarter. Parkside Financial Bank & Trust now owns 207 shares of the information technology services provider’s stock worth $36,000 after buying an additional 58 shares during the period. Finally, Fulcrum Equity Management grew its stake in shares of CDW by 4.3% in the third quarter. Fulcrum Equity Management now owns 1,442 shares of the information technology services provider’s stock worth $326,000 after purchasing an additional 60 shares in the last quarter. 93.15% of the stock is owned by institutional investors and hedge funds.

CDW Trading Up 0.7 %

Shares of CDW stock opened at $168.37 on Monday. The stock has a 50-day simple moving average of $186.22 and a 200 day simple moving average of $197.00. CDW Co. has a fifty-two week low of $164.98 and a fifty-two week high of $263.37. The stock has a market capitalization of $22.31 billion, a P/E ratio of 21.13, a P/E/G ratio of 3.21 and a beta of 1.01. The company has a quick ratio of 1.24, a current ratio of 1.35 and a debt-to-equity ratio of 2.38.

CDW (NASDAQ:CDW) last announced its earnings results on Wednesday, February 5th. The information technology services provider reported $2.40 earnings per share for the quarter, beating the consensus estimate of $2.33 by $0.07. CDW had a return on equity of 55.42% and a net margin of 5.13%. On average, sell-side analysts expect that CDW Co. will post 9.41 earnings per share for the current fiscal year.

CDW declared that its board has authorized a share buyback plan on Wednesday, February 5th that authorizes the company to repurchase $750.00 million in shares. This repurchase authorization authorizes the information technology services provider to buy up to 2.7% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s leadership believes its stock is undervalued.

CDW Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, March 11th. Investors of record on Tuesday, February 25th will be given a $0.625 dividend. The ex-dividend date is Tuesday, February 25th. This represents a $2.50 dividend on an annualized basis and a dividend yield of 1.48%. CDW’s dividend payout ratio (DPR) is 31.37%.

Analyst Ratings Changes

Several research firms have recently issued reports on CDW. Redburn Atlantic began coverage on CDW in a research note on Friday, November 15th. They issued a “buy” rating and a $230.00 price target for the company. UBS Group decreased their price target on CDW from $233.00 to $220.00 and set a “buy” rating for the company in a research note on Tuesday, January 7th. Morgan Stanley increased their price target on CDW from $193.00 to $201.00 and gave the stock an “equal weight” rating in a research note on Thursday, February 6th. Finally, Barclays increased their price target on CDW from $201.00 to $223.00 and gave the stock an “equal weight” rating in a research note on Thursday, February 6th. Four investment analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $242.67.

About CDW

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.