Martingale Asset Management L P Sells 19,163 Shares of CDW Co. (NASDAQ:CDW)

Martingale Asset Management L P reduced its position in shares of CDW Co. (NASDAQ:CDW) by 45.1% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 23,347 shares of the information technology services provider’s stock after selling 19,163 shares during the period. Martingale Asset Management L P’s holdings in CDW were worth $5,283,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Quest Partners LLC purchased a new stake in shares of CDW during the 2nd quarter valued at $35,000. ORG Partners LLC bought a new stake in shares of CDW during the 2nd quarter worth $34,000. Canoe Financial LP bought a new stake in shares of CDW during the 3rd quarter worth $37,000. Fortitude Family Office LLC raised its stake in shares of CDW by 350.0% during the 3rd quarter. Fortitude Family Office LLC now owns 171 shares of the information technology services provider’s stock worth $39,000 after purchasing an additional 133 shares during the period. Finally, Summit Securities Group LLC bought a new stake in shares of CDW during the 2nd quarter worth $40,000. 93.15% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

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

CDW Trading Down 0.5 %

Shares of CDW stock opened at $175.93 on Friday. The stock’s 50-day simple moving average is $205.86 and its 200 day simple moving average is $217.24. CDW Co. has a 52-week low of $172.95 and a 52-week high of $263.37. The stock has a market capitalization of $23.45 billion, a P/E ratio of 21.51, a P/E/G ratio of 4.97 and a beta of 1.05. 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 announced its quarterly 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). CDW had a net margin of 5.33% and a return on equity of 58.31%. The company had revenue of $5.52 billion for the quarter, compared to the consensus estimate of $5.72 billion. During the same quarter in the prior year, the company earned $2.60 earnings per share. The company’s quarterly revenue was down 2.0% on a year-over-year basis. As a group, research analysts anticipate that CDW Co. will post 8.99 EPS for the current year.

CDW Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 10th. Stockholders of record on Monday, November 25th will be given a dividend of $0.625 per share. The ex-dividend date of this dividend is Monday, November 25th. This is a boost from CDW’s previous quarterly dividend of $0.62. This represents a $2.50 annualized dividend and a dividend yield of 1.42%. CDW’s dividend payout ratio is currently 30.56%.

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.