Chevy Chase Trust Holdings LLC Reduces Holdings in CDW Co. (NASDAQ:CDW)

Chevy Chase Trust Holdings LLC trimmed its position in shares of CDW Co. (NASDAQ:CDW) by 2.4% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 72,567 shares of the information technology services provider’s stock after selling 1,798 shares during the quarter. Chevy Chase Trust Holdings LLC owned 0.05% of CDW worth $16,422,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently bought and sold shares of the company. Massachusetts Financial Services Co. MA purchased a new stake in shares of CDW during the third quarter valued at $416,111,000. Dimensional Fund Advisors LP boosted its stake in shares of CDW by 11.0% during the second quarter. Dimensional Fund Advisors LP now owns 1,292,674 shares of the information technology services provider’s stock valued at $289,357,000 after purchasing an additional 128,263 shares during the period. Charles Schwab Investment Management Inc. boosted its stake in shares of CDW by 1.0% during the third quarter. Charles Schwab Investment Management Inc. now owns 775,240 shares of the information technology services provider’s stock valued at $175,437,000 after purchasing an additional 7,764 shares during the period. Perpetual Ltd purchased a new stake in shares of CDW during the third quarter valued at $158,300,000. Finally, PNC Financial Services Group Inc. boosted its stake in shares of CDW by 2.3% during the third 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 purchasing an additional 15,527 shares during the period. 93.15% of the stock is owned by hedge funds and other institutional investors.

CDW Stock Performance

Shares of CDW stock opened at $178.28 on Thursday. The company has a market capitalization of $23.76 billion, a PE ratio of 21.79, a P/E/G ratio of 5.08 and a beta of 1.02. The company has a debt-to-equity ratio of 2.39, a quick ratio of 1.28 and a current ratio of 1.40. The company has a 50-day simple moving average of $202.25 and a two-hundred day simple moving average of $215.96. CDW Co. has a one year low of $172.95 and a one year high of $263.37.

CDW (NASDAQ:CDW) last announced its 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). The firm had revenue of $5.52 billion during the quarter, compared to the consensus estimate of $5.72 billion. CDW had a return on equity of 58.31% and a net margin of 5.33%. The business’s revenue for the quarter was down 2.0% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.60 earnings per share. Research analysts expect that CDW Co. will post 8.99 EPS for the current fiscal year.

CDW Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 10th. Shareholders of record on Monday, November 25th will be issued a $0.625 dividend. The ex-dividend date of this dividend is Monday, November 25th. This is an increase from CDW’s previous quarterly dividend of $0.62. This represents a $2.50 dividend on an annualized basis and a yield of 1.40%. CDW’s payout ratio is currently 30.56%.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on CDW. Redburn Atlantic began coverage on shares of CDW in a research note on Friday, November 15th. They set a “buy” rating and a $230.00 target price for the company. 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. JPMorgan Chase & Co. lowered shares of CDW from an “overweight” rating to a “neutral” rating and lowered their price objective for the stock from $260.00 to $235.00 in a research note on Monday, October 28th. Finally, Citigroup lowered shares of CDW from a “buy” rating to a “neutral” rating and lowered their price objective for the stock from $250.00 to $245.00 in a research note on Tuesday, October 1st. Four analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, CDW has an average rating of “Moderate Buy” and a consensus target price of $244.63.

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.