Sumitomo Mitsui Trust Holdings Inc. Trims Holdings in CDW Co. (NASDAQ:CDW)

Posted by Defense World Staff on Apr 15th, 2023

Sumitomo Mitsui Trust Holdings Inc. lowered its position in shares of CDW Co. (NASDAQ:CDW – Get Rating) by 0.9% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 379,307 shares of the information technology services provider’s stock after selling 3,446 shares during the quarter. Sumitomo Mitsui Trust Holdings Inc. owned 0.28% of CDW worth $67,737,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the company. Signature Estate & Investment Advisors LLC boosted its stake in shares of CDW by 0.4% in the fourth quarter. Signature Estate & Investment Advisors LLC now owns 13,935 shares of the information technology services provider’s stock worth $2,488,000 after acquiring an additional 56 shares during the period. Veritable L.P. lifted its holdings in CDW by 0.8% in the 3rd quarter. Veritable L.P. now owns 6,821 shares of the information technology services provider’s stock worth $1,065,000 after purchasing an additional 57 shares in the last quarter. Checchi Capital Advisers LLC boosted its stake in CDW by 4.0% in the 3rd quarter. Checchi Capital Advisers LLC now owns 1,559 shares of the information technology services provider’s stock worth $243,000 after purchasing an additional 60 shares during the period. Veriti Management LLC grew its holdings in CDW by 3.9% during the 4th quarter. Veriti Management LLC now owns 1,584 shares of the information technology services provider’s stock valued at $283,000 after buying an additional 60 shares in the last quarter. Finally, Allworth Financial LP grew its holdings in CDW by 76.3% during the 4th quarter. Allworth Financial LP now owns 141 shares of the information technology services provider’s stock valued at $25,000 after buying an additional 61 shares in the last quarter. 92.78% of the stock is currently owned by institutional investors.

CDW Trading Down 1.2 %

Shares of CDW stock opened at $186.96 on Friday. The company has a market cap of $25.35 billion, a PE ratio of 23.00, a price-to-earnings-growth ratio of 1.45 and a beta of 1.11. The company has a debt-to-equity ratio of 3.66, a current ratio of 1.33 and a quick ratio of 1.17. The stock’s 50 day simple moving average is $196.85 and its two-hundred day simple moving average is $185.58. CDW Co. has a 1 year low of $147.91 and a 1 year high of $215.00.

CDW (NASDAQ:CDW – Get Rating) last issued its quarterly earnings results on Wednesday, February 8th. The information technology services provider reported $2.50 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.48 by $0.02. CDW had a return on equity of 103.95% and a net margin of 4.69%. The company had revenue of $5.44 billion during the quarter, compared to the consensus estimate of $6.19 billion. During the same period last year, the company earned $1.98 earnings per share. CDW’s revenue was down 1.8% on a year-over-year basis. Research analysts predict that CDW Co. will post 9.9 earnings per share for the current year.

CDW Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 10th. Investors of record on Friday, February 24th were given a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a yield of 1.26%. The ex-dividend date was Thursday, February 23rd. CDW’s dividend payout ratio (DPR) is currently 29.03%.

CDW announced that its Board of Directors has initiated a share buyback plan on Wednesday, February 8th that authorizes the company to buyback $750.00 million in shares. This buyback authorization authorizes the information technology services provider to purchase up to 2.8% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its shares are undervalued.

Analyst Upgrades and Downgrades

CDW has been the subject of a number of research reports. StockNews.com initiated coverage on shares of CDW in a research report on Thursday, March 16th. They set a “hold” rating for the company. Citigroup increased their price objective on shares of CDW from $210.00 to $230.00 and gave the company a “buy” rating in a report on Thursday, February 9th. Credit Suisse Group lifted their target price on CDW from $220.00 to $230.00 and gave the stock an “outperform” rating in a report on Thursday, February 9th. JPMorgan Chase & Co. increased their price target on CDW from $215.00 to $225.00 and gave the company an “overweight” rating in a research note on Tuesday, December 20th. Finally, Raymond James lifted their price objective on CDW from $200.00 to $220.00 and gave the stock an “outperform” rating in a research note on Thursday, February 9th. One investment analyst has rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $223.83.

Insiders Place Their Bets

In other news, Director Donna F. Zarcone sold 4,703 shares of the stock in a transaction that occurred on Thursday, February 9th. The stock was sold at an average price of $203.23, for a total value of $955,790.69. Following the sale, the director now directly owns 18,058 shares in the company, valued at $3,669,927.34. The sale was disclosed in a document filed with the SEC, which is available at this link. 0.67% of the stock is owned by insiders.

CDW Company Profile

(Get Rating)

CDW Corp. engages in the provision of information technology solutions to small, medium, and large business, government, education, and healthcare customers. It operates through the following segments: Corporate, Small Business, Public, and Other. The Public segment includes government agencies and education and healthcare institutions.