Covington Capital Management Sells 460 Shares of CDW Co. (NASDAQ:CDW)

Covington Capital Management reduced its stake in CDW Co. (NASDAQ:CDWGet Rating) by 41.3% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 653 shares of the information technology services provider’s stock after selling 460 shares during the period. Covington Capital Management’s holdings in CDW were worth $103,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in CDW. Denali Advisors LLC purchased a new stake in shares of CDW in the first quarter worth $54,000. Quent Capital LLC purchased a new stake in shares of CDW in the first quarter worth $56,000. Brown Brothers Harriman & Co. raised its position in shares of CDW by 129.5% in the first quarter. Brown Brothers Harriman & Co. now owns 459 shares of the information technology services provider’s stock worth $82,000 after buying an additional 259 shares in the last quarter. Acadian Asset Management LLC purchased a new stake in shares of CDW in the first quarter worth $103,000. Finally, Tobam purchased a new stake in shares of CDW in the first quarter worth $113,000. 92.45% of the stock is owned by institutional investors.

CDW Stock Up 0.7 %

CDW opened at $170.83 on Monday. The company has a market cap of $23.08 billion, a P/E ratio of 23.24, a P/E/G ratio of 1.41 and a beta of 1.13. The business’s 50-day moving average price is $174.53 and its 200-day moving average price is $170.85. The company has a current ratio of 1.30, a quick ratio of 1.11 and a debt-to-equity ratio of 5.86. CDW Co. has a 12 month low of $152.15 and a 12 month high of $208.71.

CDW (NASDAQ:CDWGet Rating) last released its quarterly earnings data on Wednesday, August 3rd. The information technology services provider reported $2.36 EPS for the quarter, topping the consensus estimate of $2.31 by $0.05. The firm had revenue of $6.15 billion for the quarter, compared to the consensus estimate of $6.15 billion. CDW had a return on equity of 132.68% and a net margin of 4.41%. The company’s quarterly revenue was up 19.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.92 earnings per share. On average, equities analysts expect that CDW Co. will post 9.22 EPS for the current year.

CDW Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, September 9th. Stockholders of record on Thursday, August 25th were issued a $0.50 dividend. The ex-dividend date was Wednesday, August 24th. This represents a $2.00 annualized dividend and a dividend yield of 1.17%. CDW’s dividend payout ratio is currently 27.21%.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on CDW shares. Evercore ISI lowered their price objective on CDW from $250.00 to $210.00 and set an “outperform” rating on the stock in a research report on Tuesday, June 28th. JPMorgan Chase & Co. upgraded CDW from a “neutral” rating to an “overweight” rating and set a $200.00 price target on the stock in a research report on Thursday, July 14th. downgraded CDW from a “buy” rating to a “hold” rating in a research report on Tuesday, August 30th. Finally, Credit Suisse Group assumed coverage on CDW in a research report on Tuesday, August 16th. They set an “outperform” rating and a $202.00 price target on the stock. One investment analyst has rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $213.00.

CDW Company Profile

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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, hybrid, and cloud capabilities across data center and networking, digital workspace, and security.

See Also

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Institutional Ownership by Quarter for CDW (NASDAQ:CDW)

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