Bank of New York Mellon Corp Sells 29,770 Shares of CDW Co. (NASDAQ:CDW)

Bank of New York Mellon Corp decreased its position in shares of CDW Co. (NASDAQ:CDW – Get Rating) by 2.8% during the third quarter, Holdings Channel.com reports. The fund owned 1,045,416 shares of the information technology services provider’s stock after selling 29,770 shares during the quarter. Bank of New York Mellon Corp’s holdings in CDW were worth $163,169,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. M&G Investment Management Ltd. grew its holdings in CDW by 0.8% during the 2nd quarter. M&G Investment Management Ltd. now owns 6,818 shares of the information technology services provider’s stock valued at $1,077,000 after buying an additional 55 shares in the last quarter. Veritable L.P. grew its holdings in CDW by 0.8% during the 3rd quarter. Veritable L.P. now owns 6,821 shares of the information technology services provider’s stock valued at $1,065,000 after buying an additional 57 shares in the last quarter. Checchi Capital Advisers LLC grew its holdings in CDW by 4.0% during the 3rd quarter. Checchi Capital Advisers LLC now owns 1,559 shares of the information technology services provider’s stock valued at $243,000 after buying an additional 60 shares in the last quarter. Yousif Capital Management LLC grew its holdings in CDW by 0.3% during the 1st quarter. Yousif Capital Management LLC now owns 20,523 shares of the information technology services provider’s stock valued at $3,671,000 after buying an additional 65 shares in the last quarter. Finally, Wedmont Private Capital grew its holdings in CDW by 4.0% during the 3rd quarter. Wedmont Private Capital now owns 1,758 shares of the information technology services provider’s stock valued at $274,000 after buying an additional 67 shares in the last quarter. Institutional investors own 92.78% of the company’s stock.

Insider Transactions at CDW

In other news, Director Donna F. Zarcone sold 4,703 shares of CDW stock in a transaction on Thursday, February 9th. The stock was sold at an average price of $203.23, for a total transaction of $955,790.69. Following the completion of the sale, the director now directly owns 18,058 shares in the company, valued at $3,669,927.34. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.67% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on CDW shares. StockNews.com started coverage on shares of CDW in a report on Thursday. They set a “hold” rating for the company. Credit Suisse Group raised their target price on shares of CDW from $220.00 to $230.00 and gave the company an “outperform” rating in a report on Thursday, February 9th. Raymond James raised their target price on shares of CDW from $200.00 to $220.00 and gave the company an “outperform” rating in a report on Thursday, February 9th. JPMorgan Chase & Co. raised their target price on shares of CDW from $215.00 to $225.00 and gave the company an “overweight” rating in a report on Tuesday, December 20th. Finally, Citigroup raised their target price on shares of CDW from $210.00 to $230.00 and gave the company a “buy” rating in a report on Thursday, February 9th. One investment analyst has rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $221.86.

CDW Stock Down 2.9 %

Shares of CDW opened at $188.05 on Friday. The company has a market cap of $25.50 billion, a PE ratio of 23.13, a P/E/G ratio of 1.48 and a beta of 1.13. The business has a fifty day moving average of $199.07 and a 200 day moving average of $182.80. CDW Co. has a 52-week low of $147.91 and a 52-week high of $215.00. The company has a quick ratio of 1.17, a current ratio of 1.33 and a debt-to-equity ratio of 3.66.

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. The company had revenue of $5.44 billion during the quarter, compared to the consensus estimate of $6.19 billion. CDW had a return on equity of 103.95% and a net margin of 4.69%. CDW’s revenue was down 1.8% on a year-over-year basis. During the same period last year, the company earned $1.98 earnings per share. On average, sell-side analysts expect that CDW Co. will post 9.87 EPS for the current year.

CDW announced that its board has authorized a stock repurchase program on Wednesday, February 8th that allows the company to buyback $750.00 million in shares. This buyback authorization allows the information technology services provider to purchase up to 2.8% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its shares are undervalued.

CDW Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, March 10th. Stockholders of record on Friday, February 24th were given a dividend of $0.59 per share. The ex-dividend date was Thursday, February 23rd. This represents a $2.36 annualized dividend and a dividend yield of 1.25%. CDW’s dividend payout ratio (DPR) is 29.03%.

CDW Profile

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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.