Bank of Montreal Can Sells 26,624 Shares of CDW Co. (NASDAQ:CDW)

Bank of Montreal Can decreased its holdings in shares of CDW Co. (NASDAQ:CDW) by 14.0% during the third quarter, according to the company in its most recent disclosure with the SEC. The fund owned 163,883 shares of the information technology services provider’s stock after selling 26,624 shares during the quarter. Bank of Montreal Can’s holdings in CDW were worth $37,128,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of CDW. Massachusetts Financial Services Co. MA bought a new position in CDW in the third quarter worth approximately $416,111,000. Perpetual Ltd bought a new position in CDW in the third quarter worth approximately $158,300,000. Ceredex Value Advisors LLC bought a new position in CDW in the second quarter worth approximately $79,549,000. Canada Pension Plan Investment Board grew its stake in CDW by 2,045.4% in the second quarter. Canada Pension Plan Investment Board now owns 294,302 shares of the information technology services provider’s stock worth $65,877,000 after purchasing an additional 280,584 shares in the last quarter. Finally, Assenagon Asset Management S.A. grew its stake in CDW by 2,164.6% in the second quarter. Assenagon Asset Management S.A. now owns 140,040 shares of the information technology services provider’s stock worth $31,347,000 after purchasing an additional 133,856 shares in the last quarter. Institutional investors own 93.15% of the company’s stock.

CDW Stock Performance

Shares of CDW opened at $176.75 on Friday. CDW Co. has a 12 month low of $172.95 and a 12 month high of $263.37. The stock has a fifty day moving average price of $206.88 and a 200-day moving average price of $217.52. The company has a current ratio of 1.40, a quick ratio of 1.28 and a debt-to-equity ratio of 2.39. The firm has a market cap of $23.55 billion, a PE ratio of 21.61, a P/E/G ratio of 5.10 and a beta of 1.05.

CDW (NASDAQ:CDW) last issued its quarterly earnings data on Wednesday, October 30th. The information technology services provider reported $2.63 EPS 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 business had revenue of $5.52 billion for the quarter, compared to analysts’ expectations of $5.72 billion. During the same quarter in the prior year, the company posted $2.60 EPS. The business’s revenue for the quarter was down 2.0% on a year-over-year basis. Equities research analysts predict that CDW Co. will post 8.99 earnings per share for the current fiscal year.

CDW Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 10th. Stockholders of record on Monday, November 25th will be issued a dividend of $0.625 per share. This represents a $2.50 annualized dividend and a dividend yield of 1.41%. The ex-dividend date is Monday, November 25th. This is a positive change from CDW’s previous quarterly dividend of $0.62. CDW’s dividend payout ratio is currently 30.56%.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on CDW. Redburn Atlantic began coverage on CDW in a research note on Friday, November 15th. They issued a “buy” rating and a $230.00 price objective on the stock. Barclays dropped their price objective 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. JPMorgan Chase & Co. lowered 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 report on Monday, October 28th. Finally, Citigroup lowered CDW from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $250.00 to $245.00 in a report on Tuesday, October 1st. Four equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $244.63.

About CDW

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.