Bank of Montreal Can Reduces Stake in CDW Co. (NASDAQ:CDW)

Bank of Montreal Can reduced its position in CDW Co. (NASDAQ:CDW) by 14.0% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 163,883 shares of the information technology services provider’s stock after selling 26,624 shares during the period. Bank of Montreal Can owned approximately 0.12% of CDW worth $37,128,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently modified their holdings of the company. Private Trust Co. NA grew its holdings in CDW by 10.9% during the third quarter. Private Trust Co. NA now owns 2,029 shares of the information technology services provider’s stock valued at $459,000 after purchasing an additional 200 shares during the period. Brown Brothers Harriman & Co. grew its holdings in CDW by 13.4% during the third quarter. Brown Brothers Harriman & Co. now owns 1,373 shares of the information technology services provider’s stock valued at $311,000 after purchasing an additional 162 shares during the period. Harvest Fund Management Co. Ltd grew its holdings in CDW by 48.2% during the third quarter. Harvest Fund Management Co. Ltd now owns 6,153 shares of the information technology services provider’s stock valued at $1,392,000 after purchasing an additional 2,002 shares during the period. Daiwa Securities Group Inc. grew its holdings in CDW by 20.6% during the third quarter. Daiwa Securities Group Inc. now owns 26,999 shares of the information technology services provider’s stock valued at $6,110,000 after purchasing an additional 4,620 shares during the period. Finally, Summit Trail Advisors LLC grew its holdings in CDW by 5.3% during the third quarter. Summit Trail Advisors LLC now owns 3,984 shares of the information technology services provider’s stock valued at $902,000 after purchasing an additional 199 shares during the period. 93.15% of the stock is currently owned by hedge funds and other institutional investors.

CDW Price Performance

NASDAQ:CDW opened at $176.75 on Friday. 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 company has a market capitalization of $23.55 billion, a P/E ratio of 21.61, a P/E/G ratio of 5.10 and a beta of 1.05. CDW Co. has a 12 month low of $172.95 and a 12 month high of $263.37. The business’s 50-day moving average is $206.88 and its 200 day moving average is $217.52.

CDW (NASDAQ:CDW) last posted 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 analysts’ expectations of $5.72 billion. CDW had a return on equity of 58.31% and a net margin of 5.33%. CDW’s quarterly revenue was down 2.0% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.60 earnings per share. On average, equities research analysts forecast that CDW Co. will post 8.99 earnings per share for the current fiscal year.

CDW Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 10th. Shareholders of record on Monday, November 25th will be given a dividend of $0.625 per share. 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 1.41%. CDW’s dividend payout ratio is 30.56%.

Analyst Upgrades and Downgrades

Several research firms have issued reports on CDW. Redburn Atlantic initiated coverage on CDW in a report on Friday, November 15th. They set a “buy” rating and a $230.00 price target for the company. JPMorgan Chase & Co. downgraded CDW from an “overweight” rating to a “neutral” rating and lowered their price objective for the company from $260.00 to $235.00 in a research report on Monday, October 28th. Citigroup downgraded CDW from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $250.00 to $245.00 in a research report on Tuesday, October 1st. Finally, Barclays lowered their price objective on CDW from $229.00 to $201.00 and set an “equal weight” rating on the stock in a research report on Thursday, October 31st. Four investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price 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.