Zions Bancorporation N.A. Raises Stock Position in CDW Co. (NASDAQ:CDW)

Zions Bancorporation N.A. grew its holdings in shares of CDW Co. (NASDAQ:CDW) by 21.8% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,113 shares of the information technology services provider’s stock after purchasing an additional 735 shares during the period. Zions Bancorporation N.A.’s holdings in CDW were worth $931,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Acadian Asset Management LLC grew its position in shares of CDW by 211.5% during the first quarter. Acadian Asset Management LLC now owns 44,205 shares of the information technology services provider’s stock worth $11,302,000 after buying an additional 30,012 shares in the last quarter. Peak Financial Advisors LLC acquired a new position in shares of CDW during the second quarter worth about $2,854,000. M&G Plc acquired a new position in shares of CDW during the first quarter worth about $8,528,000. United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund acquired a new position in shares of CDW during the third quarter worth about $12,761,000. Finally, Virtu Financial LLC grew its position in shares of CDW by 175.9% during the first quarter. Virtu Financial LLC now owns 7,115 shares of the information technology services provider’s stock worth $1,820,000 after buying an additional 4,536 shares in the last quarter. 93.15% of the stock is currently owned by hedge funds and other institutional investors.

CDW Price Performance

Shares of CDW stock opened at $180.77 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 firm has a market capitalization of $24.09 billion, a price-to-earnings ratio of 22.10, a PEG ratio of 5.35 and a beta of 1.05. The firm’s 50 day moving average is $214.18 and its 200-day moving average is $220.53. CDW Co. has a 1 year low of $180.35 and a 1 year high of $263.37.

CDW (NASDAQ:CDW) last posted its earnings results on Wednesday, October 30th. The information technology services provider reported $2.63 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.68 by ($0.05). The business had revenue of $5.52 billion during the quarter, compared to analyst estimates of $5.72 billion. CDW had a net margin of 5.33% and a return on equity of 58.31%. The firm’s revenue was down 2.0% on a year-over-year basis. During the same period in the previous year, the firm posted $2.60 earnings per share. Sell-side analysts forecast that CDW Co. will post 9.05 EPS for the current fiscal year.

CDW Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 10th. Investors of record on Monday, November 25th will be paid a $0.625 dividend. This is a boost from CDW’s previous quarterly dividend of $0.62. This represents a $2.50 annualized dividend and a dividend yield of 1.38%. The ex-dividend date of this dividend is Monday, November 25th. CDW’s payout ratio is 30.32%.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the company. JPMorgan Chase & Co. downgraded CDW from an “overweight” rating to a “neutral” rating and lowered their price objective for the stock 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 target for the company from $250.00 to $245.00 in a report on Tuesday, October 1st. Finally, Barclays lowered their price target on CDW from $229.00 to $201.00 and set an “equal weight” rating for the company in a report on Thursday, October 31st. Four analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, CDW presently has a consensus rating of “Hold” and an average target price of $246.71.

CDW Company Profile

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.