Argent Capital Management LLC Cuts Stake in CDW Co. (NASDAQ:CDW)

Argent Capital Management LLC lessened its holdings in CDW Co. (NASDAQ:CDW) by 0.8% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 404,082 shares of the information technology services provider’s stock after selling 3,400 shares during the period. CDW makes up approximately 2.7% of Argent Capital Management LLC’s portfolio, making the stock its 11th largest position. Argent Capital Management LLC owned 0.30% of CDW worth $90,450,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the business. Tsfg LLC acquired a new stake in CDW in the first quarter valued at approximately $26,000. Rise Advisors LLC purchased a new stake in shares of CDW in the 1st quarter valued at approximately $34,000. Larson Financial Group LLC acquired a new stake in shares of CDW in the 4th quarter valued at $30,000. ORG Partners LLC acquired a new position in shares of CDW during the second quarter worth $34,000. Finally, Continuum Advisory LLC increased its holdings in CDW by 1,692.3% in the second quarter. Continuum Advisory LLC now owns 233 shares of the information technology services provider’s stock valued at $52,000 after buying an additional 220 shares during the last quarter. Institutional investors and hedge funds own 93.15% of the company’s stock.

CDW Price Performance

Shares of NASDAQ:CDW traded up $4.55 on Friday, reaching $229.74. 731,883 shares of the company were exchanged, compared to its average volume of 828,956. The company has a current ratio of 1.13, a quick ratio of 1.13 and a debt-to-equity ratio of 2.03. CDW Co. has a 1-year low of $185.04 and a 1-year high of $263.37. The company has a 50-day moving average of $223.27 and a 200-day moving average of $233.11. The firm has a market cap of $30.88 billion, a price-to-earnings ratio of 28.68, a price-to-earnings-growth ratio of 3.17 and a beta of 1.04.

CDW (NASDAQ:CDW) last released its quarterly earnings data on Wednesday, July 31st. The information technology services provider reported $2.34 earnings per share for the quarter, missing the consensus estimate of $2.39 by ($0.05). The firm had revenue of $5.42 billion during the quarter, compared to analysts’ expectations of $5.43 billion. CDW had a net margin of 5.29% and a return on equity of 62.22%. The business’s revenue for the quarter was down 3.6% on a year-over-year basis. During the same period in the previous year, the business earned $2.43 earnings per share. Equities analysts forecast that CDW Co. will post 9.6 earnings per share for the current fiscal year.

CDW Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 10th. Investors of record on Monday, August 26th will be paid a $0.62 dividend. This represents a $2.48 annualized dividend and a yield of 1.08%. The ex-dividend date of this dividend is Monday, August 26th. CDW’s payout ratio is 30.96%.

Insider Buying and Selling at CDW

In related news, insider Sona Chawla sold 18,437 shares of the firm’s stock in a transaction that occurred on Tuesday, July 16th. The shares were sold at an average price of $240.45, for a total transaction of $4,433,176.65. Following the sale, the insider now owns 22,428 shares in the company, valued at $5,392,812.60. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other CDW news, insider Sona Chawla sold 18,437 shares of the firm’s stock in a transaction dated Tuesday, July 16th. The stock was sold at an average price of $240.45, for a total value of $4,433,176.65. Following the sale, the insider now directly owns 22,428 shares of the company’s stock, valued at approximately $5,392,812.60. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Christine A. Leahy bought 1,200 shares of the stock in a transaction that occurred on Thursday, August 1st. The stock was bought at an average price of $216.15 per share, with a total value of $259,380.00. Following the completion of the acquisition, the insider now owns 102,200 shares of the company’s stock, valued at approximately $22,090,530. The disclosure for this purchase can be found here. 0.90% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several equities analysts have commented on CDW shares. Citigroup dropped their price target on shares of CDW from $295.00 to $260.00 and set a “buy” rating on the stock in a research note on Thursday, May 2nd. Barclays cut their price target on shares of CDW from $232.00 to $229.00 and set an “equal weight” rating on the stock in a research note on Thursday, August 1st. Stifel Nicolaus upped their price objective on shares of CDW from $250.00 to $260.00 and gave the company a “buy” rating in a research note on Wednesday, July 17th. Northcoast Research raised CDW from a “neutral” rating to a “buy” rating and set a $270.00 price objective on the stock in a report on Friday, June 7th. Finally, JPMorgan Chase & Co. reduced their target price on CDW from $280.00 to $265.00 and set an “overweight” rating for the company in a report on Thursday, May 2nd. Three investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, CDW currently has a consensus rating of “Moderate Buy” and an average target price of $254.63.

CDW 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.