Sumitomo Mitsui Trust Group Inc. Purchases 6,161 Shares of CDW Co. (NASDAQ:CDW)

Sumitomo Mitsui Trust Group Inc. grew its position in shares of CDW Co. (NASDAQ:CDW) by 1.9% in the 3rd quarter, HoldingsChannel reports. The fund owned 331,969 shares of the information technology services provider’s stock after buying an additional 6,161 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in CDW were worth $75,125,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the company. ORG Partners LLC bought a new stake in CDW during the 2nd quarter valued at $34,000. Quest Partners LLC acquired a new position in shares of CDW during the second quarter valued at about $35,000. Canoe Financial LP bought a new stake in shares of CDW during the third quarter worth about $37,000. Fortitude Family Office LLC raised its holdings in shares of CDW by 350.0% in the 3rd quarter. Fortitude Family Office LLC now owns 171 shares of the information technology services provider’s stock worth $39,000 after acquiring an additional 133 shares during the last quarter. Finally, Summit Securities Group LLC bought a new position in CDW in the 2nd quarter valued at about $40,000. 93.15% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages have commented on CDW. Citigroup lowered CDW from a “buy” rating to a “neutral” rating and decreased their price objective for the stock from $250.00 to $245.00 in a report on Tuesday, October 1st. Barclays decreased 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. Finally, JPMorgan Chase & Co. cut CDW from an “overweight” rating to a “neutral” rating and dropped their price objective for the company from $260.00 to $235.00 in a research note on Monday, October 28th. Four investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $246.71.

CDW Stock Performance

Shares of CDW stock opened at $180.77 on Friday. The firm has a market capitalization of $24.09 billion, a P/E ratio of 22.10, a price-to-earnings-growth ratio of 5.35 and a beta of 1.05. 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 business’s fifty day simple moving average is $214.18 and its 200 day simple moving average is $220.53. CDW Co. has a 12 month low of $180.35 and a 12 month high of $263.37.

CDW (NASDAQ:CDW) last posted its quarterly earnings results on Wednesday, October 30th. The information technology services provider reported $2.63 earnings per share for the quarter, missing the consensus estimate of $2.68 by ($0.05). The company had revenue of $5.52 billion for the quarter, compared to the consensus estimate of $5.72 billion. CDW had a net margin of 5.33% and a return on equity of 58.31%. CDW’s quarterly revenue was down 2.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.60 EPS. As a group, analysts anticipate that CDW Co. will post 9.05 EPS for the current 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 issued a $0.625 dividend. This represents a $2.50 dividend on an annualized basis and a dividend yield of 1.38%. The ex-dividend date of this dividend is Monday, November 25th. This is a boost from CDW’s previous quarterly dividend of $0.62. CDW’s payout ratio is 30.32%.

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.