Fifth Third Bancorp Has $5.02 Million Position in CDW Co. (NASDAQ:CDW)

Fifth Third Bancorp cut its stake in CDW Co. (NASDAQ:CDW) by 10.9% during the 4th quarter, Holdings Channel.com reports. The firm owned 28,821 shares of the information technology services provider’s stock after selling 3,543 shares during the period. Fifth Third Bancorp’s holdings in CDW were worth $5,016,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently modified their holdings of the stock. Canoe Financial LP acquired a new position in CDW in the 3rd quarter valued at $37,000. Fortitude Family Office LLC increased its position in CDW by 350.0% during the third 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 period. Ashton Thomas Securities LLC acquired a new stake in CDW in the 3rd quarter worth about $43,000. Covestor Ltd boosted its holdings in CDW by 80.1% in the 3rd quarter. Covestor Ltd now owns 245 shares of the information technology services provider’s stock valued at $55,000 after purchasing an additional 109 shares during the period. Finally, Kimelman & Baird LLC acquired a new position in shares of CDW during the 2nd quarter worth approximately $56,000. Institutional investors and hedge funds own 93.15% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the company. Citigroup cut CDW from a “buy” rating to a “neutral” rating and cut their price target for the company from $250.00 to $245.00 in a research note on Tuesday, October 1st. JPMorgan Chase & Co. downgraded CDW from an “overweight” rating to a “neutral” rating and dropped their price target for the company from $260.00 to $235.00 in a research note on Monday, October 28th. Redburn Atlantic initiated coverage on shares of CDW in a research note on Friday, November 15th. They set a “buy” rating and a $230.00 price objective on the stock. Morgan Stanley boosted their target price on shares of CDW from $190.00 to $193.00 and gave the company an “equal weight” rating in a research report on Monday, December 16th. Finally, Barclays reduced their price target on shares of 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 research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, CDW currently has an average rating of “Moderate Buy” and a consensus price target of $239.33.

CDW Stock Down 1.2 %

Shares of NASDAQ:CDW opened at $195.13 on Monday. CDW Co. has a 52-week low of $168.43 and a 52-week high of $263.37. The company has a market capitalization of $26.00 billion, a PE ratio of 23.85, a price-to-earnings-growth ratio of 5.26 and a beta of 1.01. The company has a debt-to-equity ratio of 2.39, a quick ratio of 1.28 and a current ratio of 1.40. The company has a fifty day moving average of $179.79 and a 200-day moving average of $204.35.

CDW (NASDAQ:CDW) last issued 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). CDW had a return on equity of 58.31% and a net margin of 5.33%. The firm had revenue of $5.52 billion during the quarter, compared to analyst estimates of $5.72 billion. During the same period in the previous year, the company earned $2.60 EPS. CDW’s revenue for the quarter was down 2.0% on a year-over-year basis. On average, equities analysts predict that CDW Co. will post 8.99 EPS for the current fiscal year.

CDW Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, December 10th. Shareholders of record on Monday, November 25th were issued a dividend of $0.625 per share. This represents a $2.50 dividend on an annualized basis and a yield of 1.28%. This is a positive change from CDW’s previous quarterly dividend of $0.62. The ex-dividend date was Monday, November 25th. CDW’s payout ratio is presently 30.56%.

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.