M&T Bank Corp Lowers Position in CDW Co. (NASDAQ:CDW)

M&T Bank Corp cut its stake in shares of CDW Co. (NASDAQ:CDW - Free Report) by 25.2% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 67,821 shares of the information technology services provider's stock after selling 22,789 shares during the period. M&T Bank Corp owned approximately 0.05% of CDW worth $15,348,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. ORG Partners LLC acquired a new position in CDW during the 2nd quarter worth approximately $34,000. Quest Partners LLC acquired a new position in CDW during the 2nd quarter worth approximately $35,000. Canoe Financial LP acquired a new position in CDW during the 3rd quarter worth approximately $37,000. Fortitude Family Office LLC increased its position in CDW by 350.0% during the 3rd quarter. Fortitude Family Office LLC now owns 171 shares of the information technology services provider's stock worth $39,000 after purchasing an additional 133 shares during the period. Finally, Summit Securities Group LLC acquired a new position in CDW during the 2nd quarter worth approximately $40,000. 93.15% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on CDW. Citigroup cut CDW from a "buy" rating to a "neutral" rating and dropped their target price for the stock from $250.00 to $245.00 in a research report on Tuesday, October 1st. Barclays lowered their price target on CDW from $229.00 to $201.00 and set an "equal weight" rating on the stock in a report on Thursday, October 31st. JPMorgan Chase & Co. cut CDW from an "overweight" rating to a "neutral" rating and lowered their price target for the stock from $260.00 to $235.00 in a report on Monday, October 28th. Finally, Redburn Atlantic started coverage on CDW in a report on Friday, November 15th. They issued a "buy" rating and a $230.00 price target on the stock. Four equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $244.63.

CDW Price Performance

Shares of NASDAQ:CDW traded down $0.76 on Wednesday, hitting $178.25. The company had a trading volume of 1,413,418 shares, compared to its average volume of 922,524. 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 cap of $23.75 billion, a PE ratio of 21.79, a PEG ratio of 5.06 and a beta of 1.02. CDW Co. has a 52-week low of $172.95 and a 52-week high of $263.37. The business has a 50 day moving average of $197.84 and a 200 day moving average of $214.15.

CDW (NASDAQ:CDW - Get Free Report) last released 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 firm had revenue of $5.52 billion during the quarter, compared to analysts' expectations of $5.72 billion. CDW had a net margin of 5.33% and a return on equity of 58.31%. CDW's revenue for the quarter was down 2.0% on a year-over-year basis. During the same quarter last year, the company posted $2.60 earnings per share. As a group, equities analysts anticipate that CDW Co. will post 8.99 earnings per share for the current fiscal year.

CDW Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, December 10th. Shareholders of record on Monday, November 25th were 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 yield of 1.40%. The ex-dividend date was Monday, November 25th. CDW's payout ratio is presently 30.56%.

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.