M&T Bank Corp Trims Stake in CDW Co. (NASDAQ:CDW)

M&T Bank Corp reduced its position in CDW Co. (NASDAQ:CDW - Free Report) by 56.5% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 29,496 shares of the information technology services provider's stock after selling 38,325 shares during the period. M&T Bank Corp's holdings in CDW were worth $5,133,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in CDW. Oddo BHF Asset Management Sas purchased a new position in CDW during the 3rd quarter worth $1,629,000. Assenagon Asset Management S.A. boosted its stake in shares of CDW by 7,549.9% during the fourth quarter. Assenagon Asset Management S.A. now owns 256,271 shares of the information technology services provider's stock worth $44,601,000 after buying an additional 252,921 shares during the period. Franklin Resources Inc. grew its holdings in shares of CDW by 3.4% during the third quarter. Franklin Resources Inc. now owns 108,009 shares of the information technology services provider's stock worth $24,138,000 after buying an additional 3,567 shares during the last quarter. Graphene Investments SAS increased its position in CDW by 17.6% in the 4th quarter. Graphene Investments SAS now owns 17,400 shares of the information technology services provider's stock valued at $3,028,000 after acquiring an additional 2,600 shares during the period. Finally, Czech National Bank raised its stake in CDW by 6.2% during the 4th quarter. Czech National Bank now owns 28,895 shares of the information technology services provider's stock valued at $5,029,000 after acquiring an additional 1,685 shares during the last quarter. 93.15% of the stock is owned by institutional investors and hedge funds.

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Analysts Set New Price Targets

Several research analysts have weighed in on the company. Redburn Atlantic assumed coverage on CDW in a research note on Friday, November 15th. They issued a "buy" rating and a $230.00 target price on the stock. UBS Group lowered their price objective on shares of CDW from $233.00 to $220.00 and set a "buy" rating on the stock in a research report on Tuesday, January 7th. Morgan Stanley upped their price objective on shares of CDW from $193.00 to $201.00 and gave the stock an "equal weight" rating in a research report on Thursday, February 6th. Finally, Barclays lifted their target price on shares of CDW from $201.00 to $223.00 and gave the company an "equal weight" rating in a report on Thursday, February 6th. Four investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company's stock. Based on data from MarketBeat, CDW presently has an average rating of "Moderate Buy" and an average target price of $242.67.

CDW Price Performance

Shares of NASDAQ CDW traded up $1.11 during trading on Friday, hitting $168.37. 2,348,878 shares of the company were exchanged, compared to its average volume of 1,385,177. The company has a debt-to-equity ratio of 2.38, a current ratio of 1.35 and a quick ratio of 1.24. CDW Co. has a 1 year low of $164.98 and a 1 year high of $263.37. The company has a market cap of $22.31 billion, a price-to-earnings ratio of 21.13, a PEG ratio of 3.21 and a beta of 1.01. The firm's fifty day moving average price is $186.22 and its 200 day moving average price is $197.19.

CDW (NASDAQ:CDW - Get Free Report) last announced its quarterly earnings data on Wednesday, February 5th. The information technology services provider reported $2.40 EPS for the quarter, beating the consensus estimate of $2.33 by $0.07. CDW had a net margin of 5.13% and a return on equity of 55.42%. On average, sell-side analysts expect that CDW Co. will post 9.41 earnings per share for the current fiscal year.

CDW Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, March 11th. Investors of record on Tuesday, February 25th will be issued a $0.625 dividend. This represents a $2.50 dividend on an annualized basis and a dividend yield of 1.48%. The ex-dividend date is Tuesday, February 25th. CDW's dividend payout ratio is currently 31.37%.

CDW declared that its Board of Directors has authorized a share repurchase plan on Wednesday, February 5th that permits the company to repurchase $750.00 million in shares. This repurchase authorization permits the information technology services provider to reacquire up to 2.7% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company's leadership believes its stock is undervalued.

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.