Bank of New York Mellon Corp Has $218.13 Million Position in CDW Co. (NASDAQ:CDW)

Bank of New York Mellon Corp cut its position in CDW Co. (NASDAQ:CDW - Free Report) by 1.5% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 974,474 shares of the information technology services provider's stock after selling 14,972 shares during the quarter. Bank of New York Mellon Corp owned 0.73% of CDW worth $218,126,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also modified their holdings of the stock. Tsfg LLC purchased a new position in shares of CDW during the 1st quarter worth approximately $26,000. Rise Advisors LLC acquired a new position in shares of CDW in the first quarter worth $34,000. ORG Partners LLC purchased a new stake in shares of CDW during the second quarter worth about $34,000. Continuum Advisory LLC boosted its position in CDW by 1,692.3% during the second quarter. Continuum Advisory LLC now owns 233 shares of the information technology services provider's stock worth $52,000 after acquiring an additional 220 shares during the last quarter. Finally, Scarborough Advisors LLC acquired a new position in CDW in the 4th quarter valued at $58,000. 93.15% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other CDW news, insider Christine A. Leahy acquired 1,200 shares of the firm's stock in a transaction that occurred on Thursday, August 1st. The stock was purchased at an average cost of $216.15 per share, for a total transaction 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, insider Sona Chawla sold 18,437 shares of the firm's stock in a transaction on 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 completion of the transaction, the insider now directly owns 22,428 shares of the company's stock, valued at $5,392,812.60. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Christine A. Leahy purchased 1,200 shares of the stock in a transaction on Thursday, August 1st. The stock was bought at an average price of $216.15 per share, for a total transaction of $259,380.00. Following the completion of the transaction, the insider now directly owns 102,200 shares of the company's stock, valued at $22,090,530. The disclosure for this purchase can be found here. Company insiders own 0.90% of the company's stock.

Wall Street Analysts Forecast Growth

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

CDW Price Performance

CDW stock traded down $0.43 during trading hours on Monday, hitting $229.31. 1,508,737 shares of the stock traded hands, compared to its average volume of 833,100. The company has a current ratio of 1.13, a quick ratio of 1.13 and a debt-to-equity ratio of 2.03. The stock has a 50-day simple moving average of $223.32 and a 200 day simple moving average of $232.99. CDW Co. has a one year low of $185.04 and a one year high of $263.37. The company has a market cap of $30.82 billion, a P/E ratio of 28.63, a P/E/G ratio of 3.17 and a beta of 1.04.

CDW (NASDAQ:CDW - Get Free Report) last posted its quarterly earnings results on Wednesday, July 31st. The information technology services provider reported $2.34 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.39 by ($0.05). The business had revenue of $5.42 billion during the quarter, compared to analyst estimates of $5.43 billion. CDW had a return on equity of 62.22% and a net margin of 5.29%. The company's quarterly revenue was down 3.6% compared to the same quarter last year. During the same quarter last year, the firm posted $2.43 EPS. Equities analysts forecast that CDW Co. will post 9.6 earnings per share for the current year.

CDW Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 10th. Stockholders of record on Monday, August 26th will be issued a dividend of $0.62 per share. The ex-dividend date of this dividend is Monday, August 26th. This represents a $2.48 dividend on an annualized basis and a dividend yield of 1.08%. CDW's dividend payout ratio is 30.96%.

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.