CDW (NASDAQ:CDW) Position Trimmed by Meiji Yasuda Life Insurance Co
Meiji Yasuda Life Insurance Co lowered its stake in CDW (NASDAQ:CDW) by 11.5% during the 1st quarter, HoldingsChannel reports. The fund owned 15,546 shares of the information technology services provider’s stock after selling 2,012 shares during the quarter. Meiji Yasuda Life Insurance Co’s holdings in CDW were worth $1,498,000 at the end of the most recent quarter.
A number of other large investors also recently added to or reduced their stakes in CDW. Norges Bank bought a new stake in shares of CDW during the 4th quarter valued at $117,816,000. Millennium Management LLC boosted its holdings in shares of CDW by 398.5% during the 4th quarter. Millennium Management LLC now owns 643,285 shares of the information technology services provider’s stock valued at $52,138,000 after buying an additional 514,231 shares in the last quarter. Wedge Capital Management L L P NC bought a new stake in shares of CDW during the 1st quarter valued at $43,686,000. The Manufacturers Life Insurance Company boosted its holdings in shares of CDW by 208.7% during the 1st quarter. The Manufacturers Life Insurance Company now owns 529,600 shares of the information technology services provider’s stock valued at $51,038,000 after buying an additional 358,029 shares in the last quarter. Finally, Prudential Financial Inc. boosted its holdings in shares of CDW by 82.3% during the 4th quarter. Prudential Financial Inc. now owns 768,612 shares of the information technology services provider’s stock valued at $62,296,000 after buying an additional 346,983 shares in the last quarter. Institutional investors and hedge funds own 90.77% of the company’s stock.
In other CDW news, insider Thomas E. Richards sold 66,667 shares of the business’s stock in a transaction dated Friday, May 31st. The stock was sold at an average price of $99.67, for a total value of $6,644,699.89. Following the completion of the transaction, the insider now owns 644,443 shares of the company’s stock, valued at approximately $64,231,633.81. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Collin B. Kebo sold 3,600 shares of the business’s stock in a transaction dated Wednesday, May 8th. The stock was sold at an average price of $106.28, for a total value of $382,608.00. Following the completion of the transaction, the insider now directly owns 22,352 shares of the company’s stock, valued at approximately $2,375,570.56. The disclosure for this sale can be found here. In the last three months, insiders sold 88,203 shares of company stock valued at $8,913,129. 2.25% of the stock is owned by insiders.
CDW (NASDAQ:CDW) last announced its quarterly earnings results on Wednesday, May 1st. The information technology services provider reported $1.24 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.11 by $0.13. CDW had a net margin of 4.03% and a return on equity of 77.94%. The company had revenue of $3.96 billion for the quarter, compared to analysts’ expectations of $3.77 billion. During the same quarter in the previous year, the business posted $1.05 EPS. CDW’s revenue was up 9.8% compared to the same quarter last year. On average, equities analysts expect that CDW will post 5.54 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Tuesday, June 11th. Shareholders of record on Friday, May 24th were given a $0.295 dividend. This represents a $1.18 dividend on an annualized basis and a yield of 1.12%. The ex-dividend date was Thursday, May 23rd. CDW’s dividend payout ratio (DPR) is 23.14%.
CDW has been the topic of a number of research reports. BidaskClub cut shares of CDW from a “strong-buy” rating to a “buy” rating in a report on Tuesday, April 23rd. ValuEngine upgraded shares of CDW from a “hold” rating to a “buy” rating in a research note on Wednesday, February 13th. Deutsche Bank began coverage on shares of CDW in a research note on Tuesday. They issued a “buy” rating and a $113.00 price target on the stock. Stifel Nicolaus cut shares of CDW from a “buy” rating to a “hold” rating and upped their price target for the stock from $100.00 to $105.00 in a research note on Wednesday, April 17th. Finally, Northcoast Research cut shares of CDW from a “buy” rating to a “neutral” rating in a research note on Friday, April 26th. They noted that the move was a valuation call. Four equities research analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company’s stock. CDW presently has a consensus rating of “Buy” and a consensus price target of $107.75.
CDW Company Profile
CDW Corporation provides integrated information technology (IT) solutions to business, government, education, and healthcare customers in the United States, Canada, and the United Kingdom. It operates through three segments: Corporate, Small Business, and Public. The company offers discrete hardware and software products, as well as integrated IT solutions, including mobility, security, data center optimization, cloud computing, virtualization, and collaboration.
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