Retirement Systems of Alabama Trims Stock Holdings in CDW Co. (NASDAQ:CDW)

Retirement Systems of Alabama reduced its position in CDW Co. (NASDAQ:CDW) by 1.9% in the 3rd quarter, Holdings Channel.com reports. The fund owned 29,093 shares of the information technology services provider’s stock after selling 554 shares during the quarter. Retirement Systems of Alabama’s holdings in CDW were worth $6,584,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also modified their holdings of the company. Quest Partners LLC acquired a new position in CDW in the 2nd quarter valued at about $35,000. Canoe Financial LP purchased a new position in shares of CDW in the 3rd quarter valued at approximately $37,000. Fortitude Family Office LLC increased its holdings in shares of CDW by 350.0% in the third quarter. Fortitude Family Office LLC now owns 171 shares of the information technology services provider’s stock valued at $39,000 after purchasing an additional 133 shares during the period. Summit Securities Group LLC purchased a new stake in shares of CDW during the second quarter worth approximately $40,000. Finally, Ashton Thomas Securities LLC purchased a new stake in shares of CDW during the third quarter worth approximately $43,000. 93.15% of the stock is currently owned by hedge funds and other institutional investors.

CDW Stock Down 2.9 %

CDW stock opened at $171.49 on Thursday. The firm has a market capitalization of $22.85 billion, a price-to-earnings ratio of 20.96, a price-to-earnings-growth ratio of 5.01 and a beta of 1.02. The company has a debt-to-equity ratio of 2.39, a quick ratio of 1.28 and a current ratio of 1.40. CDW Co. has a fifty-two week low of $170.68 and a fifty-two week high of $263.37. The stock’s fifty day moving average is $194.33 and its two-hundred day moving average is $212.73.

CDW (NASDAQ:CDW) last posted its earnings results on Wednesday, October 30th. The information technology services provider reported $2.63 earnings per share for the quarter, missing the consensus estimate of $2.68 by ($0.05). CDW had a net margin of 5.33% and a return on equity of 58.31%. The business had revenue of $5.52 billion for the quarter, compared to analysts’ expectations of $5.72 billion. During the same quarter last year, the business posted $2.60 earnings per share. The business’s revenue was down 2.0% compared to the same quarter last year. Analysts predict that CDW Co. will post 8.99 EPS for the current fiscal year.

CDW Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, December 10th. Shareholders of record on Monday, November 25th were given a dividend of $0.625 per share. This is an increase from CDW’s previous quarterly dividend of $0.62. The ex-dividend date was Monday, November 25th. This represents a $2.50 annualized dividend and a yield of 1.46%. CDW’s dividend payout ratio (DPR) is presently 30.56%.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on CDW. Citigroup lowered shares of CDW from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $250.00 to $245.00 in a research report on Tuesday, October 1st. Barclays lowered their price objective 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. downgraded CDW from an “overweight” rating to a “neutral” rating and cut their target price for the stock from $260.00 to $235.00 in a research note on Monday, October 28th. Morgan Stanley lifted their price target on CDW from $190.00 to $193.00 and gave the company an “equal weight” rating in a research note on Monday. Finally, Redburn Atlantic started coverage on CDW in a research report on Friday, November 15th. They issued a “buy” rating and a $230.00 price objective for the company. Four analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, CDW presently has an average rating of “Moderate Buy” and a consensus price target of $241.75.

CDW 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.