QRG Capital Management Inc. Cuts Holdings in CDW Co. (NASDAQ:CDW)

QRG Capital Management Inc. lowered its stake in shares of CDW Co. (NASDAQ:CDW) by 3.3% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 54,139 shares of the information technology services provider’s stock after selling 1,862 shares during the period. QRG Capital Management Inc.’s holdings in CDW were worth $13,848,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of the stock. Tsfg LLC acquired a new position in CDW during the first quarter worth about $26,000. Rise Advisors LLC acquired a new position in CDW during the first quarter worth about $34,000. Larson Financial Group LLC acquired a new position in CDW during the fourth quarter worth about $30,000. ORG Partners LLC acquired a new position in CDW during the fourth quarter worth about $36,000. Finally, Oakworth Capital Inc. acquired a new position in CDW in the 4th quarter valued at about $36,000. Hedge funds and other institutional investors own 93.15% of the company’s stock.

CDW Stock Up 3.0 %

Shares of NASDAQ:CDW traded up $7.07 during trading hours on Tuesday, reaching $239.84. The stock had a trading volume of 973,812 shares, compared to its average volume of 790,179. CDW Co. has a 1 year low of $184.99 and a 1 year high of $263.37. The firm’s 50 day moving average is $224.56 and its 200-day moving average is $233.51. The company has a debt-to-equity ratio of 2.35, a quick ratio of 1.13 and a current ratio of 1.26. The stock has a market capitalization of $32.23 billion, a price-to-earnings ratio of 29.53, a P/E/G ratio of 3.37 and a beta of 1.04.

CDW (NASDAQ:CDW) last issued its earnings results on Wednesday, May 1st. The information technology services provider reported $1.89 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.04 by ($0.15). CDW had a net margin of 5.16% and a return on equity of 67.56%. The company had revenue of $4.87 billion during the quarter, compared to analyst estimates of $4.94 billion. Research analysts predict that CDW Co. will post 9.67 earnings per share for the current fiscal year.

CDW Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, June 11th. Stockholders of record on Friday, May 24th were issued a $0.62 dividend. This represents a $2.48 annualized dividend and a dividend yield of 1.03%. The ex-dividend date was Thursday, May 23rd. CDW’s payout ratio is 30.96%.

Wall Street Analyst Weigh In

CDW has been the topic of several recent analyst reports. Evercore ISI boosted their target price on shares of CDW from $250.00 to $300.00 and gave the company an “outperform” rating in a report on Friday, March 22nd. Citigroup decreased their price objective on shares of CDW from $295.00 to $260.00 and set a “buy” rating on the stock in a report on Thursday, May 2nd. JPMorgan Chase & Co. decreased their price objective on shares of CDW from $280.00 to $265.00 and set an “overweight” rating on the stock in a report on Thursday, May 2nd. Barclays decreased their price objective on shares of CDW from $261.00 to $232.00 and set an “equal weight” rating on the stock in a report on Thursday, May 2nd. Finally, Northcoast Research raised shares of CDW from a “neutral” rating to a “buy” rating and set a $270.00 target price on the stock in a research note on Friday, June 7th. Three analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $250.00.

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.