Citigroup Inc. Sells 31,953 Shares of CDW Co. (NASDAQ:CDW)

Citigroup Inc. reduced its position in shares of CDW Co. (NASDAQ:CDW) by 12.7% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 219,960 shares of the information technology services provider’s stock after selling 31,953 shares during the quarter. Citigroup Inc. owned 0.17% of CDW worth $49,777,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in CDW. ORG Partners LLC bought a new stake in CDW during the second quarter worth $34,000. Quest Partners LLC bought a new position in shares of CDW in the second quarter valued at about $35,000. Canoe Financial LP bought a new position in shares of CDW in the third quarter valued at about $37,000. Fortitude Family Office LLC raised its position 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. Finally, Summit Securities Group LLC bought a new position in shares of CDW in the second quarter valued at about $40,000. 93.15% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on CDW. Barclays dropped their price objective on shares of CDW from $229.00 to $201.00 and set an “equal weight” rating on the stock in a research report on Thursday, October 31st. JPMorgan Chase & Co. lowered shares of CDW from an “overweight” rating to a “neutral” rating and dropped their price objective for the company from $260.00 to $235.00 in a research report on Monday, October 28th. Redburn Atlantic began coverage on shares of CDW in a research report on Friday, November 15th. They issued a “buy” rating and a $230.00 price objective on the stock. Finally, Citigroup lowered shares of CDW from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $250.00 to $245.00 in a research report on Tuesday, October 1st. Four investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, CDW currently has an average rating of “Moderate Buy” and an average price target of $244.63.

CDW Price Performance

NASDAQ:CDW opened at $178.96 on Monday. The firm has a market cap of $23.85 billion, a price-to-earnings ratio of 21.88, a P/E/G ratio of 4.97 and a beta of 1.05. 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 52 week low of $172.95 and a 52 week high of $263.37. The firm’s 50-day simple moving average is $209.49 and its 200 day simple moving average is $218.42.

CDW (NASDAQ:CDW) last announced its quarterly earnings data on Wednesday, October 30th. The information technology services provider reported $2.63 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.68 by ($0.05). The firm had revenue of $5.52 billion for the quarter, compared to analyst estimates of $5.72 billion. CDW had a return on equity of 58.31% and a net margin of 5.33%. The company’s quarterly revenue was down 2.0% on a year-over-year basis. During the same quarter in the previous year, the company earned $2.60 earnings per share. As a group, sell-side analysts predict that CDW Co. will post 9.05 earnings per share for the current year.

CDW Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 10th. Shareholders of record on Monday, November 25th will be paid a dividend of $0.625 per share. This represents a $2.50 dividend on an annualized basis and a yield of 1.40%. This is an increase from CDW’s previous quarterly dividend of $0.62. The ex-dividend date is Monday, November 25th. CDW’s dividend payout ratio is presently 30.32%.

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.