Zions Bancorporation N.A. Buys 735 Shares of CDW Co. (NASDAQ:CDW)

Zions Bancorporation N.A. raised its stake in shares of CDW Co. (NASDAQ:CDW) by 21.8% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,113 shares of the information technology services provider’s stock after acquiring an additional 735 shares during the period. Zions Bancorporation N.A.’s holdings in CDW were worth $931,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. ORG Partners LLC purchased a new stake in CDW in the second quarter worth $34,000. Quest Partners LLC purchased a new stake in CDW in the 2nd quarter worth about $35,000. Canoe Financial LP bought a new stake in CDW in the 3rd quarter valued at about $37,000. Fortitude Family Office LLC lifted its holdings in CDW by 350.0% during 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 last quarter. Finally, Summit Securities Group LLC bought a new position in CDW during the second quarter worth about $40,000. 93.15% of the stock is owned by hedge funds and other institutional investors.

CDW Stock Down 2.8 %

CDW opened at $180.77 on Friday. The company has a debt-to-equity ratio of 2.39, a current ratio of 1.40 and a quick ratio of 1.28. CDW Co. has a one year low of $180.35 and a one year high of $263.37. The firm has a market capitalization of $24.09 billion, a P/E ratio of 22.10, a price-to-earnings-growth ratio of 5.35 and a beta of 1.05. The company has a fifty day moving average price of $214.18 and a 200-day moving average price of $220.53.

CDW (NASDAQ:CDW) last announced its earnings results on Wednesday, October 30th. The information technology services provider reported $2.63 earnings per share for the quarter, missing analysts’ consensus estimates of $2.68 by ($0.05). CDW had a return on equity of 58.31% and a net margin of 5.33%. The business had revenue of $5.52 billion during the quarter, compared to the consensus estimate of $5.72 billion. During the same quarter in the prior year, the company earned $2.60 earnings per share. CDW’s revenue was down 2.0% compared to the same quarter last year. Equities research analysts expect that CDW Co. will post 9.05 earnings per share for the current fiscal year.

CDW Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 10th. Shareholders of record on Monday, November 25th will be paid a $0.625 dividend. This represents a $2.50 dividend on an annualized basis and a yield of 1.38%. The ex-dividend date of this dividend is Monday, November 25th. This is a boost from CDW’s previous quarterly dividend of $0.62. CDW’s payout ratio is currently 30.32%.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the stock. JPMorgan Chase & Co. lowered shares of CDW from an “overweight” rating to a “neutral” rating and lowered their price target for the company from $260.00 to $235.00 in a research report on Monday, October 28th. Barclays dropped their target price on CDW from $229.00 to $201.00 and set an “equal weight” rating on the stock in a research report on Thursday, October 31st. Finally, Citigroup lowered CDW from a “buy” rating to a “neutral” rating and cut their price target for the stock from $250.00 to $245.00 in a report on Tuesday, October 1st. Four investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat, CDW has an average rating of “Hold” and an average price target of $246.71.

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.