ING Groep NV Sells 34,283 Shares of CDW Co. (NASDAQ:CDW)

ING Groep NV lessened its stake in shares of CDW Co. (NASDAQ:CDW) by 55.8% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 27,190 shares of the information technology services provider’s stock after selling 34,283 shares during the quarter. ING Groep NV’s holdings in CDW were worth $6,153,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of CDW. Tokio Marine Asset Management Co. Ltd. increased its stake in CDW by 2.5% in the 3rd quarter. Tokio Marine Asset Management Co. Ltd. now owns 3,827 shares of the information technology services provider’s stock worth $866,000 after acquiring an additional 92 shares during the last quarter. Metis Global Partners LLC increased its position in shares of CDW by 1.8% in the third quarter. Metis Global Partners LLC now owns 4,295 shares of the information technology services provider’s stock worth $972,000 after purchasing an additional 74 shares during the last quarter. Zions Bancorporation N.A. raised its stake in CDW by 21.8% in the third quarter. Zions Bancorporation N.A. now owns 4,113 shares of the information technology services provider’s stock valued at $931,000 after purchasing an additional 735 shares in the last quarter. United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund bought a new stake in CDW during the third quarter valued at approximately $12,761,000. Finally, ICICI Prudential Asset Management Co Ltd grew its stake in CDW by 18.1% in the 3rd quarter. ICICI Prudential Asset Management Co Ltd now owns 1,743 shares of the information technology services provider’s stock worth $394,000 after buying an additional 267 shares in the last quarter. 93.15% of the stock is currently owned by institutional investors.

CDW Stock Performance

CDW stock opened at $177.63 on Friday. CDW Co. has a fifty-two week low of $175.94 and a fifty-two week high of $263.37. The stock has a market cap of $23.67 billion, a price-to-earnings ratio of 21.72, a PEG ratio of 5.19 and a beta of 1.05. The stock’s 50 day simple moving average is $213.49 and its two-hundred day simple moving average is $220.05. 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 (NASDAQ:CDW) last announced its quarterly earnings data on Wednesday, October 30th. The information technology services provider reported $2.63 EPS for the quarter, missing the consensus estimate of $2.68 by ($0.05). The firm had revenue of $5.52 billion for the quarter, compared to analysts’ expectations of $5.72 billion. CDW had a net margin of 5.33% and a return on equity of 58.31%. The business’s quarterly revenue was down 2.0% compared to the same quarter last year. During the same period in the prior year, the business posted $2.60 EPS. As a group, analysts expect that CDW Co. will post 9.05 earnings per share for the current fiscal year.

CDW Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 10th. Shareholders of record on Monday, November 25th will be issued a $0.625 dividend. This represents a $2.50 annualized dividend and a yield of 1.41%. This is an increase from CDW’s previous quarterly dividend of $0.62. The ex-dividend date of this dividend is Monday, November 25th. CDW’s payout ratio is 30.32%.

Wall Street Analysts Forecast Growth

CDW has been the topic of several recent research reports. Citigroup lowered CDW from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $250.00 to $245.00 in a research report on Tuesday, October 1st. Barclays decreased their price target on shares of CDW from $229.00 to $201.00 and set an “equal weight” rating on the stock in a research note on Thursday, October 31st. Redburn Atlantic initiated coverage on shares of CDW in a research note on Friday. They issued a “buy” rating and a $230.00 price objective for the company. Finally, JPMorgan Chase & Co. cut shares of CDW from an “overweight” rating to a “neutral” rating and decreased their target price for the stock from $260.00 to $235.00 in a research report on Monday, October 28th. Four equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $244.63.

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.