Fifth Third Bancorp Sells 1,311 Shares of CDW Co. (NASDAQ:CDW)

Fifth Third Bancorp cut its stake in shares of CDW Co. (NASDAQ:CDW) by 4.5% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 27,510 shares of the information technology services provider’s stock after selling 1,311 shares during the quarter. Fifth Third Bancorp’s holdings in CDW were worth $4,409,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in CDW. Orion Capital Management LLC purchased a new position in CDW in the 4th quarter worth approximately $30,000. Allworth Financial LP lifted its holdings in CDW by 39.7% in the 4th quarter. Allworth Financial LP now owns 183 shares of the information technology services provider’s stock worth $32,000 after purchasing an additional 52 shares in the last quarter. OFI Invest Asset Management purchased a new position in CDW in the 4th quarter worth approximately $32,000. Parkside Financial Bank & Trust lifted its holdings in CDW by 38.9% in the 4th quarter. Parkside Financial Bank & Trust now owns 207 shares of the information technology services provider’s stock worth $36,000 after purchasing an additional 58 shares in the last quarter. Finally, Optiver Holding B.V. lifted its holdings in CDW by 107.2% in the 4th quarter. Optiver Holding B.V. now owns 230 shares of the information technology services provider’s stock worth $40,000 after purchasing an additional 119 shares in the last quarter. 93.15% of the stock is currently owned by institutional investors.

Insider Activity

In other CDW news, insider Christine A. Leahy sold 40,917 shares of the company’s stock in a transaction dated Thursday, May 8th. The stock was sold at an average price of $181.42, for a total transaction of $7,423,162.14. Following the sale, the insider now owns 144,931 shares in the company, valued at $26,293,382.02. This represents a 22.02% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Frederick J. Kulevich sold 28,159 shares of the stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $190.90, for a total value of $5,375,553.10. Following the completion of the transaction, the insider now owns 36,077 shares in the company, valued at approximately $6,887,099.30. The trade was a 43.84% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.90% of the company’s stock.

CDW Trading Down 2.5%

Shares of NASDAQ:CDW opened at $170.42 on Friday. CDW Co. has a 12-month low of $137.31 and a 12-month high of $241.26. The company has a market capitalization of $22.44 billion, a PE ratio of 21.38, a PEG ratio of 3.21 and a beta of 0.95. The business has a 50 day moving average of $170.10 and a two-hundred day moving average of $175.72. The company has a current ratio of 1.35, a quick ratio of 1.24 and a debt-to-equity ratio of 2.38.

CDW (NASDAQ:CDW) last issued its quarterly earnings results on Wednesday, May 7th. The information technology services provider reported $2.15 EPS for the quarter, topping the consensus estimate of $1.96 by $0.19. CDW had a return on equity of 55.42% and a net margin of 5.13%. The firm had revenue of $5.20 billion during the quarter, compared to analysts’ expectations of $4.93 billion. During the same period in the previous year, the business earned $1.92 earnings per share. The firm’s revenue for the quarter was up 6.7% on a year-over-year basis. As a group, analysts forecast that CDW Co. will post 9.41 EPS for the current year.

CDW Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, June 10th. Shareholders of record on Monday, May 26th were issued a $0.625 dividend. This represents a $2.50 annualized dividend and a yield of 1.47%. The ex-dividend date was Friday, May 23rd. CDW’s payout ratio is currently 30.98%.

Wall Street Analyst Weigh In

CDW has been the topic of several recent research reports. UBS Group decreased their price objective on CDW from $236.00 to $210.00 and set a “buy” rating on the stock in a report on Thursday, May 8th. Citigroup upped their price objective on CDW from $160.00 to $180.00 and gave the stock a “neutral” rating in a report on Thursday, May 8th. JPMorgan Chase & Co. decreased their price objective on CDW from $222.00 to $175.00 and set a “neutral” rating on the stock in a report on Thursday, April 17th. Finally, Barclays decreased their price objective on CDW from $223.00 to $205.00 and set an “equal weight” rating on the stock in a report on Thursday, May 8th. Four research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $208.71.

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.