OLD National Bancorp IN Decreases Stock Position in CDW Co. (NASDAQ:CDW)

OLD National Bancorp IN cut its holdings in CDW Co. (NASDAQ:CDW) by 57.4% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 1,585 shares of the information technology services provider’s stock after selling 2,137 shares during the period. OLD National Bancorp IN’s holdings in CDW were worth $360,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. OFI Invest Asset Management bought a new stake in shares of CDW in the 3rd quarter worth about $25,000. VisionPoint Advisory Group LLC bought a new stake in shares of CDW in the 3rd quarter worth about $28,000. TFC Financial Management Inc. increased its holdings in shares of CDW by 61.1% in the 3rd quarter. TFC Financial Management Inc. now owns 145 shares of the information technology services provider’s stock worth $29,000 after buying an additional 55 shares during the last quarter. ORG Partners LLC bought a new stake in shares of CDW in the 4th quarter worth about $36,000. Finally, Oakworth Capital Inc. bought a new position in CDW during the 4th quarter valued at about $36,000. 93.15% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the stock. Evercore ISI upped their price target 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 upped their price target on shares of CDW from $255.00 to $295.00 and gave the company a “buy” rating in a report on Thursday, April 4th. Barclays upped their price target on shares of CDW from $219.00 to $261.00 and gave the company an “equal weight” rating in a report on Thursday, February 8th. Finally, JPMorgan Chase & Co. upped their price target on shares of CDW from $267.00 to $280.00 and gave the company an “overweight” rating in a report on Thursday, April 11th. Three analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $242.67.

CDW Price Performance

CDW stock opened at $240.69 on Thursday. The stock has a market cap of $32.34 billion, a price-to-earnings ratio of 29.71, a price-to-earnings-growth ratio of 2.69 and a beta of 1.09. The company has a debt-to-equity ratio of 2.46, a current ratio of 1.23 and a quick ratio of 1.11. CDW Co. has a 1 year low of $162.59 and a 1 year high of $263.37. The firm has a 50-day moving average of $247.19 and a two-hundred day moving average of $228.12.

CDW (NASDAQ:CDW) last released its quarterly earnings data on Wednesday, February 7th. The information technology services provider reported $2.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.56 by $0.01. The company had revenue of $5.02 billion during the quarter, compared to analysts’ expectations of $5.32 billion. CDW had a net margin of 5.17% and a return on equity of 73.93%. The firm’s quarterly revenue was down 7.7% on a year-over-year basis. During the same period in the previous year, the company earned $2.40 EPS. On average, research analysts forecast that CDW Co. will post 9.89 earnings per share for the current year.

CDW announced that its Board of Directors has authorized a stock repurchase program on Wednesday, February 7th that allows the company to repurchase $750.00 million in shares. This repurchase authorization allows the information technology services provider to buy up to 2.4% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board believes its shares are undervalued.

CDW Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, March 12th. Stockholders of record on Monday, February 26th were given a $0.62 dividend. The ex-dividend date was Friday, February 23rd. This represents a $2.48 annualized dividend and a dividend yield of 1.03%. CDW’s payout ratio is presently 30.62%.

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.