Citizens & Northern Corp Lowers Stock Holdings in CDW Co. (NASDAQ:CDW)

Citizens & Northern Corp decreased its position in CDW Co. (NASDAQ:CDW) by 3.8% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 5,887 shares of the information technology services provider’s stock after selling 232 shares during the period. Citizens & Northern Corp’s holdings in CDW were worth $1,338,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in CDW. Raymond James Financial Services Advisors Inc. raised its holdings in shares of CDW by 16.1% in the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 49,011 shares of the information technology services provider’s stock worth $11,141,000 after acquiring an additional 6,799 shares during the last quarter. Cerity Partners LLC boosted its stake in shares of CDW by 44.9% during the 4th quarter. Cerity Partners LLC now owns 14,553 shares of the information technology services provider’s stock valued at $3,308,000 after buying an additional 4,511 shares during the last quarter. Pacer Advisors Inc. increased its stake in shares of CDW by 84.9% in the fourth quarter. Pacer Advisors Inc. now owns 15,924 shares of the information technology services provider’s stock worth $3,620,000 after buying an additional 7,310 shares during the last quarter. JGP Wealth Management LLC acquired a new stake in CDW in the fourth quarter valued at $1,559,000. Finally, abrdn plc boosted its stake in CDW by 34.4% during the 4th quarter. abrdn plc now owns 65,058 shares of the information technology services provider’s stock valued at $14,789,000 after acquiring an additional 16,648 shares during the last quarter. Institutional investors and hedge funds own 93.15% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently weighed in on CDW shares. JPMorgan Chase & Co. lowered their price objective on CDW from $280.00 to $265.00 and set an “overweight” rating for the company in a report on Thursday, May 2nd. Citigroup cut their target price on shares of CDW from $295.00 to $260.00 and set a “buy” rating on the stock in a report on Thursday, May 2nd. Stifel Nicolaus lowered their target price on CDW from $265.00 to $250.00 and set a “buy” rating for the company in a report on Thursday, May 2nd. Barclays cut their price target on CDW from $261.00 to $232.00 and set an “equal weight” rating on the stock in a report on Thursday, May 2nd. Finally, Evercore ISI increased their target price on CDW from $250.00 to $300.00 and gave the stock an “outperform” rating in a research report on Friday, March 22nd. Three analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $247.50.

CDW Price Performance

CDW traded down $4.39 during trading on Thursday, reaching $231.26. The stock had a trading volume of 544,390 shares, compared to its average volume of 728,843. CDW Co. has a 1-year low of $167.57 and a 1-year high of $263.37. The firm has a market capitalization of $31.08 billion, a price-to-earnings ratio of 29.50, a price-to-earnings-growth ratio of 3.39 and a beta of 1.09. The stock has a 50 day moving average of $239.82 and a two-hundred day moving average of $231.40. The company has a quick ratio of 1.13, a current ratio of 1.26 and a debt-to-equity ratio of 2.35.

CDW (NASDAQ:CDW) last announced its earnings results on Wednesday, May 1st. The information technology services provider reported $1.89 earnings per share for the quarter, missing the consensus estimate of $2.04 by ($0.15). CDW had a net margin of 5.16% and a return on equity of 67.56%. The firm had revenue of $4.87 billion for the quarter, compared to the consensus estimate of $4.94 billion. As a group, equities analysts anticipate that CDW Co. will post 9.68 EPS for the current fiscal year.

CDW Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, June 11th. Investors of record on Friday, May 24th will be paid a dividend of $0.62 per share. This represents a $2.48 annualized dividend and a yield of 1.07%. The ex-dividend date is Thursday, May 23rd. CDW’s dividend payout ratio is presently 30.96%.

CDW declared that its board has authorized a share buyback plan on Wednesday, February 7th that authorizes the company to repurchase $750.00 million in shares. This repurchase authorization authorizes the information technology services provider to buy up to 2.4% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s leadership believes its stock is undervalued.

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.