Norges Bank Invests $205.40 Million in CDW Co. (NASDAQ:CDW)

Norges Bank bought a new position in CDW Co. (NASDAQ:CDW) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 1,558,572 shares of the information technology services provider’s stock, valued at approximately $205,404,000. Norges Bank owned about 1.09% of CDW as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently bought and sold shares of CDW. Mawer Investment Management Ltd. grew its holdings in shares of CDW by 45.9% in the 4th quarter. Mawer Investment Management Ltd. now owns 2,847,959 shares of the information technology services provider’s stock worth $375,333,000 after purchasing an additional 895,959 shares during the last quarter. Alliancebernstein L.P. grew its holdings in shares of CDW by 14.8% in the 4th quarter. Alliancebernstein L.P. now owns 5,159,012 shares of the information technology services provider’s stock worth $679,906,000 after purchasing an additional 665,708 shares during the last quarter. Select Equity Group L.P. grew its holdings in shares of CDW by 8.2% in the 4th quarter. Select Equity Group L.P. now owns 7,460,355 shares of the information technology services provider’s stock worth $983,200,000 after purchasing an additional 565,290 shares during the last quarter. Wedge Capital Management L L P NC grew its holdings in shares of CDW by 10,701.0% in the 4th quarter. Wedge Capital Management L L P NC now owns 541,887 shares of the information technology services provider’s stock worth $71,415,000 after purchasing an additional 536,870 shares during the last quarter. Finally, AQR Capital Management LLC lifted its position in CDW by 45.1% during the 3rd quarter. AQR Capital Management LLC now owns 1,134,872 shares of the information technology services provider’s stock worth $135,651,000 after buying an additional 352,850 shares in the last quarter. 91.41% of the stock is currently owned by institutional investors and hedge funds.

In related news, insider Frederick J. Kulevich sold 2,500 shares of the stock in a transaction that occurred on Tuesday, February 16th. The shares were sold at an average price of $154.78, for a total value of $386,950.00. Following the sale, the insider now directly owns 15,478 shares in the company, valued at approximately $2,395,684.84. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Christina M. Corley sold 3,500 shares of the stock in a transaction that occurred on Tuesday, January 19th. The shares were sold at an average price of $133.45, for a total transaction of $467,075.00. Following the completion of the sale, the insider now owns 44,471 shares in the company, valued at $5,934,654.95. The disclosure for this sale can be found here. Insiders sold a total of 9,500 shares of company stock worth $1,421,480 over the last quarter. 1.33% of the stock is currently owned by corporate insiders.

CDW stock opened at $170.32 on Thursday. The company has a current ratio of 1.50, a quick ratio of 1.33 and a debt-to-equity ratio of 3.12. CDW Co. has a 1 year low of $93.75 and a 1 year high of $172.79. The company has a market cap of $24.01 billion, a PE ratio of 33.59, a PEG ratio of 1.60 and a beta of 1.10. The company’s 50-day moving average is $160.37 and its two-hundred day moving average is $138.94.

CDW (NASDAQ:CDW) last released its earnings results on Tuesday, February 9th. The information technology services provider reported $1.82 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.51 by $0.31. CDW had a net margin of 4.08% and a return on equity of 88.43%. The company had revenue of $4.96 billion for the quarter, compared to the consensus estimate of $4.38 billion. During the same period in the prior year, the company posted $1.57 EPS. The company’s revenue was up 9.2% compared to the same quarter last year. Research analysts forecast that CDW Co. will post 6.08 EPS for the current year.

CDW announced that its board has initiated a share repurchase program on Wednesday, February 10th that allows the company to buyback $1.25 billion in shares. This buyback authorization allows the information technology services provider to repurchase up to 5.6% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s board believes its shares are undervalued.

The company also recently declared a quarterly dividend, which was paid on Wednesday, March 10th. Investors of record on Thursday, February 25th were given a $0.40 dividend. The ex-dividend date of this dividend was Wednesday, February 24th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.94%. CDW’s dividend payout ratio is 26.58%.

CDW has been the topic of several research reports. Zacks Investment Research upgraded shares of CDW from a “hold” rating to a “buy” rating and set a $162.00 price target on the stock in a research report on Monday, March 8th. Citigroup upped their price target on shares of CDW from $145.00 to $175.00 and gave the stock a “buy” rating in a research report on Thursday, February 11th. Credit Suisse Group upped their price target on shares of CDW from $150.00 to $175.00 and gave the stock an “outperform” rating in a research report on Thursday, February 11th. Morgan Stanley upgraded shares of CDW from an “equal weight” rating to an “overweight” rating and set a $164.00 price target on the stock in a research report on Thursday, February 4th. Finally, William Blair reiterated an “outperform” rating on shares of CDW in a research report on Wednesday, February 10th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and six have assigned a buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average price target of $149.50.

CDW Company Profile

CDW Corporation provides integrated information technology (IT) solutions to business, government, education, and healthcare customers 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, as well as integrated IT solutions, including mobility, security, data center optimization, cloud computing, virtualization, and collaboration.

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Institutional Ownership by Quarter for CDW (NASDAQ:CDW)

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