CDW Co. (NASDAQ:CDW) Shares Sold by New York State Common Retirement Fund

New York State Common Retirement Fund reduced its stake in shares of CDW Co. (NASDAQ:CDW) by 6.6% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 111,944 shares of the information technology services provider’s stock after selling 7,971 shares during the quarter. New York State Common Retirement Fund’s holdings in CDW were worth $25,447,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. California Public Employees Retirement System raised its position in CDW by 0.4% in the fourth quarter. California Public Employees Retirement System now owns 822,093 shares of the information technology services provider’s stock worth $186,878,000 after acquiring an additional 3,082 shares in the last quarter. Foster & Motley Inc. grew its stake in CDW by 3.2% during the 4th quarter. Foster & Motley Inc. now owns 26,024 shares of the information technology services provider’s stock valued at $5,916,000 after acquiring an additional 797 shares in the last quarter. RWA Wealth Partners LLC purchased a new position in CDW during the 4th quarter valued at about $248,000. Jennison Associates LLC grew its stake in CDW by 2,172.4% during the 4th quarter. Jennison Associates LLC now owns 108,576 shares of the information technology services provider’s stock valued at $24,681,000 after acquiring an additional 103,798 shares in the last quarter. Finally, Telemus Capital LLC grew its stake in shares of CDW by 1.5% in the 4th quarter. Telemus Capital LLC now owns 41,016 shares of the information technology services provider’s stock valued at $9,324,000 after buying an additional 590 shares in the last quarter. 93.15% of the stock is currently owned by institutional investors.

CDW Trading Down 0.5 %

Shares of CDW opened at $242.26 on Friday. The company has a quick ratio of 1.11, a current ratio of 1.23 and a debt-to-equity ratio of 2.46. CDW Co. has a 12-month low of $162.59 and a 12-month high of $263.37. The firm has a market capitalization of $32.55 billion, a PE ratio of 29.91, a price-to-earnings-growth ratio of 2.73 and a beta of 1.09. The stock’s fifty day simple moving average is $247.23 and its 200-day simple moving average is $228.31.

CDW (NASDAQ:CDW) last issued its quarterly earnings results 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. CDW had a return on equity of 73.93% and a net margin of 5.17%. The business had revenue of $5.02 billion for the quarter, compared to analyst estimates of $5.32 billion. During the same quarter in the prior year, the firm posted $2.40 earnings per share. The firm’s revenue for the quarter was down 7.7% compared to the same quarter last year. As a group, research analysts predict that CDW Co. will post 9.89 earnings per share for the current year.

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

CDW Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, March 12th. Stockholders of record on Monday, February 26th were paid a dividend of $0.62 per share. This represents a $2.48 annualized dividend and a dividend yield of 1.02%. The ex-dividend date was Friday, February 23rd. CDW’s dividend payout ratio (DPR) is presently 30.62%.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the company. Evercore ISI boosted their price target on CDW from $250.00 to $300.00 and gave the company an “outperform” rating in a research note on Friday, March 22nd. JPMorgan Chase & Co. upped their target price on CDW from $267.00 to $280.00 and gave the company an “overweight” rating in a research note on Thursday, April 11th. Citigroup upped their price target on CDW from $255.00 to $295.00 and gave the company a “buy” rating in a research report on Thursday, April 4th. Finally, Barclays upped their price target on CDW from $219.00 to $261.00 and gave the company an “equal weight” rating in a research report on Thursday, February 8th. Three analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, CDW presently has a consensus rating of “Moderate Buy” and a consensus target price of $242.67.

CDW 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.