Norges Bank Invests $144.83 Million in CDW Co. (NASDAQ:CDW)

Norges Bank purchased a new stake in shares of CDW Co. (NASDAQ:CDW) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 832,142 shares of the information technology services provider’s stock, valued at approximately $144,826,000. Norges Bank owned approximately 0.62% of CDW as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of CDW. Janus Henderson Group PLC lifted its stake in shares of CDW by 7,029.1% in the 3rd quarter. Janus Henderson Group PLC now owns 1,466,597 shares of the information technology services provider’s stock valued at $331,891,000 after purchasing an additional 1,446,025 shares during the last quarter. Holocene Advisors LP acquired a new stake in shares of CDW in the third quarter worth $172,217,000. Madison Investment Advisors LLC bought a new stake in CDW during the fourth quarter valued at about $130,996,000. Proficio Capital Partners LLC boosted its stake in CDW by 18,259.3% during the 4th quarter. Proficio Capital Partners LLC now owns 687,189 shares of the information technology services provider’s stock valued at $119,598,000 after purchasing an additional 683,446 shares during the period. Finally, Assenagon Asset Management S.A. boosted its position in shares of CDW by 7,549.9% in the fourth quarter. Assenagon Asset Management S.A. now owns 256,271 shares of the information technology services provider’s stock valued at $44,601,000 after acquiring an additional 252,921 shares during the period. 93.15% of the stock is owned by institutional investors and hedge funds.

CDW Stock Performance

NASDAQ CDW opened at $160.26 on Tuesday. The firm has a market cap of $21.23 billion, a price-to-earnings ratio of 20.11, a PEG ratio of 3.21 and a beta of 1.01. 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 Co. has a 1-year low of $158.76 and a 1-year high of $263.37. The company has a 50 day moving average of $181.83 and a 200-day moving average of $190.93.

CDW (NASDAQ:CDW) last released its quarterly earnings results on Wednesday, February 5th. The information technology services provider reported $2.40 earnings per share for the quarter, beating analysts’ consensus estimates of $2.33 by $0.07. CDW had a return on equity of 55.42% and a net margin of 5.13%. On average, equities analysts forecast that CDW Co. will post 9.41 earnings per share for the current fiscal year.

CDW declared that its board has initiated a stock repurchase program on Wednesday, February 5th that permits the company to buyback $750.00 million in outstanding shares. This buyback authorization permits the information technology services provider to buy up to 2.7% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s board believes its shares are undervalued.

CDW Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, March 11th. Shareholders of record on Tuesday, February 25th were issued a dividend of $0.625 per share. This represents a $2.50 dividend on an annualized basis and a yield of 1.56%. The ex-dividend date of this dividend was Tuesday, February 25th. CDW’s dividend payout ratio is currently 31.37%.

Analyst Ratings Changes

CDW has been the subject of several research reports. Barclays lifted their target price on CDW from $201.00 to $223.00 and gave the stock an “equal weight” rating in a research report on Thursday, February 6th. Morgan Stanley lifted their target price on shares of CDW from $193.00 to $201.00 and gave the company an “equal weight” rating in a research report on Thursday, February 6th. Finally, UBS Group lowered their target price on shares of CDW from $233.00 to $220.00 and set a “buy” rating on the stock in a research note on Tuesday, January 7th. Four analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $235.50.

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.