Renaissance Group LLC Cuts Position in CDW Co. (NASDAQ:CDW)

Renaissance Group LLC lowered its holdings in shares of CDW Co. (NASDAQ:CDW) by 56.6% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 2,060 shares of the information technology services provider’s stock after selling 2,689 shares during the quarter. Renaissance Group LLC’s holdings in CDW were worth $358,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the business. Allworth Financial LP grew its stake in CDW by 39.7% during the 4th quarter. Allworth Financial LP now owns 183 shares of the information technology services provider’s stock valued at $32,000 after acquiring an additional 52 shares in the last quarter. OFI Invest Asset Management acquired a new position in shares of CDW during the 4th quarter worth approximately $32,000. Parkside Financial Bank & Trust grew its position in shares of CDW by 38.9% in the fourth quarter. Parkside Financial Bank & Trust now owns 207 shares of the information technology services provider’s stock valued at $36,000 after purchasing an additional 58 shares in the last quarter. Canoe Financial LP increased its holdings in shares of CDW by 68.3% in the fourth quarter. Canoe Financial LP now owns 276 shares of the information technology services provider’s stock valued at $48,000 after purchasing an additional 112 shares during the last quarter. Finally, Pilgrim Partners Asia Pte Ltd purchased a new position in CDW during the fourth quarter worth approximately $66,000. 93.15% of the stock is owned by institutional investors and hedge funds.

CDW Price Performance

Shares of NASDAQ:CDW opened at $146.03 on Wednesday. CDW Co. has a 12 month low of $137.31 and a 12 month high of $256.42. The firm has a market capitalization of $19.35 billion, a price-to-earnings ratio of 18.32, a price-to-earnings-growth ratio of 3.21 and a beta of 0.97. The business’s 50 day simple moving average is $175.81 and its 200-day simple moving average is $187.65. The company has a debt-to-equity ratio of 2.38, a current ratio of 1.35 and a quick ratio of 1.24.

CDW (NASDAQ:CDW) last posted its quarterly earnings data on Wednesday, February 5th. The information technology services provider reported $2.40 EPS for the quarter, topping 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%. As a group, equities analysts forecast that CDW Co. will post 9.41 earnings per share for the current fiscal year.

CDW announced that its Board of Directors has approved a stock buyback program on Wednesday, February 5th that permits the company to buyback $750.00 million in shares. This buyback authorization permits the information technology services provider to repurchase up to 2.7% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board of directors believes its stock is undervalued.

CDW Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, March 11th. Investors of record on Tuesday, February 25th were issued a $0.625 dividend. The ex-dividend date of this dividend was Tuesday, February 25th. This represents a $2.50 dividend on an annualized basis and a yield of 1.71%. CDW’s payout ratio is 31.37%.

Wall Street Analyst Weigh In

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

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.