Renaissance Technologies LLC Acquires New Holdings in CDW Co. (NASDAQ:CDW)

Renaissance Technologies LLC bought a new position in shares of CDW Co. (NASDAQ:CDW) during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund bought 149,798 shares of the information technology services provider’s stock, valued at approximately $26,071,000. Renaissance Technologies LLC owned about 0.11% of CDW at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in CDW. Allworth Financial LP lifted its stake in CDW by 39.7% in the fourth quarter. Allworth Financial LP now owns 183 shares of the information technology services provider’s stock valued at $32,000 after buying an additional 52 shares during the period. Summit Trail Advisors LLC increased its stake in shares of CDW by 1.4% in the 4th quarter. Summit Trail Advisors LLC now owns 4,040 shares of the information technology services provider’s stock valued at $703,000 after acquiring an additional 56 shares in the last quarter. Parkside Financial Bank & Trust lifted its position in shares of CDW by 38.9% during the 4th quarter. Parkside Financial Bank & Trust now owns 207 shares of the information technology services provider’s stock valued at $36,000 after acquiring an additional 58 shares during the period. Fulcrum Equity Management boosted its stake in CDW by 4.3% during the third quarter. Fulcrum Equity Management now owns 1,442 shares of the information technology services provider’s stock worth $326,000 after acquiring an additional 60 shares in the last quarter. Finally, Jacobi Capital Management LLC grew its holdings in CDW by 4.5% in the fourth quarter. Jacobi Capital Management LLC now owns 1,428 shares of the information technology services provider’s stock worth $248,000 after purchasing an additional 61 shares during the period. 93.15% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

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

CDW Stock Performance

Shares of CDW stock opened at $148.80 on Friday. The company has a market cap of $19.71 billion, a PE ratio of 18.67, a price-to-earnings-growth ratio of 3.21 and a beta of 0.97. The company has a quick ratio of 1.24, a current ratio of 1.35 and a debt-to-equity ratio of 2.38. CDW Co. has a 52 week low of $137.31 and a 52 week high of $248.12. The business has a 50 day moving average price of $172.21 and a 200-day moving average price of $185.97.

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

CDW Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, March 11th. Shareholders of record on Tuesday, February 25th were given a dividend of $0.625 per share. The ex-dividend date of this dividend was Tuesday, February 25th. This represents a $2.50 annualized dividend and a dividend yield of 1.68%. CDW’s dividend payout ratio is currently 31.37%.

CDW announced that its Board of Directors has initiated a stock repurchase plan on Wednesday, February 5th that allows the company to buyback $750.00 million in shares. This buyback authorization allows the information technology services provider to purchase up to 2.7% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s board of directors 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.