Hartford Investment Management Co. Lowers Stock Position in CDW Co. (NASDAQ:CDW)

Hartford Investment Management Co. cut its position in shares of CDW Co. (NASDAQ:CDW) by 1.9% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 8,266 shares of the information technology services provider’s stock after selling 159 shares during the period. Hartford Investment Management Co.’s holdings in CDW were worth $1,439,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently added to or reduced their stakes in CDW. Exchange Traded Concepts LLC boosted its holdings in CDW by 50.7% during the third quarter. Exchange Traded Concepts LLC now owns 2,398 shares of the information technology services provider’s stock worth $543,000 after buying an additional 807 shares in the last quarter. Creative Planning raised its position in CDW by 2.1% during the third quarter. Creative Planning now owns 14,255 shares of the information technology services provider’s stock worth $3,226,000 after acquiring an additional 297 shares during the period. Swedbank AB raised its position in CDW by 1.8% during the third quarter. Swedbank AB now owns 52,123 shares of the information technology services provider’s stock worth $11,795,000 after acquiring an additional 928 shares during the period. Vontobel Holding Ltd. raised its position in CDW by 2.7% during the third quarter. Vontobel Holding Ltd. now owns 2,989 shares of the information technology services provider’s stock worth $676,000 after acquiring an additional 78 shares during the period. Finally, Hengehold Capital Management LLC raised its position in CDW by 20.0% during the third quarter. Hengehold Capital Management LLC now owns 1,195 shares of the information technology services provider’s stock worth $270,000 after acquiring an additional 199 shares during the period. 93.15% of the stock is owned by hedge funds and other institutional investors.

CDW Trading Up 1.0 %

Shares of CDW opened at $189.39 on Friday. The company has a current ratio of 1.35, a quick ratio of 1.28 and a debt-to-equity ratio of 2.38. CDW Co. has a 12-month low of $168.43 and a 12-month high of $263.37. The firm has a 50-day moving average price of $184.91 and a 200 day moving average price of $200.96. The firm has a market capitalization of $25.24 billion, a P/E ratio of 23.76, a P/E/G ratio of 5.40 and a beta of 1.01.

CDW (NASDAQ:CDW) last announced its quarterly earnings data on Wednesday, February 5th. The information technology services provider reported $2.40 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.33 by $0.07. CDW had a net margin of 5.13% and a return on equity of 55.42%. Sell-side analysts forecast that CDW Co. will post 9.35 EPS for the current year.

CDW Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 11th. Investors of record on Tuesday, February 25th will be issued a $0.625 dividend. This represents a $2.50 dividend on an annualized basis and a dividend yield of 1.32%. The ex-dividend date of this dividend is Tuesday, February 25th. CDW’s dividend payout ratio is currently 31.37%.

CDW declared that its Board of Directors has authorized a stock buyback program on Wednesday, February 5th that authorizes the company to buyback $750.00 million in shares. This buyback authorization authorizes the information technology services provider to reacquire up to 2.7% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its stock is undervalued.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the stock. Morgan Stanley upped 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. Redburn Atlantic assumed coverage on shares of CDW in a research report on Friday, November 15th. They set a “buy” rating and a $230.00 price objective for the company. JPMorgan Chase & Co. cut shares of CDW from an “overweight” rating to a “neutral” rating and reduced their price objective for the stock from $260.00 to $235.00 in a research report on Monday, October 28th. UBS Group reduced their target price on shares of CDW from $233.00 to $220.00 and set a “buy” rating for the company in a research report on Tuesday, January 7th. Finally, Barclays increased their target price 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. Four analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $242.67.

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.