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

New York State Common Retirement Fund lessened its stake in CDW Co. (NASDAQ:CDW) by 6.9% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 85,599 shares of the information technology services provider’s stock after selling 6,300 shares during the quarter. New York State Common Retirement Fund owned approximately 0.06% of CDW worth $14,898,000 as of its most recent filing with the SEC.

Several other large investors have also modified their holdings of the stock. Allworth Financial LP boosted its holdings in CDW by 39.7% in the fourth quarter. Allworth Financial LP now owns 183 shares of the information technology services provider’s stock worth $32,000 after purchasing an additional 52 shares during the period. Canoe Financial LP bought a new position in shares of CDW during the third quarter valued at approximately $37,000. Fortitude Family Office LLC raised its position in shares of CDW by 350.0% during the 3rd quarter. Fortitude Family Office LLC now owns 171 shares of the information technology services provider’s stock worth $39,000 after purchasing an additional 133 shares during the period. Ashton Thomas Securities LLC bought a new stake in shares of CDW in the 3rd quarter worth approximately $43,000. Finally, Covestor Ltd boosted its position in CDW by 80.1% during the 3rd quarter. Covestor Ltd now owns 245 shares of the information technology services provider’s stock valued at $55,000 after purchasing an additional 109 shares during the period. Institutional investors own 93.15% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have weighed in on the company. JPMorgan Chase & Co. lowered CDW from an “overweight” rating to a “neutral” rating and dropped their target price for the stock from $260.00 to $235.00 in a research report on Monday, October 28th. Barclays boosted their target price on shares of CDW from $201.00 to $223.00 and gave the company an “equal weight” rating in a research note on Thursday, February 6th. UBS Group dropped their price target 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. Redburn Atlantic initiated coverage on CDW in a research report on Friday, November 15th. They set a “buy” rating and a $230.00 price objective for the company. Finally, Morgan Stanley raised their target price on CDW from $193.00 to $201.00 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 issued a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $242.67.

CDW Stock Down 3.3 %

Shares of CDW stock opened at $186.50 on Monday. The company has a debt-to-equity ratio of 2.38, a quick ratio of 1.24 and a current ratio of 1.35. The stock has a market cap of $24.85 billion, a PE ratio of 23.40, a price-to-earnings-growth ratio of 3.21 and a beta of 1.01. The business’s fifty day moving average is $186.14 and its 200-day moving average is $199.97. CDW Co. has a 1 year low of $168.43 and a 1 year high of $263.37.

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%. Equities analysts expect that CDW Co. will post 9.41 earnings per share for the current fiscal year.

CDW Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, March 11th. Stockholders of record on Tuesday, February 25th will be issued a $0.625 dividend. The ex-dividend date is Tuesday, February 25th. This represents a $2.50 dividend on an annualized basis and a dividend yield of 1.34%. CDW’s dividend payout ratio is 31.37%.

CDW declared that its Board of Directors has approved a share buyback plan on Wednesday, February 5th that authorizes the company to buyback $750.00 million in outstanding shares. This buyback authorization authorizes the information technology services provider to repurchase up to 2.7% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board 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.