CDW Co. (NASDAQ:CDW) Stock Position Raised by DAVENPORT & Co LLC

DAVENPORT & Co LLC increased its position in CDW Co. (NASDAQ:CDW) by 838.6% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 11,901 shares of the information technology services provider’s stock after buying an additional 10,633 shares during the period. DAVENPORT & Co LLC’s holdings in CDW were worth $2,064,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in CDW. Canoe Financial LP bought a new stake in shares of CDW during the 3rd quarter worth about $37,000. Fortitude Family Office LLC lifted its holdings in CDW by 350.0% in 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 last quarter. Ashton Thomas Securities LLC bought a new stake in CDW during the third quarter worth approximately $43,000. Covestor Ltd grew its holdings in CDW by 80.1% during the third 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 last quarter. Finally, Brooklyn Investment Group bought a new position in shares of CDW in the third quarter valued at approximately $90,000. Institutional investors own 93.15% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on CDW shares. Morgan Stanley upped their price objective on shares of CDW from $190.00 to $193.00 and gave the stock an “equal weight” rating in a report on Monday, December 16th. JPMorgan Chase & Co. cut shares of CDW from an “overweight” rating to a “neutral” rating and decreased their price target for the company from $260.00 to $235.00 in a report on Monday, October 28th. Redburn Atlantic initiated coverage on CDW in a research note on Friday, November 15th. They issued a “buy” rating and a $230.00 price objective on the stock. Barclays decreased their target price on CDW from $229.00 to $201.00 and set an “equal weight” rating for the company in a research note on Thursday, October 31st. Finally, UBS Group dropped their price target on CDW from $233.00 to $220.00 and set a “buy” rating on the stock in a research report on Tuesday, January 7th. Four equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, CDW presently has an average rating of “Moderate Buy” and an average target price of $239.33.

CDW Stock Up 3.4 %

Shares of CDW stock opened at $206.13 on Thursday. CDW Co. has a one year low of $168.43 and a one year high of $263.37. The company has a debt-to-equity ratio of 2.39, a current ratio of 1.40 and a quick ratio of 1.28. The stock has a fifty day moving average price of $183.08 and a 200 day moving average price of $202.65. The stock has a market cap of $27.47 billion, a P/E ratio of 25.20, a price-to-earnings-growth ratio of 5.39 and a beta of 1.01.

CDW (NASDAQ:CDW) last released 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 net margin of 5.33% and a return on equity of 58.31%. Analysts predict that CDW Co. will post 8.99 earnings per share for the current year.

CDW Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 11th. Shareholders of record on Tuesday, February 25th will be issued a dividend of $0.625 per share. This represents a $2.50 dividend on an annualized basis and a yield of 1.21%. CDW’s payout ratio is 30.56%.

CDW declared that its board has initiated a share repurchase plan on Wednesday, February 5th that permits the company to repurchase $750.00 million in shares. This repurchase authorization permits the information technology services provider to reacquire up to 2.7% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s management believes its stock is undervalued.

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.