Harvest Fund Management Co. Ltd Boosts Stock Position in CDW Co. (NASDAQ:CDW)

Harvest Fund Management Co. Ltd grew its holdings in shares of CDW Co. (NASDAQ:CDW) by 27.5% in the 4th quarter, HoldingsChannel reports. The firm owned 7,843 shares of the information technology services provider’s stock after acquiring an additional 1,690 shares during the quarter. Harvest Fund Management Co. Ltd’s holdings in CDW were worth $1,365,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently made changes to their positions in the company. LMR Partners LLP purchased a new stake in CDW during the third quarter worth about $381,000. PNC Financial Services Group Inc. increased its stake in shares of CDW by 2.3% during the 3rd quarter. PNC Financial Services Group Inc. now owns 696,733 shares of the information technology services provider’s stock worth $157,671,000 after purchasing an additional 15,527 shares during the last quarter. Thompson Siegel & Walmsley LLC raised its holdings in shares of CDW by 8.8% in the 3rd quarter. Thompson Siegel & Walmsley LLC now owns 24,712 shares of the information technology services provider’s stock worth $5,592,000 after purchasing an additional 2,000 shares during the period. Massachusetts Financial Services Co. MA bought a new stake in shares of CDW in the 3rd quarter worth approximately $416,111,000. Finally, Charles Schwab Investment Management Inc. lifted its stake in CDW by 1.0% in the third quarter. Charles Schwab Investment Management Inc. now owns 775,240 shares of the information technology services provider’s stock valued at $175,437,000 after purchasing an additional 7,764 shares during the last quarter. 93.15% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the company. UBS Group decreased their target price on CDW from $233.00 to $220.00 and set a “buy” rating for the company in a research report on Tuesday, January 7th. Morgan Stanley lifted their price objective on CDW from $193.00 to $201.00 and gave the stock an “equal weight” rating in a report on Thursday, February 6th. Finally, Barclays upped their price objective on shares of CDW from $201.00 to $223.00 and gave the company an “equal weight” rating in a 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 an average rating of “Moderate Buy” and an average target price of $242.67.

CDW Stock Performance

NASDAQ:CDW opened at $172.84 on Thursday. CDW Co. has a 52-week low of $162.84 and a 52-week high of $263.37. The business’s fifty day moving average is $185.01 and its 200 day moving average is $193.96. 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 firm has a market cap of $22.90 billion, a price-to-earnings ratio of 21.69, a PEG ratio of 3.21 and a beta of 1.01.

CDW (NASDAQ:CDW) last announced its quarterly earnings results on Wednesday, February 5th. The information technology services provider reported $2.40 earnings per share (EPS) for the quarter, topping 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%. Research analysts predict that CDW Co. will post 9.41 EPS for the current year.

CDW Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, March 11th. Shareholders of record on Tuesday, February 25th were issued a $0.625 dividend. This represents a $2.50 annualized dividend and a yield of 1.45%. The ex-dividend date of this dividend was Tuesday, February 25th. CDW’s payout ratio is 31.37%.

CDW announced that its board has initiated a stock buyback 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 buy up to 2.7% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board believes its shares are undervalued.

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.