Connecticut Wealth Management LLC Takes $1.30 Million Position in CDW Co. (NASDAQ:CDW)

Connecticut Wealth Management LLC bought a new position in CDW Co. (NASDAQ:CDW) during the fourth quarter, Holdings Channel reports. The firm bought 5,717 shares of the information technology services provider’s stock, valued at approximately $1,300,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Raymond James Financial Services Advisors Inc. raised its position in shares of CDW by 16.1% during the 4th quarter. Raymond James Financial Services Advisors Inc. now owns 49,011 shares of the information technology services provider’s stock valued at $11,141,000 after buying an additional 6,799 shares in the last quarter. Cerity Partners LLC lifted its stake in shares of CDW by 44.9% in the 4th quarter. Cerity Partners LLC now owns 14,553 shares of the information technology services provider’s stock valued at $3,308,000 after purchasing an additional 4,511 shares during the last quarter. Pacer Advisors Inc. boosted its holdings in shares of CDW by 84.9% in the 4th quarter. Pacer Advisors Inc. now owns 15,924 shares of the information technology services provider’s stock worth $3,620,000 after purchasing an additional 7,310 shares during the period. JGP Wealth Management LLC bought a new position in shares of CDW during the 4th quarter valued at approximately $1,559,000. Finally, California Public Employees Retirement System raised its holdings in CDW by 1.0% during the 3rd quarter. California Public Employees Retirement System now owns 819,011 shares of the information technology services provider’s stock valued at $165,244,000 after buying an additional 7,854 shares during the period. 93.15% of the stock is owned by institutional investors.

CDW Trading Up 0.5 %

Shares of NASDAQ CDW traded up $1.15 during trading hours on Friday, reaching $219.56. The stock had a trading volume of 805,670 shares, compared to its average volume of 768,724. CDW Co. has a 52-week low of $162.59 and a 52-week high of $263.37. The business’s fifty day moving average price is $245.67 and its two-hundred day moving average price is $229.30. The company has a current ratio of 1.26, a quick ratio of 1.11 and a debt-to-equity ratio of 2.35. The firm has a market cap of $29.51 billion, a price-to-earnings ratio of 27.41, a P/E/G ratio of 2.49 and a beta of 1.09.

CDW (NASDAQ:CDW) last issued its quarterly earnings results on Wednesday, February 7th. The information technology services provider reported $2.57 EPS for the quarter, topping the consensus estimate of $2.56 by $0.01. The company had revenue of $5.02 billion during the quarter, compared to analyst estimates of $5.32 billion. CDW had a net margin of 5.16% and a return on equity of 67.56%. The firm’s revenue was down 7.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.40 EPS. Analysts expect that CDW Co. will post 9.89 EPS for the current fiscal year.

CDW Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 11th. Stockholders of record on Friday, May 24th will be paid a $0.62 dividend. This represents a $2.48 dividend on an annualized basis and a dividend yield of 1.13%. The ex-dividend date is Thursday, May 23rd. CDW’s dividend payout ratio is presently 30.96%.

CDW declared that its Board of Directors has approved a share repurchase program on Wednesday, February 7th that permits the company to buyback $750.00 million in outstanding shares. This buyback authorization permits the information technology services provider to purchase up to 2.4% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board of directors believes its shares are undervalued.

Analysts Set New Price Targets

Several research firms have commented on CDW. JPMorgan Chase & Co. dropped their price objective on shares of CDW from $280.00 to $265.00 and set an “overweight” rating for the company in a research note on Thursday. Citigroup cut their price target on shares of CDW from $295.00 to $260.00 and set a “buy” rating on the stock in a report on Thursday. Barclays reduced their price objective on shares of CDW from $261.00 to $232.00 and set an “equal weight” rating on the stock in a research report on Thursday. Evercore ISI upped their target price on CDW from $250.00 to $300.00 and gave the company an “outperform” rating in a research note on Friday, March 22nd. Finally, Stifel Nicolaus decreased their price target on CDW from $265.00 to $250.00 and set a “buy” rating for the company in a research note on Thursday. Three equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $247.50.

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.