Connecticut Wealth Management LLC Buys New Shares in CDW Co. (NASDAQ:CDW)

Connecticut Wealth Management LLC purchased a new position in shares of CDW Co. (NASDAQ:CDW) in the fourth quarter, according to its most recent filing with the SEC. The firm purchased 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 made changes to their positions in the business. OFI Invest Asset Management acquired a new position in CDW during the 3rd quarter worth approximately $25,000. Larson Financial Group LLC bought a new position in shares of CDW in the fourth quarter valued at $30,000. VisionPoint Advisory Group LLC acquired a new position in shares of CDW during the third quarter valued at about $28,000. ORG Partners LLC purchased a new position in shares of CDW during the fourth quarter valued at approximately $36,000. Finally, Oakworth Capital Inc. purchased a new stake in CDW in the 4th quarter valued at $36,000. 93.15% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

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

CDW Stock Performance

Shares of CDW stock traded up $1.15 during trading on Friday, reaching $219.56. 805,670 shares of the company’s stock traded hands, compared to its average volume of 768,724. The firm’s 50-day moving average is $245.67 and its 200 day moving average 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. CDW Co. has a 1 year low of $162.59 and a 1 year high of $263.37. The company has a market capitalization of $29.51 billion, a P/E ratio of 27.41, a PEG ratio of 2.49 and a beta of 1.09.

CDW (NASDAQ:CDW) last released its quarterly earnings data on Wednesday, February 7th. The information technology services provider reported $2.57 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.56 by $0.01. The company had revenue of $5.02 billion for the quarter, compared to analyst estimates of $5.32 billion. CDW had a return on equity of 67.56% and a net margin of 5.16%. The firm’s revenue for the quarter was down 7.7% compared to the same quarter last year. During the same period in the previous year, the company posted $2.40 EPS. Equities research analysts expect that CDW Co. will post 9.89 EPS for the current year.

CDW Announces Dividend

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

CDW announced that its Board of Directors has initiated a share buyback program on Wednesday, February 7th that allows the company to repurchase $750.00 million in outstanding shares. This repurchase authorization allows the information technology services provider to buy up to 2.4% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board 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.