DAVENPORT & Co LLC Acquires 10,633 Shares of CDW Co. (NASDAQ:CDW)

DAVENPORT & Co LLC lifted its holdings in CDW Co. (NASDAQ:CDW) by 838.6% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 11,901 shares of the information technology services provider’s stock after purchasing an additional 10,633 shares during the quarter. DAVENPORT & Co LLC’s holdings in CDW were worth $2,064,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also added to or reduced their stakes in CDW. Oddo BHF Asset Management Sas bought a new stake in shares of CDW during the third quarter worth $1,629,000. Assenagon Asset Management S.A. raised its holdings in CDW by 7,549.9% during the 4th quarter. Assenagon Asset Management S.A. now owns 256,271 shares of the information technology services provider’s stock worth $44,601,000 after purchasing an additional 252,921 shares during the last quarter. Franklin Resources Inc. raised its holdings in CDW by 3.4% during the 3rd quarter. Franklin Resources Inc. now owns 108,009 shares of the information technology services provider’s stock worth $24,138,000 after purchasing an additional 3,567 shares during the last quarter. Czech National Bank lifted its position in CDW by 6.2% during the 4th quarter. Czech National Bank now owns 28,895 shares of the information technology services provider’s stock valued at $5,029,000 after purchasing an additional 1,685 shares during the period. Finally, United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund bought a new position in shares of CDW in the 3rd quarter valued at about $12,761,000. Institutional investors and hedge funds own 93.15% of the company’s stock.

CDW Price Performance

NASDAQ:CDW opened at $206.13 on Thursday. The company has a quick ratio of 1.28, a current ratio of 1.40 and a debt-to-equity ratio of 2.39. CDW Co. has a 12-month low of $168.43 and a 12-month high of $263.37. The stock’s 50 day moving average price is $183.08 and its two-hundred day moving average price is $202.65. The firm has a market capitalization of $27.47 billion, a price-to-earnings ratio of 25.20, a P/E/G ratio of 5.39 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, beating the consensus estimate of $2.33 by $0.07. CDW had a return on equity of 58.31% and a net margin of 5.33%. On average, analysts anticipate that CDW Co. will post 8.99 earnings per share for the current year.

CDW Announces Dividend

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

CDW declared that its board has authorized a stock buyback plan on Wednesday, February 5th that authorizes the company to repurchase $750.00 million in outstanding shares. This repurchase authorization authorizes the information technology services provider to repurchase up to 2.7% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s leadership believes its shares are undervalued.

Analyst Upgrades and Downgrades

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

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.