Retirement Systems of Alabama Sells 240 Shares of CDW Co. (NASDAQ:CDW)

Retirement Systems of Alabama reduced its position in shares of CDW Co. (NASDAQ:CDW) by 0.8% in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 28,853 shares of the information technology services provider’s stock after selling 240 shares during the quarter. Retirement Systems of Alabama’s holdings in CDW were worth $5,022,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. Oddo BHF Asset Management Sas bought a new stake in shares of CDW in the third quarter worth approximately $1,629,000. Assenagon Asset Management S.A. grew its stake in shares of CDW by 7,549.9% in the fourth quarter. Assenagon Asset Management S.A. now owns 256,271 shares of the information technology services provider’s stock worth $44,601,000 after acquiring an additional 252,921 shares during the period. Franklin Resources Inc. grew its stake in shares of CDW by 3.4% in the third quarter. Franklin Resources Inc. now owns 108,009 shares of the information technology services provider’s stock worth $24,138,000 after acquiring an additional 3,567 shares during the period. Czech National Bank grew its stake in shares of CDW by 6.2% in the fourth quarter. Czech National Bank now owns 28,895 shares of the information technology services provider’s stock worth $5,029,000 after acquiring 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 stake in shares of CDW in the third quarter worth approximately $12,761,000. 93.15% of the stock is currently owned by institutional investors.

CDW Price Performance

Shares of NASDAQ:CDW opened at $191.57 on Tuesday. The company has a debt-to-equity ratio of 2.38, a current ratio of 1.35 and a quick ratio of 1.28. CDW Co. has a 1-year low of $168.43 and a 1-year high of $263.37. The company has a market capitalization of $25.53 billion, a P/E ratio of 24.04, a P/E/G ratio of 5.40 and a beta of 1.01. The firm’s 50 day simple moving average is $184.08 and its two-hundred day simple moving average is $201.70.

CDW (NASDAQ:CDW) last issued its quarterly earnings results on Wednesday, February 5th. The information technology services provider reported $2.40 earnings per share for the quarter, beating the consensus estimate of $2.33 by $0.07. CDW had a net margin of 5.13% and a return on equity of 55.42%. Research analysts expect that CDW Co. will post 9.35 EPS for the current fiscal year.

CDW declared that its board has approved a stock repurchase program 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 buy up to 2.7% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s board believes its shares are undervalued.

CDW Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, March 11th. Stockholders of record on Tuesday, February 25th will be issued a $0.625 dividend. This represents a $2.50 annualized dividend and a dividend yield of 1.31%. The ex-dividend date is Tuesday, February 25th. CDW’s dividend payout ratio (DPR) is presently 31.37%.

Analyst Ratings Changes

A number of brokerages have recently commented on CDW. JPMorgan Chase & Co. lowered shares of CDW from an “overweight” rating to a “neutral” rating and reduced their price target for the stock from $260.00 to $235.00 in a research note on Monday, October 28th. Barclays boosted their target price on shares of CDW from $201.00 to $223.00 and gave the company an “equal weight” rating in a research report on Thursday, February 6th. Morgan Stanley boosted their target price on shares of CDW from $193.00 to $201.00 and gave the company an “equal weight” rating in a research report on Thursday, February 6th. UBS Group cut their target price on shares of CDW from $233.00 to $220.00 and set a “buy” rating for the company in a research report on Tuesday, January 7th. Finally, Redburn Atlantic started coverage on shares of 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. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $242.67.

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.