DAVENPORT & Co LLC Takes $211,000 Position in CDW Co. (NASDAQ:CDW)

DAVENPORT & Co LLC bought a new stake in shares of CDW Co. (NASDAQ:CDW) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm bought 930 shares of the information technology services provider’s stock, valued at approximately $211,000.

Other large investors have also recently made changes to their positions in the company. OFI Invest Asset Management purchased a new stake in CDW in the 3rd quarter worth about $25,000. VisionPoint Advisory Group LLC purchased a new stake in CDW in the 3rd quarter worth about $28,000. TFC Financial Management Inc. increased its holdings in CDW by 61.1% in the 3rd quarter. TFC Financial Management Inc. now owns 145 shares of the information technology services provider’s stock worth $29,000 after acquiring an additional 55 shares during the last quarter. Orion Capital Management LLC purchased a new stake in CDW in the 3rd quarter worth about $35,000. Finally, Altshuler Shaham Ltd bought a new position in CDW in the 4th quarter worth about $33,000. 93.15% of the stock is owned by hedge funds and other institutional investors.

CDW Stock Performance

NASDAQ:CDW opened at $248.00 on Friday. The business has a 50 day moving average of $246.98 and a 200 day moving average of $225.74. The company has a market capitalization of $33.28 billion, a price-to-earnings ratio of 30.62, a PEG ratio of 2.88 and a beta of 1.09. CDW Co. has a 1-year low of $160.66 and a 1-year high of $263.37. The company has a debt-to-equity ratio of 2.46, a current ratio of 1.23 and a quick ratio of 1.11.

CDW (NASDAQ:CDW) last released its earnings results on Wednesday, February 7th. The information technology services provider reported $2.57 earnings per share for the quarter, topping analysts’ consensus estimates of $2.56 by $0.01. The company had revenue of $5.02 billion during the quarter, compared to the consensus estimate of $5.32 billion. CDW had a return on equity of 73.93% and a net margin of 5.17%. CDW’s quarterly revenue was down 7.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.40 EPS. On average, sell-side analysts predict that CDW Co. will post 9.88 earnings per share for the current fiscal year.

CDW Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, March 12th. Shareholders of record on Monday, February 26th were paid a $0.62 dividend. The ex-dividend date was Friday, February 23rd. This represents a $2.48 dividend on an annualized basis and a yield of 1.00%. CDW’s dividend payout ratio (DPR) is currently 30.62%.

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

Analyst Ratings Changes

Several research analysts have commented on the company. Barclays raised their target price on CDW from $219.00 to $261.00 and gave the stock an “equal weight” rating in a research note on Thursday, February 8th. JPMorgan Chase & Co. raised their target price on CDW from $267.00 to $280.00 and gave the stock an “overweight” rating in a research note on Thursday. Evercore ISI raised 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. Finally, Citigroup lifted their price target on CDW from $255.00 to $295.00 and gave the company a “buy” rating in a research report on Thursday, April 4th. Four investment analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat, CDW currently has a consensus rating of “Moderate Buy” and a consensus price target of $238.90.

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.