CDW Co. (NASDAQ:CDW) Position Lifted by abrdn plc

abrdn plc grew its stake in shares of CDW Co. (NASDAQ:CDW) by 34.4% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 65,058 shares of the information technology services provider’s stock after acquiring an additional 16,648 shares during the period. abrdn plc’s holdings in CDW were worth $14,789,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Raymond James Financial Services Advisors Inc. increased its holdings in CDW by 16.1% in the fourth 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 during the last quarter. Cerity Partners LLC raised its position in shares of CDW by 44.9% during 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 acquiring an additional 4,511 shares in the last quarter. Pacer Advisors Inc. lifted its stake in CDW by 84.9% during the fourth 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 last quarter. JGP Wealth Management LLC acquired a new position in CDW in the fourth quarter worth $1,559,000. Finally, California Public Employees Retirement System boosted its holdings in CDW by 1.0% in the third quarter. California Public Employees Retirement System now owns 819,011 shares of the information technology services provider’s stock worth $165,244,000 after purchasing an additional 7,854 shares during the period. Institutional investors own 93.15% of the company’s stock.

CDW Stock Performance

CDW stock opened at $240.69 on Thursday. The company has a market capitalization of $32.34 billion, a P/E ratio of 29.71, a PEG ratio of 2.69 and a beta of 1.09. The company has a quick ratio of 1.11, a current ratio of 1.23 and a debt-to-equity ratio of 2.46. The company has a 50-day simple moving average of $247.19 and a 200 day simple moving average of $228.12. CDW Co. has a fifty-two week low of $162.59 and a fifty-two week high of $263.37.

CDW (NASDAQ:CDW) last issued its quarterly 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 analyst estimates of $5.32 billion. CDW had a net margin of 5.17% and a return on equity of 73.93%. The business’s revenue for the quarter was down 7.7% compared to the same quarter last year. During the same period in the prior year, the business posted $2.40 EPS. Sell-side analysts predict that CDW Co. will post 9.89 earnings per share for the current fiscal year.

CDW declared that its board has initiated 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 repurchase up to 2.4% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.

CDW Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, March 12th. Stockholders of record on Monday, February 26th were issued a $0.62 dividend. The ex-dividend date was Friday, February 23rd. This represents a $2.48 annualized dividend and a dividend yield of 1.03%. CDW’s dividend payout ratio (DPR) is 30.62%.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the stock. Evercore ISI raised their price target on shares of CDW from $250.00 to $300.00 and gave the stock an “outperform” rating in a research report on Friday, March 22nd. JPMorgan Chase & Co. lifted their target price on CDW from $267.00 to $280.00 and gave the company an “overweight” rating in a research note on Thursday, April 11th. Citigroup upped their target price on CDW from $255.00 to $295.00 and gave the company a “buy” rating in a report on Thursday, April 4th. Finally, Barclays raised their price target on CDW from $219.00 to $261.00 and gave the stock an “equal weight” rating in a report on Thursday, February 8th. Three analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average 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.