CDW Co. (NASDAQ:CDW) Holdings Lowered by Connecticut Wealth Management LLC

Connecticut Wealth Management LLC trimmed its stake in shares of CDW Co. (NASDAQ:CDW) by 73.3% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,529 shares of the information technology services provider’s stock after selling 4,203 shares during the period. Connecticut Wealth Management LLC’s holdings in CDW were worth $266,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of CDW. D. E. Shaw & Co. Inc. lifted its holdings in shares of CDW by 906.9% during the fourth quarter. D. E. Shaw & Co. Inc. now owns 2,024,887 shares of the information technology services provider’s stock valued at $352,411,000 after purchasing an additional 1,823,788 shares during the last quarter. Alyeska Investment Group L.P. lifted its stake in CDW by 17,349.6% in the 4th quarter. Alyeska Investment Group L.P. now owns 1,380,787 shares of the information technology services provider’s stock worth $240,312,000 after acquiring an additional 1,372,874 shares in the last quarter. Norges Bank purchased a new stake in CDW in the 4th quarter worth about $144,826,000. Madison Investment Advisors LLC purchased a new stake in CDW in the 4th quarter worth about $130,996,000. Finally, Proficio Capital Partners LLC lifted its stake in CDW by 18,259.3% in the 4th quarter. Proficio Capital Partners LLC now owns 687,189 shares of the information technology services provider’s stock worth $119,598,000 after acquiring an additional 683,446 shares in the last quarter. 93.15% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, insider Frederick J. Kulevich sold 28,159 shares of the stock in a transaction dated Tuesday, May 13th. The stock was sold at an average price of $190.90, for a total transaction of $5,375,553.10. Following the transaction, the insider now owns 36,077 shares of the company’s stock, valued at approximately $6,887,099.30. This represents a 43.84% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Christine A. Leahy sold 40,917 shares of the stock in a transaction dated Thursday, May 8th. The shares were sold at an average price of $181.42, for a total value of $7,423,162.14. Following the transaction, the insider now directly owns 144,931 shares in the company, valued at approximately $26,293,382.02. This represents a 22.02% decrease in their position. The disclosure for this sale can be found here. 0.84% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the company. Citigroup increased their price objective on CDW from $160.00 to $180.00 and gave the stock a “neutral” rating in a research note on Thursday, May 8th. UBS Group reduced their price objective on CDW from $236.00 to $210.00 and set a “buy” rating for the company in a research note on Thursday, May 8th. Morgan Stanley increased their price objective on CDW from $193.00 to $201.00 and gave the stock an “equal weight” rating in a research note on Thursday, February 6th. JPMorgan Chase & Co. reduced their price objective on CDW from $222.00 to $175.00 and set a “neutral” rating for the company in a research note on Thursday, April 17th. Finally, Barclays reduced their price objective on CDW from $223.00 to $205.00 and set an “equal weight” rating for the company in a research note on Thursday, May 8th. Four equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, CDW has an average rating of “Moderate Buy” and a consensus price target of $216.38.

CDW Stock Performance

Shares of CDW stock opened at $183.38 on Friday. The company has a debt-to-equity ratio of 2.38, a current ratio of 1.35 and a quick ratio of 1.24. CDW Co. has a fifty-two week low of $137.31 and a fifty-two week high of $241.26. The stock’s 50-day moving average is $164.65 and its two-hundred day moving average is $176.54. The firm has a market cap of $24.15 billion, a P/E ratio of 23.01, a PEG ratio of 3.21 and a beta of 0.91.

CDW (NASDAQ:CDW) last issued its earnings results on Wednesday, May 7th. The information technology services provider reported $2.15 earnings per share for the quarter, topping the consensus estimate of $1.96 by $0.19. CDW had a return on equity of 55.42% and a net margin of 5.13%. The company had revenue of $5.20 billion for the quarter, compared to analyst estimates of $4.93 billion. During the same period in the prior year, the firm posted $1.92 EPS. The business’s revenue was up 6.7% compared to the same quarter last year. Analysts predict that CDW Co. will post 9.41 earnings per share for the current fiscal year.

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

CDW Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, June 10th. Shareholders of record on Monday, May 26th will be given a $0.625 dividend. This represents a $2.50 annualized dividend and a yield of 1.36%. The ex-dividend date is Friday, May 23rd. CDW’s payout ratio is currently 30.98%.

CDW Company 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.