Legal & General Group Plc Reduces Holdings in CDW Co. (NASDAQ:CDW)

Legal & General Group Plc decreased its position in shares of CDW Co. (NASDAQ:CDW) by 20.1% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 965,431 shares of the information technology services provider’s stock after selling 242,117 shares during the period. Legal & General Group Plc’s holdings in CDW were worth $168,024,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in CDW. Vanguard Group Inc. increased its position in shares of CDW by 0.6% in the 4th quarter. Vanguard Group Inc. now owns 16,673,784 shares of the information technology services provider’s stock worth $2,901,905,000 after purchasing an additional 99,947 shares during the last quarter. Geode Capital Management LLC increased its position in shares of CDW by 1.6% in the 4th quarter. Geode Capital Management LLC now owns 3,535,405 shares of the information technology services provider’s stock worth $614,220,000 after purchasing an additional 54,341 shares during the last quarter. Wellington Management Group LLP increased its position in shares of CDW by 29.2% in the 4th quarter. Wellington Management Group LLP now owns 2,538,775 shares of the information technology services provider’s stock worth $441,848,000 after purchasing an additional 574,444 shares during the last quarter. Invesco Ltd. increased its position in shares of CDW by 27.6% in the 4th quarter. Invesco Ltd. now owns 2,426,746 shares of the information technology services provider’s stock worth $422,351,000 after purchasing an additional 524,559 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA boosted its holdings in shares of CDW by 31.3% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 2,414,093 shares of the information technology services provider’s stock valued at $420,149,000 after buying an additional 575,333 shares during the period. Hedge funds and other institutional investors own 93.15% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently commented on CDW shares. UBS Group decreased their price target on shares of CDW from $233.00 to $220.00 and set a “buy” rating for the company in a report on Tuesday, January 7th. Barclays lifted their price target on shares of CDW from $201.00 to $223.00 and gave the company an “equal weight” rating in a report on Thursday, February 6th. Finally, Morgan Stanley lifted their price target on shares of CDW from $193.00 to $201.00 and gave the company an “equal weight” rating in a report on Thursday, February 6th. Four research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $235.50.

CDW Trading Up 9.2 %

CDW stock opened at $159.48 on Thursday. The company has a quick ratio of 1.24, a current ratio of 1.35 and a debt-to-equity ratio of 2.38. The firm has a 50-day moving average price of $174.25 and a two-hundred day moving average price of $187.01. The firm has a market capitalization of $21.13 billion, a price-to-earnings ratio of 20.01, a PEG ratio of 3.21 and a beta of 0.97. CDW Co. has a 52-week low of $137.31 and a 52-week high of $250.42.

CDW (NASDAQ:CDW) last posted its earnings results on Wednesday, February 5th. The information technology services provider reported $2.40 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.33 by $0.07. CDW had a net margin of 5.13% and a return on equity of 55.42%. Sell-side analysts expect that CDW Co. will post 9.41 earnings per share for the current year.

CDW Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, March 11th. Stockholders of record on Tuesday, February 25th were paid a $0.625 dividend. This represents a $2.50 dividend on an annualized basis and a dividend yield of 1.57%. The ex-dividend date was Tuesday, February 25th. CDW’s dividend payout ratio is currently 31.37%.

CDW announced that its Board of Directors has authorized a share repurchase program on Wednesday, February 5th that authorizes the company to repurchase $750.00 million in 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 programs are generally an indication that the company’s management believes its stock is undervalued.

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.