NewEdge Wealth LLC Boosts Stock Position in CDW Co. (NASDAQ:CDW)

NewEdge Wealth LLC grew its holdings in CDW Co. (NASDAQ:CDW) by 101.0% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 4,283 shares of the information technology services provider’s stock after buying an additional 2,152 shares during the quarter. NewEdge Wealth LLC’s holdings in CDW were worth $974,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in CDW. OFI Invest Asset Management purchased a new stake in shares of CDW in the third quarter valued at approximately $25,000. VisionPoint Advisory Group LLC purchased a new stake in shares of CDW in the third quarter valued at approximately $28,000. TFC Financial Management Inc. increased its position in shares of CDW by 61.1% in the third quarter. TFC Financial Management Inc. now owns 145 shares of the information technology services provider’s stock valued at $29,000 after buying an additional 55 shares in the last quarter. Altshuler Shaham Ltd purchased a new stake in shares of CDW in the fourth quarter valued at approximately $33,000. Finally, Orion Capital Management LLC purchased a new stake in shares of CDW in the third quarter valued at approximately $35,000. 93.15% of the stock is currently owned by hedge funds and other institutional investors.

CDW Stock Performance

Shares of CDW stock opened at $241.38 on Tuesday. CDW Co. has a 52 week low of $160.66 and a 52 week high of $263.37. The business’s fifty day simple moving average is $247.40 and its 200-day simple moving average is $226.65. The firm has a market cap of $32.43 billion, a PE ratio of 29.80, a price-to-earnings-growth ratio of 2.75 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.

CDW (NASDAQ:CDW) last announced its quarterly earnings results on Wednesday, February 7th. The information technology services provider reported $2.57 EPS for the quarter, beating the consensus estimate of $2.56 by $0.01. CDW had a return on equity of 73.93% and a net margin of 5.17%. The business had revenue of $5.02 billion for the quarter, compared to analyst estimates of $5.32 billion. During the same quarter in the prior year, the company posted $2.40 EPS. The company’s quarterly revenue was down 7.7% on a year-over-year basis. Equities analysts forecast that CDW Co. will post 9.88 earnings per share for the current year.

CDW Dividend Announcement

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

CDW announced that its board has initiated a stock buyback plan on Wednesday, February 7th that permits the company to repurchase $750.00 million in outstanding shares. This repurchase authorization permits the information technology services provider to reacquire up to 2.4% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s management believes its shares are undervalued.

Wall Street Analysts Forecast Growth

CDW has been the subject of several research reports. Citigroup boosted their price target on CDW from $255.00 to $295.00 and gave the stock a “buy” rating in a research report on Thursday, April 4th. Barclays boosted their price target on CDW from $219.00 to $261.00 and gave the stock an “equal weight” rating in a research report on Thursday, February 8th. JPMorgan Chase & Co. boosted their price target on CDW from $267.00 to $280.00 and gave the stock an “overweight” rating in a research report on Thursday, April 11th. Finally, Evercore ISI boosted their price target on CDW from $250.00 to $300.00 and gave the stock an “outperform” rating in a research report on Friday, March 22nd. Four analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $238.90.

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.