New York State Common Retirement Fund Sells 6,300 Shares of CDW Co. (NASDAQ:CDW)

New York State Common Retirement Fund lessened its holdings in CDW Co. (NASDAQ:CDW) by 6.9% in the 4th quarter, HoldingsChannel.com reports. The firm owned 85,599 shares of the information technology services provider’s stock after selling 6,300 shares during the quarter. New York State Common Retirement Fund’s holdings in CDW were worth $14,898,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. PDS Planning Inc increased its holdings in CDW by 4.3% during the 3rd quarter. PDS Planning Inc now owns 1,186 shares of the information technology services provider’s stock valued at $268,000 after purchasing an additional 49 shares in the last quarter. Allworth Financial LP increased its stake in shares of CDW by 39.7% in the fourth quarter. Allworth Financial LP now owns 183 shares of the information technology services provider’s stock valued at $32,000 after buying an additional 52 shares in the last quarter. Summit Trail Advisors LLC raised its holdings in shares of CDW by 1.4% in the fourth quarter. Summit Trail Advisors LLC now owns 4,040 shares of the information technology services provider’s stock valued at $703,000 after buying an additional 56 shares during the last quarter. OneAscent Wealth Management LLC lifted its position in CDW by 2.5% during the 3rd quarter. OneAscent Wealth Management LLC now owns 2,387 shares of the information technology services provider’s stock worth $540,000 after buying an additional 58 shares in the last quarter. Finally, Fulcrum Equity Management grew its holdings in CDW by 4.3% during the 3rd quarter. Fulcrum Equity Management now owns 1,442 shares of the information technology services provider’s stock worth $326,000 after acquiring an additional 60 shares during the last quarter. Institutional investors own 93.15% of the company’s stock.

CDW Stock Performance

Shares of NASDAQ:CDW opened at $186.50 on Monday. The company has a market capitalization of $24.85 billion, a price-to-earnings ratio of 23.40, a P/E/G ratio of 3.21 and a beta of 1.01. The firm’s 50 day simple moving average is $186.14 and its 200 day simple moving average is $199.97. 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 $168.43 and a fifty-two week high of $263.37.

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

CDW announced that its board has initiated a stock repurchase plan on Wednesday, February 5th that allows the company to repurchase $750.00 million in outstanding shares. This repurchase authorization allows the information technology services provider to reacquire up to 2.7% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s leadership believes its shares are undervalued.

CDW Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, March 11th. Investors of record on Tuesday, February 25th will be given a $0.625 dividend. This represents a $2.50 dividend on an annualized basis and a dividend yield of 1.34%. The ex-dividend date is Tuesday, February 25th. CDW’s dividend payout ratio is currently 31.37%.

Analysts Set New Price Targets

A number of brokerages recently weighed in on CDW. Redburn Atlantic initiated coverage on shares of CDW in a report on Friday, November 15th. They issued a “buy” rating and a $230.00 price target for the company. Morgan Stanley lifted their target price on CDW from $193.00 to $201.00 and gave the company an “equal weight” rating in a research note on Thursday, February 6th. JPMorgan Chase & Co. lowered CDW from an “overweight” rating to a “neutral” rating and cut their price target for the company from $260.00 to $235.00 in a research note on Monday, October 28th. Barclays lifted their price objective on CDW from $201.00 to $223.00 and gave the stock an “equal weight” rating in a research report on Thursday, February 6th. Finally, UBS Group reduced their target price on shares of CDW from $233.00 to $220.00 and set a “buy” rating on the stock in a research note on Tuesday, January 7th. Four research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat.com, CDW has a consensus 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.