Kentucky Retirement Systems Reduces Position in CDW Co. (NASDAQ:CDW)

Kentucky Retirement Systems lowered its position in CDW Co. (NASDAQ:CDW) by 1.4% in the fourth quarter, HoldingsChannel reports. The firm owned 9,179 shares of the information technology services provider’s stock after selling 127 shares during the period. Kentucky Retirement Systems’ holdings in CDW were worth $1,598,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of the company. Oddo BHF Asset Management Sas acquired a new stake in shares of CDW during the third quarter worth about $1,629,000. Assenagon Asset Management S.A. raised its holdings in CDW by 7,549.9% in the fourth quarter. Assenagon Asset Management S.A. now owns 256,271 shares of the information technology services provider’s stock valued at $44,601,000 after acquiring an additional 252,921 shares in the last quarter. Franklin Resources Inc. raised its holdings in CDW by 3.4% during the third quarter. Franklin Resources Inc. now owns 108,009 shares of the information technology services provider’s stock worth $24,138,000 after purchasing an additional 3,567 shares in the last quarter. Graphene Investments SAS raised its holdings in CDW by 17.6% during the fourth quarter. Graphene Investments SAS now owns 17,400 shares of the information technology services provider’s stock worth $3,028,000 after purchasing an additional 2,600 shares in the last quarter. Finally, Czech National Bank raised its holdings in CDW by 6.2% during the fourth quarter. Czech National Bank now owns 28,895 shares of the information technology services provider’s stock worth $5,029,000 after purchasing an additional 1,685 shares in the last quarter. Hedge funds and other institutional investors own 93.15% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have recently commented on CDW shares. Morgan Stanley lifted their target price 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. Barclays upped their price target on shares of CDW from $201.00 to $223.00 and gave the stock an “equal weight” rating in a research note on Thursday, February 6th. UBS Group lowered their price target 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. Redburn Atlantic started coverage on shares of CDW in a research report on Friday, November 15th. They issued a “buy” rating and a $230.00 price objective on the stock. Finally, JPMorgan Chase & Co. lowered shares of CDW from an “overweight” rating to a “neutral” rating and decreased their price objective for the stock from $260.00 to $235.00 in a research report on Monday, October 28th. Four equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $242.67.

CDW Trading Down 3.3 %

NASDAQ CDW opened at $186.50 on Monday. CDW Co. has a 12 month low of $168.43 and a 12 month high of $263.37. The company has a 50-day moving average of $186.14 and a 200-day moving average of $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. The company has a market cap of $24.85 billion, a P/E ratio of 23.40, a P/E/G ratio of 3.21 and a beta of 1.01.

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, topping 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%. As a group, equities analysts predict that CDW Co. will post 9.41 earnings per share for the current year.

CDW declared that its Board of Directors has initiated a stock buyback program on Wednesday, February 5th that permits the company to buyback $750.00 million in outstanding shares. This buyback authorization permits the information technology services provider to purchase up to 2.7% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board of directors believes its stock is undervalued.

CDW Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, March 11th. Stockholders of record on Tuesday, February 25th will be paid a dividend of $0.625 per share. This represents a $2.50 annualized dividend and a dividend yield of 1.34%. The ex-dividend date is Tuesday, February 25th. CDW’s dividend payout ratio (DPR) is currently 31.37%.

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.