DnB Asset Management AS Cuts Stake in CDW Co. (NASDAQ:CDW)

DnB Asset Management AS cut its holdings in shares of CDW Co. (NASDAQ:CDW) by 56.3% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 24,887 shares of the information technology services provider’s stock after selling 32,037 shares during the quarter. DnB Asset Management AS’s holdings in CDW were worth $4,331,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in CDW. Orion Portfolio Solutions LLC lifted its stake in shares of CDW by 12.0% in the 4th quarter. Orion Portfolio Solutions LLC now owns 8,674 shares of the information technology services provider’s stock valued at $1,510,000 after acquiring an additional 927 shares during the last quarter. Pictet Asset Management Holding SA lifted its position in CDW by 8.5% in the fourth quarter. Pictet Asset Management Holding SA now owns 64,473 shares of the information technology services provider’s stock valued at $11,221,000 after purchasing an additional 5,067 shares during the last quarter. Nomura Asset Management Co. Ltd. boosted its stake in shares of CDW by 64.5% during the fourth quarter. Nomura Asset Management Co. Ltd. now owns 412,071 shares of the information technology services provider’s stock valued at $71,717,000 after purchasing an additional 161,568 shares during the period. Norges Bank purchased a new position in shares of CDW in the fourth quarter worth $144,826,000. Finally, Pragma Gestao DE Patrimonio Ltd. raised its holdings in CDW by 13.4% during the 4th quarter. Pragma Gestao DE Patrimonio Ltd. now owns 76,000 shares of the information technology services provider’s stock valued at $13,227,000 after buying an additional 9,000 shares during the last quarter. 93.15% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the stock. UBS Group decreased their price objective on shares of CDW from $233.00 to $220.00 and set a “buy” rating on the stock in a research report on Tuesday, January 7th. Morgan Stanley upped their price target on CDW from $193.00 to $201.00 and gave the company an “equal weight” rating in a research report on Thursday, February 6th. Finally, 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. Four equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $235.50.

CDW Stock Performance

CDW stock opened at $161.51 on Monday. CDW Co. has a fifty-two week low of $160.96 and a fifty-two week high of $263.37. The stock has a market cap of $21.40 billion, a price-to-earnings ratio of 20.26, a PEG ratio of 3.21 and a beta of 1.01. The stock’s 50 day simple moving average is $182.40 and its two-hundred day simple moving average is $191.34. The company has a debt-to-equity ratio of 2.38, a quick ratio of 1.24 and a current ratio of 1.35.

CDW (NASDAQ:CDW) last released its quarterly earnings results on Wednesday, February 5th. The information technology services provider reported $2.40 earnings per share for the quarter, beating the consensus estimate 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, analysts expect that CDW Co. will post 9.41 earnings per share for the current fiscal year.

CDW Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, March 11th. Shareholders of record on Tuesday, February 25th were issued a $0.625 dividend. This represents a $2.50 dividend on an annualized basis and a yield of 1.55%. The ex-dividend date was Tuesday, February 25th. CDW’s dividend payout ratio (DPR) is presently 31.37%.

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

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.