Renaissance Technologies LLC Invests $26.07 Million in CDW Co. (NASDAQ:CDW)

Renaissance Technologies LLC acquired a new stake in CDW Co. (NASDAQ:CDW) during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 149,798 shares of the information technology services provider’s stock, valued at approximately $26,071,000.

Several other institutional investors and hedge funds have also bought and sold shares of CDW. Norges Bank purchased a new position in shares of CDW in the fourth quarter worth about $144,826,000. Madison Investment Advisors LLC purchased a new position in CDW in the 4th quarter valued at approximately $130,996,000. Proficio Capital Partners LLC lifted its position in shares of CDW by 18,259.3% during the fourth quarter. Proficio Capital Partners LLC now owns 687,189 shares of the information technology services provider’s stock worth $119,598,000 after acquiring an additional 683,446 shares in the last quarter. Massachusetts Financial Services Co. MA lifted its position in shares of CDW by 31.3% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 2,414,093 shares of the information technology services provider’s stock worth $420,149,000 after acquiring an additional 575,333 shares in the last quarter. Finally, Wellington Management Group LLP grew its position in shares of CDW by 29.2% in the fourth quarter. Wellington Management Group LLP now owns 2,538,775 shares of the information technology services provider’s stock valued at $441,848,000 after purchasing an additional 574,444 shares in the last quarter. 93.15% of the stock is owned by institutional investors.

CDW Price Performance

Shares of NASDAQ:CDW opened at $148.80 on Friday. 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’s fifty day moving average price is $172.21 and its 200-day moving average price is $185.97. CDW Co. has a one year low of $137.31 and a one year high of $248.12. The firm has a market capitalization of $19.71 billion, a price-to-earnings ratio of 18.67, a PEG ratio of 3.21 and a beta of 0.97.

CDW (NASDAQ:CDW) last announced its quarterly earnings data on Wednesday, February 5th. The information technology services provider reported $2.40 earnings per share 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%. On average, equities research analysts anticipate that CDW Co. will post 9.41 earnings per share for the current fiscal year.

CDW Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, March 11th. Investors of record on Tuesday, February 25th were paid a $0.625 dividend. This represents a $2.50 annualized dividend and a dividend yield of 1.68%. The ex-dividend date of this dividend was Tuesday, February 25th. CDW’s payout ratio is 31.37%.

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

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on CDW. Barclays increased their price objective on CDW from $201.00 to $223.00 and gave the stock an “equal weight” rating in a report on Thursday, February 6th. UBS Group cut their price objective on shares of CDW from $233.00 to $220.00 and set a “buy” rating for the company in a research report on Tuesday, January 7th. Finally, Morgan Stanley upped their target price on shares of CDW from $193.00 to $201.00 and gave the stock an “equal weight” rating in a report on Thursday, February 6th. Four investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $235.50.

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.