156,531 Shares in CDW Co. (NASDAQ:CDW) Acquired by Raymond James Financial Inc.

Raymond James Financial Inc. purchased a new stake in shares of CDW Co. (NASDAQ:CDW) in the fourth quarter, Holdings Channel.com reports. The firm purchased 156,531 shares of the information technology services provider’s stock, valued at approximately $27,243,000.

Other hedge funds have also recently made changes to their positions in the company. APG Asset Management N.V. grew its position in CDW by 50.4% during the fourth quarter. APG Asset Management N.V. now owns 203,992 shares of the information technology services provider’s stock worth $34,286,000 after buying an additional 68,322 shares in the last quarter. Renaissance Technologies LLC bought a new stake in shares of CDW during the 4th quarter valued at about $26,071,000. Bank of Nova Scotia grew its holdings in shares of CDW by 1,139.0% during the fourth quarter. Bank of Nova Scotia now owns 212,296 shares of the information technology services provider’s stock worth $36,948,000 after purchasing an additional 195,162 shares in the last quarter. FIL Ltd increased its position in shares of CDW by 44.9% in the fourth quarter. FIL Ltd now owns 216,625 shares of the information technology services provider’s stock worth $37,701,000 after purchasing an additional 67,078 shares during the last quarter. Finally, Invesco Ltd. raised its stake in CDW by 27.6% in the fourth quarter. Invesco Ltd. now owns 2,426,746 shares of the information technology services provider’s stock valued at $422,351,000 after purchasing an additional 524,559 shares in the last quarter. 93.15% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on CDW. UBS Group decreased their price target on shares of CDW from $233.00 to $220.00 and set a “buy” rating on the stock in a report on Tuesday, January 7th. Citigroup reduced their target price on CDW from $220.00 to $160.00 and set a “neutral” rating on the stock in a research note on Monday. Morgan Stanley lifted their price target on CDW from $193.00 to $201.00 and gave the stock an “equal weight” rating in a research note on Thursday, February 6th. JPMorgan Chase & Co. reduced their price objective on CDW from $222.00 to $175.00 and set a “neutral” rating on the stock in a research report on Thursday. Finally, Barclays boosted their target price 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 research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, CDW presently has a consensus rating of “Moderate Buy” and an average target price of $217.38.

CDW Price Performance

Shares of CDW stock opened at $151.47 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. CDW Co. has a one year low of $137.31 and a one year high of $248.12. The business’s 50 day simple moving average is $168.47 and its two-hundred day simple moving average is $184.14. The stock has a market capitalization of $19.96 billion, a P/E ratio of 19.01, a price-to-earnings-growth ratio of 3.21 and a beta of 0.97.

CDW (NASDAQ:CDW) last issued its earnings results on Wednesday, February 5th. The information technology services provider reported $2.40 EPS for the quarter, topping the consensus estimate of $2.33 by $0.07. CDW had a net margin of 5.13% and a return on equity of 55.42%. Analysts forecast that CDW Co. will post 9.41 EPS for the current year.

CDW Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, March 11th. Stockholders of record on Tuesday, February 25th were paid a dividend of $0.625 per share. This represents a $2.50 annualized dividend and a dividend yield of 1.65%. The ex-dividend date of this dividend was Tuesday, February 25th. CDW’s dividend payout ratio (DPR) is 31.37%.

CDW declared that its Board of Directors has initiated a share repurchase 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 reacquire up to 2.7% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board of directors believes its shares are undervalued.

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.