New York State Common Retirement Fund Decreases Stake in CDW Co. (NASDAQ:CDW)

New York State Common Retirement Fund lowered its position in CDW Co. (NASDAQ:CDW) by 6.6% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 111,944 shares of the information technology services provider’s stock after selling 7,971 shares during the quarter. New York State Common Retirement Fund owned approximately 0.08% of CDW worth $25,447,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. OFI Invest Asset Management purchased a new position in CDW in the third quarter worth approximately $25,000. VisionPoint Advisory Group LLC purchased a new position in CDW in the third quarter worth approximately $28,000. TFC Financial Management Inc. lifted its stake in CDW by 61.1% in the third quarter. TFC Financial Management Inc. now owns 145 shares of the information technology services provider’s stock worth $29,000 after acquiring an additional 55 shares during the last quarter. Orion Capital Management LLC purchased a new position in CDW in the third quarter worth approximately $35,000. Finally, ORG Partners LLC purchased a new position in CDW in the fourth quarter worth approximately $36,000. Hedge funds and other institutional investors own 93.15% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on CDW. Citigroup boosted their price objective on shares of CDW from $255.00 to $295.00 and gave the stock a “buy” rating in a research report on Thursday, April 4th. Evercore ISI boosted their price objective on shares of CDW from $250.00 to $300.00 and gave the stock an “outperform” rating in a research report on Friday, March 22nd. JPMorgan Chase & Co. boosted their price objective on shares of CDW from $267.00 to $280.00 and gave the stock an “overweight” rating in a research report on Thursday, April 11th. Finally, Barclays boosted their price objective on shares of CDW from $219.00 to $261.00 and gave the stock an “equal weight” rating in a research report on Thursday, February 8th. Three investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, CDW currently has a consensus rating of “Moderate Buy” and a consensus price target of $242.67.

CDW Stock Performance

Shares of CDW opened at $242.26 on Friday. The company has a debt-to-equity ratio of 2.46, a quick ratio of 1.11 and a current ratio of 1.23. The stock has a market capitalization of $32.55 billion, a P/E ratio of 29.91, a P/E/G ratio of 2.73 and a beta of 1.09. The company’s fifty day moving average is $247.23 and its two-hundred day moving average is $228.31. CDW Co. has a 1 year low of $162.59 and a 1 year high of $263.37.

CDW (NASDAQ:CDW) last announced its quarterly earnings data on Wednesday, February 7th. The information technology services provider reported $2.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.56 by $0.01. The company had revenue of $5.02 billion for the quarter, compared to analysts’ expectations of $5.32 billion. CDW had a net margin of 5.17% and a return on equity of 73.93%. CDW’s revenue was down 7.7% compared to the same quarter last year. During the same period in the previous year, the company posted $2.40 EPS. On average, sell-side analysts predict that CDW Co. will post 9.89 earnings per share for the current year.

CDW Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, March 12th. Shareholders of record on Monday, February 26th were given a dividend of $0.62 per share. The ex-dividend date was Friday, February 23rd. This represents a $2.48 annualized dividend and a dividend yield of 1.02%. CDW’s payout ratio is currently 30.62%.

CDW announced that its Board of Directors has approved a stock repurchase program on Wednesday, February 7th that authorizes the company to buyback $750.00 million in outstanding shares. This buyback authorization authorizes the information technology services provider to purchase up to 2.4% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board believes its shares are undervalued.

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.