Price T Rowe Associates Inc. MD Cuts Stock Position in CDW Co. (NASDAQ:CDW)

Price T Rowe Associates Inc. MD cut its holdings in CDW Co. (NASDAQ:CDW – Get Rating) by 0.1% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 450,218 shares of the information technology services provider’s stock after selling 466 shares during the quarter. Price T Rowe Associates Inc. MD’s holdings in CDW were worth $70,271,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. SeaCrest Wealth Management LLC purchased a new stake in shares of CDW in the second quarter valued at approximately $40,000. Householder Group Estate & Retirement Specialist LLC purchased a new stake in shares of CDW in the third quarter valued at approximately $61,000. Knights of Columbus Asset Advisors LLC acquired a new stake in shares of CDW in the third quarter worth approximately $62,000. Brown Brothers Harriman & Co. boosted its stake in shares of CDW by 129.5% in the first quarter. Brown Brothers Harriman & Co. now owns 459 shares of the information technology services provider’s stock worth $82,000 after acquiring an additional 259 shares during the last quarter. Finally, NuWave Investment Management LLC acquired a new stake in shares of CDW in the third quarter worth approximately $72,000. 92.78% of the stock is currently owned by hedge funds and other institutional investors.

CDW Stock Performance

Shares of CDW stock opened at $188.42 on Tuesday. CDW Co. has a 52 week low of $147.91 and a 52 week high of $215.00. The business’s fifty day simple moving average is $198.28 and its 200-day simple moving average is $182.53. The firm has a market cap of $25.55 billion, a PE ratio of 23.18, a price-to-earnings-growth ratio of 1.47 and a beta of 1.13. The company has a quick ratio of 1.17, a current ratio of 1.33 and a debt-to-equity ratio of 3.66.

CDW (NASDAQ:CDW – Get Rating) last announced its quarterly earnings results on Wednesday, February 8th. The information technology services provider reported $2.50 EPS for the quarter, beating the consensus estimate of $2.48 by $0.02. CDW had a return on equity of 103.95% and a net margin of 4.69%. The business had revenue of $5.44 billion for the quarter, compared to analyst estimates of $6.19 billion. During the same quarter in the prior year, the company posted $1.98 EPS. The company’s quarterly revenue was down 1.8% on a year-over-year basis. Equities analysts forecast that CDW Co. will post 9.87 earnings per share for the current year.

CDW announced that its Board of Directors has authorized a stock buyback program on Wednesday, February 8th that authorizes the company to buyback $750.00 million in outstanding shares. This buyback authorization authorizes the information technology services provider to buy up to 2.8% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its shares are undervalued.

CDW Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 10th. Stockholders of record on Friday, February 24th were paid a $0.59 dividend. This represents a $2.36 annualized dividend and a dividend yield of 1.25%. The ex-dividend date of this dividend was Thursday, February 23rd. CDW’s dividend payout ratio (DPR) is presently 29.03%.

Insider Activity

In other news, Director Donna F. Zarcone sold 4,703 shares of the company’s stock in a transaction on Thursday, February 9th. The stock was sold at an average price of $203.23, for a total value of $955,790.69. Following the transaction, the director now owns 18,058 shares of the company’s stock, valued at approximately $3,669,927.34. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 0.67% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the company. JPMorgan Chase & Co. lifted their price target on CDW from $215.00 to $225.00 and gave the stock an “overweight” rating in a research note on Tuesday, December 20th. Citigroup lifted their price target on CDW from $210.00 to $230.00 and gave the stock a “buy” rating in a research note on Thursday, February 9th. Credit Suisse Group lifted their price target on CDW from $220.00 to $230.00 and gave the stock an “outperform” rating in a research note on Thursday, February 9th. Raymond James lifted their price target on CDW from $200.00 to $220.00 and gave the stock an “outperform” rating in a research note on Thursday, February 9th. Finally, StockNews.com lowered CDW from a “buy” rating to a “hold” rating in a research note on Monday, January 30th. One equities research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $221.86.

CDW Profile

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CDW Corp. engages in the provision of information technology solutions to small, medium and large business, government, education and healthcare customers in the United States, the United Kingdom and Canada. It operates through the following segments: Corporate, Small Business, and Public. The Corporate segment serves the private sector business customers.