California State Teachers Retirement System reduced its stake in CDW Co. (NASDAQ:CDW – Get Rating) by 5.5% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 222,080 shares of the information technology services provider’s stock after selling 12,907 shares during the quarter. California State Teachers Retirement System’s holdings in CDW were worth $34,662,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently made changes to their positions in the stock. SeaCrest Wealth Management LLC acquired a new position in CDW in the 2nd quarter valued at about $40,000. Householder Group Estate & Retirement Specialist LLC acquired a new position in shares of CDW in the third quarter valued at approximately $61,000. Knights of Columbus Asset Advisors LLC purchased a new stake in CDW during the 3rd quarter worth approximately $62,000. Brown Brothers Harriman & Co. lifted its holdings in CDW by 129.5% during the 1st quarter. Brown Brothers Harriman & Co. now owns 459 shares of the information technology services provider’s stock worth $82,000 after buying an additional 259 shares in the last quarter. Finally, NuWave Investment Management LLC purchased a new position in CDW in the 3rd quarter valued at approximately $72,000. Hedge funds and other institutional investors own 92.78% of the company’s stock.
Insiders Place Their Bets
In related news, Director Donna F. Zarcone sold 4,703 shares of the firm’s stock in a transaction that occurred on Thursday, February 9th. The stock was sold at an average price of $203.23, for a total transaction of $955,790.69. Following the transaction, the director now owns 18,058 shares in the company, valued at approximately $3,669,927.34. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.67% of the company’s stock.
CDW Stock Performance
CDW (NASDAQ:CDW – Get Rating) last issued its quarterly earnings data on Wednesday, February 8th. The information technology services provider reported $2.50 earnings per share for the quarter, topping the consensus estimate of $2.48 by $0.02. The business had revenue of $5.44 billion during the quarter, compared to the consensus estimate of $6.19 billion. CDW had a net margin of 4.69% and a return on equity of 103.95%. The company’s revenue was down 1.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.98 EPS. Research analysts predict that CDW Co. will post 9.87 EPS for the current fiscal year.
CDW declared that its board has approved a share repurchase plan on Wednesday, February 8th that allows the company to repurchase $750.00 million in outstanding shares. This repurchase authorization allows the information technology services provider to repurchase up to 2.8% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board believes its stock is undervalued.
CDW Dividend Announcement
The business also recently disclosed a quarterly dividend, which was paid on Friday, March 10th. Shareholders of record on Friday, February 24th were paid a $0.59 dividend. The ex-dividend date of this dividend was Thursday, February 23rd. This represents a $2.36 annualized dividend and a yield of 1.25%. CDW’s dividend payout ratio is presently 29.03%.
Analyst Upgrades and Downgrades
A number of analysts have recently weighed in on the company. Morgan Stanley upped their price objective on CDW from $217.00 to $228.00 and gave the stock an “overweight” rating in a research report on Thursday, February 9th. Credit Suisse Group increased their price target on CDW from $220.00 to $230.00 and gave the company an “outperform” rating in a research report on Thursday, February 9th. Raymond James boosted their price objective on CDW from $200.00 to $220.00 and gave the stock an “outperform” rating in a research report on Thursday, February 9th. JPMorgan Chase & Co. raised their target price on shares of CDW from $215.00 to $225.00 and gave the company an “overweight” rating in a report on Tuesday, December 20th. Finally, StockNews.com started coverage on shares of CDW in a report on Thursday. They set a “hold” rating for the company. One investment analyst has rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $221.86.
CDW Corp. engages in the provision of information technology solutions to small, medium, and large business, government, education, and healthcare customers. It operates through the following segments: Corporate, Small Business, Public, and Other. The Public segment includes government agencies and education and healthcare institutions.
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