State of Michigan Retirement System Decreases Holdings in CDW Co. (NASDAQ:CDW)

State of Michigan Retirement System cut its holdings in shares of CDW Co. (NASDAQ:CDW) by 0.6% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 36,145 shares of the information technology services provider’s stock after selling 200 shares during the quarter. State of Michigan Retirement System’s holdings in CDW were worth $6,291,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Allworth Financial LP raised its stake in shares of CDW by 39.7% during the fourth quarter. Allworth Financial LP now owns 183 shares of the information technology services provider’s stock worth $32,000 after acquiring an additional 52 shares in the last quarter. Parkside Financial Bank & Trust increased its stake in shares of CDW by 38.9% in the fourth quarter. Parkside Financial Bank & Trust now owns 207 shares of the information technology services provider’s stock worth $36,000 after buying an additional 58 shares during the period. Ashton Thomas Securities LLC purchased a new position in shares of CDW in the third quarter worth $43,000. Canoe Financial LP increased its stake in shares of CDW by 68.3% in the fourth quarter. Canoe Financial LP now owns 276 shares of the information technology services provider’s stock worth $48,000 after buying an additional 112 shares during the period. Finally, Covestor Ltd increased its stake in shares of CDW by 80.1% in the third quarter. Covestor Ltd now owns 245 shares of the information technology services provider’s stock worth $55,000 after buying an additional 109 shares during the period. 93.15% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts recently commented on the stock. Barclays lifted their target price on shares of CDW from $201.00 to $223.00 and gave the stock an “equal weight” rating in a research note on Thursday, February 6th. Morgan Stanley lifted their target price on shares of CDW from $193.00 to $201.00 and gave the stock an “equal weight” rating in a research note on Thursday, February 6th. UBS Group decreased their target price on shares of CDW from $233.00 to $220.00 and set a “buy” rating on the stock in a research note on Tuesday, January 7th. Finally, Redburn Atlantic assumed coverage on shares of CDW in a report on Friday, November 15th. They issued a “buy” rating and a $230.00 price target on the stock. Four analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, CDW has an average rating of “Moderate Buy” and a consensus target price of $242.67.

CDW Stock Performance

NASDAQ:CDW opened at $167.26 on Friday. The stock has a market cap of $22.16 billion, a P/E ratio of 20.99, a price-to-earnings-growth ratio of 3.21 and a beta of 1.01. The firm’s fifty day simple moving average is $186.57 and its 200 day simple moving average is $197.93. CDW Co. has a twelve month low of $167.12 and a twelve month high of $263.37. The company has a quick ratio of 1.24, a current ratio of 1.35 and a debt-to-equity ratio of 2.38.

CDW (NASDAQ:CDW) last announced its earnings results on Wednesday, February 5th. The information technology services provider reported $2.40 EPS for the quarter, beating 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%. As a group, research analysts predict that CDW Co. will post 9.41 EPS for the current year.

CDW announced that its Board of Directors has approved a share 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 reacquire up to 2.7% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s management believes its stock is undervalued.

CDW Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, March 11th. Stockholders of record on Tuesday, February 25th will be issued a dividend of $0.625 per share. This represents a $2.50 dividend on an annualized basis and a dividend yield of 1.49%. The ex-dividend date is Tuesday, February 25th. CDW’s dividend payout ratio (DPR) is presently 31.37%.

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.