HM Payson & Co. Cuts Stock Holdings in CDW Co. (NASDAQ:CDW)

HM Payson & Co. trimmed its position in shares of CDW Co. (NASDAQ:CDW) by 7.8% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 361,654 shares of the information technology services provider’s stock after selling 30,515 shares during the quarter. CDW accounts for approximately 1.1% of HM Payson & Co.’s portfolio, making the stock its 28th largest holding. HM Payson & Co.’s holdings in CDW were worth $62,942,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently bought and sold shares of CDW. Allworth Financial LP boosted its holdings in shares of CDW by 39.7% in the 4th quarter. Allworth Financial LP now owns 183 shares of the information technology services provider’s stock worth $32,000 after buying an additional 52 shares during the last quarter. Parkside Financial Bank & Trust boosted its holdings in shares of CDW by 38.9% in the 4th 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 last quarter. Ashton Thomas Securities LLC purchased a new position in shares of CDW in the 3rd quarter worth about $43,000. Canoe Financial LP boosted its holdings in shares of CDW by 68.3% in the 4th 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 last quarter. Finally, Covestor Ltd boosted its holdings in shares of CDW by 80.1% in the 3rd 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 last quarter. 93.15% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages recently weighed in on CDW. Redburn Atlantic started coverage on CDW in a research note on Friday, November 15th. They issued a “buy” rating and a $230.00 price objective on the stock. Morgan Stanley boosted their price objective on CDW from $193.00 to $201.00 and gave the company an “equal weight” rating in a research note on Thursday, February 6th. UBS Group lowered their price objective on CDW from $233.00 to $220.00 and set a “buy” rating on the stock in a research note on Tuesday, January 7th. Finally, Barclays boosted their price objective on CDW from $201.00 to $223.00 and gave the company an “equal weight” rating in a research note on Thursday, February 6th. Four research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $242.67.

CDW Trading Up 0.7 %

Shares of CDW opened at $168.37 on Friday. The business’s 50-day moving average price is $186.37 and its 200-day moving average price is $197.71. CDW Co. has a twelve month low of $164.98 and a twelve month high of $263.37. The stock has a market cap of $22.31 billion, a PE ratio of 21.13, a P/E/G ratio of 3.21 and a beta of 1.01. 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 posted its quarterly earnings data on Wednesday, February 5th. The information technology services provider reported $2.40 earnings per share 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%. On average, equities analysts forecast that CDW Co. will post 9.41 EPS for the current fiscal year.

CDW Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, March 11th. Shareholders of record on Tuesday, February 25th will be paid a $0.625 dividend. This represents a $2.50 annualized dividend and a yield of 1.48%. The ex-dividend date of this dividend is Tuesday, February 25th. CDW’s dividend payout ratio is currently 31.37%.

CDW announced that its Board of Directors has initiated a stock buyback program on Wednesday, February 5th that permits the company to repurchase $750.00 million in shares. This repurchase authorization permits the information technology services provider to buy up to 2.7% of its shares through open market purchases. Shares repurchase programs are usually 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.