Rafferty Asset Management LLC Grows Stake in CDW Co. (NASDAQ:CDW)

Rafferty Asset Management LLC increased its stake in CDW Co. (NASDAQ:CDW - Free Report) by 21.9% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 118,994 shares of the information technology services provider's stock after buying an additional 21,409 shares during the quarter. Rafferty Asset Management LLC owned approximately 0.09% of CDW worth $20,710,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in the stock. Vanguard Group Inc. increased its position in shares of CDW by 0.6% in the fourth quarter. Vanguard Group Inc. now owns 16,673,784 shares of the information technology services provider's stock worth $2,901,905,000 after purchasing an additional 99,947 shares during the period. Geode Capital Management LLC boosted its stake in CDW by 1.6% in the fourth quarter. Geode Capital Management LLC now owns 3,535,405 shares of the information technology services provider's stock valued at $614,220,000 after buying an additional 54,341 shares in the last quarter. Wellington Management Group LLP boosted its stake in CDW by 29.2% in the fourth quarter. Wellington Management Group LLP now owns 2,538,775 shares of the information technology services provider's stock valued at $441,848,000 after buying an additional 574,444 shares in the last quarter. Invesco Ltd. boosted its stake in CDW by 27.6% in the fourth quarter. Invesco Ltd. now owns 2,426,746 shares of the information technology services provider's stock valued at $422,351,000 after buying an additional 524,559 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA boosted its stake in CDW by 31.3% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 2,414,093 shares of the information technology services provider's stock valued at $420,149,000 after buying an additional 575,333 shares in the last quarter. Institutional investors and hedge funds own 93.15% of the company's stock.

Insider Activity at CDW

In related news, insider Christine A. Leahy sold 40,917 shares of the stock in a transaction dated Thursday, May 8th. The stock was sold at an average price of $181.42, for a total transaction of $7,423,162.14. Following the completion of the sale, the insider now directly owns 144,931 shares in the company, valued at $26,293,382.02. This represents a 22.02% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Frederick J. Kulevich sold 28,159 shares of the company's stock in a transaction that occurred on Tuesday, May 13th. The shares were sold at an average price of $190.90, for a total value of $5,375,553.10. Following the transaction, the insider now directly owns 36,077 shares of the company's stock, valued at $6,887,099.30. The trade was a 43.84% decrease in their position. The disclosure for this sale can be found here. 0.84% of the stock is currently owned by corporate insiders.

CDW Stock Performance

Shares of NASDAQ CDW traded down $0.99 during mid-day trading on Monday, reaching $188.04. 912,576 shares of the company's stock were exchanged, compared to its average volume of 1,218,452. The firm has a 50-day moving average price of $163.60 and a two-hundred day moving average price of $176.48. The company has a debt-to-equity ratio of 2.38, a current ratio of 1.35 and a quick ratio of 1.24. The firm has a market capitalization of $24.76 billion, a price-to-earnings ratio of 23.59, a price-to-earnings-growth ratio of 3.21 and a beta of 0.91. CDW Co. has a 52 week low of $137.31 and a 52 week high of $241.26.

CDW (NASDAQ:CDW - Get Free Report) last issued its earnings results on Wednesday, May 7th. The information technology services provider reported $2.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.96 by $0.19. The firm had revenue of $5.20 billion for the quarter, compared to analyst estimates of $4.93 billion. CDW had a return on equity of 55.42% and a net margin of 5.13%. The business's revenue was up 6.7% on a year-over-year basis. During the same period in the previous year, the company posted $1.92 earnings per share. Analysts predict that CDW Co. will post 9.41 EPS for the current year.

CDW declared that its board has authorized a share buyback plan on Wednesday, February 5th that authorizes the company to buyback $750.00 million in shares. This buyback authorization authorizes the information technology services provider to reacquire up to 2.7% of its shares through open market purchases. Shares buyback plans are generally an indication that the company's leadership believes its shares are undervalued.

CDW Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 10th. Investors of record on Monday, May 26th will be paid a dividend of $0.625 per share. The ex-dividend date is Friday, May 23rd. This represents a $2.50 dividend on an annualized basis and a dividend yield of 1.33%. CDW's payout ratio is 30.98%.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on CDW. UBS Group cut their price target on CDW from $236.00 to $210.00 and set a "buy" rating on the stock in a research note on Thursday, May 8th. JPMorgan Chase & Co. cut their price target on CDW from $222.00 to $175.00 and set a "neutral" rating on the stock in a research note on Thursday, April 17th. Barclays cut their price target on CDW from $223.00 to $205.00 and set an "equal weight" rating on the stock in a research note on Thursday, May 8th. Morgan Stanley lifted their price target on CDW from $193.00 to $201.00 and gave the company an "equal weight" rating in a research note on Thursday, February 6th. Finally, Citigroup lifted their price target on CDW from $160.00 to $180.00 and gave the company a "neutral" rating in a research note on Thursday, May 8th. Four research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $216.38.

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.