D. E. Shaw & Co. Inc. Acquires 1,823,788 Shares of CDW Co. (NASDAQ:CDW)

D. E. Shaw & Co. Inc. raised its stake in shares of CDW Co. (NASDAQ:CDW - Free Report) by 906.9% in the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 2,024,887 shares of the information technology services provider's stock after purchasing an additional 1,823,788 shares during the period. D. E. Shaw & Co. Inc. owned approximately 1.52% of CDW worth $352,411,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in CDW. Allworth Financial LP lifted its holdings in 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 during the period. OFI Invest Asset Management purchased a new stake in shares of CDW during the 4th quarter valued at $32,000. Parkside Financial Bank & Trust raised its stake in shares of CDW by 38.9% during the 4th quarter. Parkside Financial Bank & Trust now owns 207 shares of the information technology services provider's stock worth $36,000 after purchasing an additional 58 shares during the period. Optiver Holding B.V. boosted its holdings in shares of CDW by 107.2% in the 4th quarter. Optiver Holding B.V. now owns 230 shares of the information technology services provider's stock worth $40,000 after buying an additional 119 shares during the last quarter. Finally, Canoe Financial LP grew its position in CDW by 68.3% during the fourth quarter. Canoe Financial LP now owns 276 shares of the information technology services provider's stock valued at $48,000 after buying an additional 112 shares during the period. 93.15% of the stock is owned by institutional investors.

CDW Price Performance

Shares of CDW stock traded down $1.15 during trading on Friday, hitting $178.94. The stock had a trading volume of 1,101,293 shares, compared to its average volume of 1,202,436. The company has a current ratio of 1.35, a quick ratio of 1.24 and a debt-to-equity ratio of 2.38. CDW Co. has a 12 month low of $137.31 and a 12 month high of $241.26. The firm has a market cap of $23.58 billion, a price-to-earnings ratio of 22.45, a P/E/G ratio of 3.21 and a beta of 0.91. The business's 50-day moving average is $161.13 and its 200 day moving average is $177.42.

CDW (NASDAQ:CDW - Get Free Report) last announced its earnings results on Wednesday, May 7th. The information technology services provider reported $2.15 earnings per share for the quarter, topping analysts' consensus estimates of $1.96 by $0.19. CDW had a return on equity of 55.42% and a net margin of 5.13%. The business had revenue of $5.20 billion for the quarter, compared to analyst estimates of $4.93 billion. During the same period in the prior year, the company earned $1.92 EPS. The company's quarterly revenue was up 6.7% compared to the same quarter last year. As a group, sell-side analysts anticipate that CDW Co. will post 9.41 earnings per share for the current year.

CDW Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, June 10th. Stockholders of record on Monday, May 26th will be issued a $0.625 dividend. This represents a $2.50 dividend on an annualized basis and a dividend yield of 1.40%. The ex-dividend date of this dividend is Friday, May 23rd. CDW's payout ratio is 31.37%.

CDW declared that its Board of Directors has approved a share repurchase program on Wednesday, February 5th that allows the company to repurchase $750.00 million in outstanding shares. This repurchase authorization allows the information technology services provider to reacquire up to 2.7% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company's leadership believes its shares are undervalued.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the stock. UBS Group dropped their target price on shares of CDW from $236.00 to $210.00 and set a "buy" rating on the stock in a research note on Thursday. Morgan Stanley increased their price objective on CDW from $193.00 to $201.00 and gave the company an "equal weight" rating in a report on Thursday, February 6th. JPMorgan Chase & Co. lowered their target price on CDW from $222.00 to $175.00 and set a "neutral" rating on the stock in a research note on Thursday, April 17th. Citigroup lifted their price objective on CDW from $160.00 to $180.00 and gave the stock a "neutral" rating in a report on Thursday. Finally, Barclays dropped their price objective on shares of CDW from $223.00 to $205.00 and set an "equal weight" rating on the stock in a report on Thursday. Four investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, CDW has a consensus rating of "Moderate Buy" and an average target price of $216.38.

Insider Activity

In other CDW news, insider Christine A. Leahy sold 40,917 shares of the stock in a transaction that occurred on Thursday, May 8th. The shares were sold at an average price of $181.42, for a total transaction of $7,423,162.14. Following the transaction, the insider now directly owns 144,931 shares in the company, valued at $26,293,382.02. This trade represents a 22.02 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 0.90% of the company's stock.

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.