Royal Bank of Canada Buys 78,576 Shares of CDW Co. (NASDAQ:CDW)

Royal Bank of Canada grew its stake in CDW Co. (NASDAQ:CDW - Free Report) by 20.1% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 470,318 shares of the information technology services provider's stock after acquiring an additional 78,576 shares during the period. Royal Bank of Canada owned 0.35% of CDW worth $81,853,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently modified their holdings of CDW. Barclays PLC raised its stake in shares of CDW by 0.3% in the third quarter. Barclays PLC now owns 1,156,789 shares of the information technology services provider's stock worth $261,779,000 after acquiring an additional 3,424 shares during the last quarter. Merit Financial Group LLC raised its stake in shares of CDW by 35.6% in the fourth quarter. Merit Financial Group LLC now owns 4,093 shares of the information technology services provider's stock worth $712,000 after acquiring an additional 1,075 shares during the last quarter. Diversify Wealth Management LLC raised its stake in shares of CDW by 45.5% in the fourth quarter. Diversify Wealth Management LLC now owns 3,232 shares of the information technology services provider's stock worth $592,000 after acquiring an additional 1,011 shares during the last quarter. UMB Bank n.a. raised its stake in shares of CDW by 8.0% in the fourth quarter. UMB Bank n.a. now owns 2,065 shares of the information technology services provider's stock worth $359,000 after acquiring an additional 153 shares during the last quarter. Finally, Atwood & Palmer Inc. raised its stake in shares of CDW by 0.4% during the fourth quarter. Atwood & Palmer Inc. now owns 157,303 shares of the information technology services provider's stock worth $27,377,000 after buying an additional 559 shares during the last quarter. 93.15% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on CDW shares. UBS Group dropped their price target on shares of CDW from $236.00 to $210.00 and set a "buy" rating for the company in a research note on Thursday, May 8th. Morgan Stanley boosted their price target 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. JPMorgan Chase & Co. dropped their price target on shares of CDW from $222.00 to $175.00 and set a "neutral" rating for the company in a research note on Thursday, April 17th. Citigroup boosted their price target on shares of CDW from $160.00 to $180.00 and gave the stock a "neutral" rating in a research note on Thursday, May 8th. Finally, Barclays dropped their price target on shares of CDW from $223.00 to $205.00 and set an "equal weight" rating for the company in a research note on Thursday, May 8th. Four analysts have rated the stock with a hold rating and four have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $216.38.

Insider Activity at CDW

In other news, 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 completion of the transaction, the insider now owns 36,077 shares in the company, valued at $6,887,099.30. This represents a 43.84% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Christine A. Leahy sold 40,917 shares of the company's 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 completion of the transaction, the insider now owns 144,931 shares of the company's stock, valued at $26,293,382.02. This trade represents a 22.02% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.84% of the company's stock.

CDW Stock Down 0.5%

Shares of NASDAQ CDW opened at $188.04 on Tuesday. The stock has a market cap of $24.76 billion, a P/E ratio of 23.59, a P/E/G ratio of 3.21 and a beta of 0.91. The firm has a 50 day moving average price of $163.60 and a 200 day moving average price of $176.48. The company has a debt-to-equity ratio of 2.38, a quick ratio of 1.24 and a current ratio of 1.35. 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 quarterly earnings data on Wednesday, May 7th. The information technology services provider reported $2.15 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.96 by $0.19. The firm had revenue of $5.20 billion during the quarter, compared to analysts' expectations of $4.93 billion. CDW had a net margin of 5.13% and a return on equity of 55.42%. The business's revenue for the quarter was up 6.7% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.92 earnings per share. Analysts expect that CDW Co. will post 9.41 EPS for the current year.

CDW Dividend Announcement

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

CDW declared that its board has authorized a stock buyback plan on Wednesday, February 5th that authorizes the company to repurchase $750.00 million in shares. This repurchase authorization authorizes the information technology services provider to buy up to 2.7% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company's leadership believes its shares are undervalued.

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.

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