Sumitomo Mitsui Trust Holdings Inc. Grows Stake in CDW Co. (NASDAQ:CDW)

Sumitomo Mitsui Trust Holdings Inc. raised its holdings in CDW Co. (NASDAQ:CDW - Free Report) by 8.2% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund owned 348,384 shares of the information technology services provider's stock after buying an additional 26,529 shares during the quarter. Sumitomo Mitsui Trust Holdings Inc. owned about 0.26% of CDW worth $79,195,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Louisiana State Employees Retirement System purchased a new stake in CDW in the fourth quarter valued at about $4,251,000. Simplicity Solutions LLC grew its holdings in CDW by 2.3% in the fourth quarter. Simplicity Solutions LLC now owns 2,907 shares of the information technology services provider's stock valued at $661,000 after purchasing an additional 65 shares during the period. ORG Partners LLC acquired a new stake in shares of CDW in the fourth quarter worth approximately $36,000. NewEdge Wealth LLC boosted its stake in shares of CDW by 101.0% in the fourth quarter. NewEdge Wealth LLC now owns 4,283 shares of the information technology services provider's stock worth $974,000 after acquiring an additional 2,152 shares during the last quarter. Finally, Mosaic Family Wealth Partners LLC acquired a new stake in shares of CDW in the fourth quarter worth approximately $275,000. 93.15% of the stock is currently owned by hedge funds and other institutional investors.

CDW Price Performance

CDW stock traded down $1.08 during trading hours on Thursday, hitting $235.70. 411,117 shares of the stock were exchanged, compared to its average volume of 705,731. The company has a debt-to-equity ratio of 2.46, a quick ratio of 1.11 and a current ratio of 1.23. The stock has a market capitalization of $31.67 billion, a P/E ratio of 29.10, a P/E/G ratio of 2.72 and a beta of 1.09. CDW Co. has a 12 month low of $160.66 and a 12 month high of $263.37. The business's 50-day moving average is $247.41 and its two-hundred day moving average is $227.05.

CDW (NASDAQ:CDW - Get Free Report) last posted its earnings results on Wednesday, February 7th. The information technology services provider reported $2.57 earnings per share for the quarter, topping the consensus estimate of $2.56 by $0.01. CDW had a net margin of 5.17% and a return on equity of 73.93%. The company had revenue of $5.02 billion for the quarter, compared to analyst estimates of $5.32 billion. During the same period last year, the business posted $2.40 earnings per share. The business's revenue for the quarter was down 7.7% compared to the same quarter last year. Equities research analysts expect that CDW Co. will post 9.88 EPS for the current fiscal year.

CDW announced that its Board of Directors has authorized a stock repurchase program on Wednesday, February 7th that allows the company to repurchase $750.00 million in shares. This repurchase authorization allows the information technology services provider to buy up to 2.4% of its stock through open market purchases. Stock repurchase programs are often a sign that the company's leadership believes its shares are undervalued.

CDW Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, March 12th. Stockholders of record on Monday, February 26th were given a $0.62 dividend. This represents a $2.48 dividend on an annualized basis and a dividend yield of 1.05%. The ex-dividend date was Friday, February 23rd. CDW's dividend payout ratio (DPR) is presently 30.62%.

Analysts Set New Price Targets

Several research firms recently issued reports on CDW. Barclays boosted their price objective on CDW from $219.00 to $261.00 and gave the company an "equal weight" rating in a report on Thursday, February 8th. Citigroup upped their price objective on CDW from $255.00 to $295.00 and gave the company a "buy" rating in a research note on Thursday, April 4th. Evercore ISI increased their target price on CDW from $250.00 to $300.00 and gave the stock an "outperform" rating in a research note on Friday, March 22nd. Finally, JPMorgan Chase & Co. raised their price objective on CDW from $267.00 to $280.00 and gave the company an "overweight" rating in a research note on Thursday, April 11th. Four research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $238.90.

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.