CDW Co. (NASDAQ:CDW) Position Increased by Jennison Associates LLC

Jennison Associates LLC lifted its stake in CDW Co. (NASDAQ:CDW - Free Report) by 2,172.4% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 108,576 shares of the information technology services provider's stock after purchasing an additional 103,798 shares during the period. Jennison Associates LLC owned about 0.08% of CDW worth $24,681,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in CDW. Capital Investment Advisors LLC grew its holdings in shares of CDW by 35.5% in the third quarter. Capital Investment Advisors LLC now owns 1,546 shares of the information technology services provider's stock worth $312,000 after purchasing an additional 405 shares during the last quarter. Meridian Wealth Management LLC lifted its stake in CDW by 3.6% in the third quarter. Meridian Wealth Management LLC now owns 1,806 shares of the information technology services provider's stock worth $364,000 after acquiring an additional 63 shares during the period. Strategic Blueprint LLC lifted its stake in CDW by 3.8% in the third quarter. Strategic Blueprint LLC now owns 3,136 shares of the information technology services provider's stock worth $633,000 after acquiring an additional 115 shares during the period. RDA Financial Network lifted its stake in CDW by 7.4% in the third quarter. RDA Financial Network now owns 1,806 shares of the information technology services provider's stock worth $364,000 after acquiring an additional 124 shares during the period. Finally, CX Institutional purchased a new stake in CDW in the third quarter worth about $2,654,000. 93.15% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the stock. Barclays upped their price objective on shares of CDW from $219.00 to $261.00 and gave the stock an "equal weight" rating in a research note on Thursday, February 8th. Citigroup increased their price target on shares of CDW from $255.00 to $295.00 and gave the company a "buy" rating in a research report on Thursday, April 4th. Evercore ISI increased their price target on shares of CDW from $250.00 to $300.00 and gave the company an "outperform" rating in a research report on Friday, March 22nd. Finally, JPMorgan Chase & Co. increased their price target on shares of CDW from $267.00 to $280.00 and gave the company an "overweight" rating in a research report on Thursday, April 11th. Three analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $242.67.

CDW Stock Performance

NASDAQ:CDW traded up $2.73 during midday trading on Thursday, hitting $243.42. The company's stock had a trading volume of 752,697 shares, compared to its average volume of 696,630. CDW Co. has a fifty-two week low of $162.59 and a fifty-two week high of $263.37. The firm's 50 day moving average is $247.22 and its 200-day moving average is $228.20. The company has a debt-to-equity ratio of 2.46, a current ratio of 1.23 and a quick ratio of 1.11. The firm has a market cap of $32.71 billion, a P/E ratio of 29.59, a P/E/G ratio of 2.72 and a beta of 1.09.

CDW (NASDAQ:CDW - Get Free Report) last issued its quarterly earnings data on Wednesday, February 7th. The information technology services provider reported $2.57 EPS for the quarter, topping analysts' consensus estimates of $2.56 by $0.01. The business had revenue of $5.02 billion for the quarter, compared to analysts' expectations of $5.32 billion. CDW had a net margin of 5.17% and a return on equity of 73.93%. The business's revenue was down 7.7% on a year-over-year basis. During the same quarter last year, the company earned $2.40 EPS. Equities analysts anticipate that CDW Co. will post 9.89 earnings per share for the current fiscal year.

CDW Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, March 12th. Investors of record on Monday, February 26th were issued a $0.62 dividend. The ex-dividend date of this dividend was Friday, February 23rd. This represents a $2.48 annualized dividend and a yield of 1.02%. CDW's dividend payout ratio (DPR) is presently 30.62%.

CDW declared that its Board of Directors has approved a share repurchase plan on Wednesday, February 7th that permits the company to buyback $750.00 million in shares. This buyback authorization permits the information technology services provider to repurchase up to 2.4% of its stock through open market purchases. Stock buyback plans are often a sign that the company's board of directors believes its stock is 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.