Point72 Asset Management L.P. Takes $42.56 Million Position in CDW Co. (NASDAQ:CDW)

Point72 Asset Management L.P. acquired a new stake in shares of CDW Co. (NASDAQ:CDW - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 244,522 shares of the information technology services provider's stock, valued at approximately $42,557,000. Point72 Asset Management L.P. owned 0.18% of CDW as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently added to or reduced their stakes in CDW. D. E. Shaw & Co. Inc. boosted its holdings in CDW by 906.9% in the fourth quarter. D. E. Shaw & Co. Inc. now owns 2,024,887 shares of the information technology services provider's stock valued at $352,411,000 after acquiring an additional 1,823,788 shares during the last quarter. Alyeska Investment Group L.P. lifted its stake in shares of CDW by 17,349.6% in the 4th quarter. Alyeska Investment Group L.P. now owns 1,380,787 shares of the information technology services provider's stock valued at $240,312,000 after purchasing an additional 1,372,874 shares during the period. Norges Bank bought a new position in shares of CDW in the 4th quarter worth $144,826,000. Madison Investment Advisors LLC acquired a new stake in shares of CDW during the fourth quarter worth $130,996,000. Finally, Proficio Capital Partners LLC increased its holdings in CDW by 18,259.3% in the fourth quarter. Proficio Capital Partners LLC now owns 687,189 shares of the information technology services provider's stock valued at $119,598,000 after purchasing an additional 683,446 shares during the last quarter. 93.15% of the stock is owned by institutional investors.

Insiders Place Their Bets

In related news, insider Christine A. Leahy sold 40,917 shares of the company's 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 sale, the insider now owns 144,931 shares in the company, valued at approximately $26,293,382.02. This represents a 22.02% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Frederick J. Kulevich sold 28,159 shares of the 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. This trade represents a 43.84% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.84% of the company's stock.

CDW Stock Down 0.5%

Shares of CDW stock traded down $0.99 during trading hours on Monday, hitting $188.04. 912,576 shares of the company were exchanged, compared to its average volume of 1,218,452. The company has a market capitalization of $24.76 billion, a PE ratio of 23.59, a PEG 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. The business has a 50 day moving average of $163.18 and a two-hundred day moving average of $176.48. 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 (NASDAQ:CDW - Get Free Report) last released its quarterly 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 the consensus estimate of $4.93 billion. CDW had a return on equity of 55.42% and a net margin of 5.13%. The company's revenue for the quarter was up 6.7% on a year-over-year basis. During the same quarter last year, the business posted $1.92 EPS. Analysts anticipate that CDW Co. will post 9.41 earnings per share for the current fiscal year.

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

CDW Dividend Announcement

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

Analysts Set New Price Targets

A number of equities analysts have issued reports on the company. UBS Group reduced their target price on CDW from $236.00 to $210.00 and set a "buy" rating on the stock in a report on Thursday, May 8th. JPMorgan Chase & Co. reduced their price objective on shares of CDW from $222.00 to $175.00 and set a "neutral" rating on the stock in a research note on Thursday, April 17th. Morgan Stanley upped their target price on shares of CDW from $193.00 to $201.00 and gave the company an "equal weight" rating in a research note on Thursday, February 6th. Barclays cut their target price on shares of CDW from $223.00 to $205.00 and set an "equal weight" rating on the stock in a report on Thursday, May 8th. Finally, Citigroup raised their price objective on CDW from $160.00 to $180.00 and gave the stock 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 assigned a buy rating to the company. According to data from MarketBeat.com, CDW has an average rating of "Moderate Buy" and a consensus price target of $216.38.

About CDW

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.