State of Tennessee Department of Treasury Purchases 6,405 Shares of CDW Co. (NASDAQ:CDW)

State of Tennessee Department of Treasury lifted its position in CDW Co. (NASDAQ:CDW - Free Report) by 21.8% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 35,744 shares of the information technology services provider's stock after buying an additional 6,405 shares during the period. State of Tennessee Department of Treasury's holdings in CDW were worth $6,221,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the company. Barclays PLC increased its holdings in shares of CDW by 0.3% in the 3rd quarter. Barclays PLC now owns 1,156,789 shares of the information technology services provider's stock worth $261,779,000 after purchasing an additional 3,424 shares in the last quarter. Fulcrum Equity Management increased its holdings in CDW by 4.3% in the 3rd quarter. Fulcrum Equity Management now owns 1,442 shares of the information technology services provider's stock worth $326,000 after buying an additional 60 shares in the last quarter. Pine Valley Investments Ltd Liability Co raised its position in CDW by 18.6% in the 3rd quarter. Pine Valley Investments Ltd Liability Co now owns 2,528 shares of the information technology services provider's stock worth $572,000 after buying an additional 397 shares during the last quarter. Wilmington Savings Fund Society FSB purchased a new position in CDW in the 3rd quarter worth about $973,000. Finally, Franklin Resources Inc. lifted its stake in CDW by 3.4% during the 3rd quarter. Franklin Resources Inc. now owns 108,009 shares of the information technology services provider's stock valued at $24,138,000 after acquiring an additional 3,567 shares during the period. Hedge funds and other institutional investors own 93.15% of the company's stock.

CDW Price Performance

NASDAQ:CDW traded down $1.26 during trading hours on Wednesday, hitting $158.71. 91,254 shares of the stock traded hands, compared to its average volume of 1,178,967. The stock has a 50 day moving average price of $162.78 and a 200 day moving average price of $180.22. The company has a quick ratio of 1.24, a current ratio of 1.35 and a debt-to-equity ratio of 2.38. The company has a market cap of $20.91 billion, a price-to-earnings ratio of 19.91, a price-to-earnings-growth ratio of 3.21 and a beta of 0.97. CDW Co. has a 1 year low of $137.31 and a 1 year high of $248.12.

CDW (NASDAQ:CDW - Get Free Report) last issued its earnings results on Wednesday, February 5th. The information technology services provider reported $2.40 earnings per share for the quarter, topping the consensus estimate of $2.33 by $0.07. CDW had a net margin of 5.13% and a return on equity of 55.42%. Sell-side analysts forecast that CDW Co. will post 9.41 EPS for the current fiscal year.

CDW announced that its board has initiated a stock repurchase plan on Wednesday, February 5th that authorizes the company to buyback $750.00 million in outstanding shares. This buyback authorization authorizes the information technology services provider to buy up to 2.7% of its stock through open market purchases. Stock buyback plans are usually an indication that the company's board of directors believes its stock is undervalued.

CDW Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, March 11th. Shareholders of record on Tuesday, February 25th were paid a $0.625 dividend. The ex-dividend date of this dividend was Tuesday, February 25th. This represents a $2.50 annualized dividend and a yield of 1.58%. CDW's payout ratio is 31.37%.

Analyst Ratings Changes

Several research analysts have recently weighed in on the stock. JPMorgan Chase & Co. decreased their price objective on shares of CDW from $222.00 to $175.00 and set a "neutral" rating for the company in a report on Thursday, April 17th. Barclays boosted their target price on shares of CDW from $201.00 to $223.00 and gave the company an "equal weight" rating in a research note on Thursday, February 6th. UBS Group dropped their price target on CDW from $233.00 to $220.00 and set a "buy" rating on the stock in a research note on Tuesday, January 7th. Morgan Stanley upped their price objective on CDW from $193.00 to $201.00 and gave the company an "equal weight" rating in a research report on Thursday, February 6th. Finally, Citigroup dropped their target price on CDW from $220.00 to $160.00 and set a "neutral" rating on the stock in a research report on Monday, April 14th. Four investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, CDW currently has an average rating of "Moderate Buy" and an average target price of $217.38.

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.