Allspring Global Investments Holdings LLC Sells 924 Shares of CDW Co. (NASDAQ:CDW)

Allspring Global Investments Holdings LLC trimmed its stake in shares of CDW Co. (NASDAQ:CDW) by 11.3% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 7,241 shares of the information technology services provider’s stock after selling 924 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in CDW were worth $1,646,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also bought and sold shares of CDW. OFI Invest Asset Management bought a new position in shares of CDW during the third quarter valued at about $25,000. VisionPoint Advisory Group LLC bought a new position in CDW during the 3rd quarter valued at approximately $28,000. TFC Financial Management Inc. raised its position in CDW by 61.1% during the 3rd quarter. TFC Financial Management Inc. now owns 145 shares of the information technology services provider’s stock valued at $29,000 after purchasing an additional 55 shares during the last quarter. Orion Capital Management LLC bought a new stake in shares of CDW in the 3rd quarter worth approximately $35,000. Finally, Clearstead Advisors LLC boosted its holdings in CDW by 137.0% in the third quarter. Clearstead Advisors LLC now owns 256 shares of the information technology services provider’s stock valued at $52,000 after acquiring an additional 148 shares in the last quarter. 93.15% of the stock is owned by hedge funds and other institutional investors.

CDW Price Performance

Shares of NASDAQ CDW opened at $237.64 on Tuesday. 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 company has a 50 day simple moving average of $247.13 and a two-hundred day simple moving average of $227.87. CDW Co. has a fifty-two week low of $162.59 and a fifty-two week high of $263.37. The company has a market capitalization of $31.93 billion, a price-to-earnings ratio of 29.34, a P/E/G ratio of 2.67 and a beta of 1.09.

CDW (NASDAQ:CDW) last announced its quarterly earnings data on Wednesday, February 7th. The information technology services provider reported $2.57 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.56 by $0.01. CDW had a return on equity of 73.93% and a net margin of 5.17%. The business had revenue of $5.02 billion during the quarter, compared to analysts’ expectations of $5.32 billion. During the same quarter in the previous year, the business earned $2.40 earnings per share. The firm’s quarterly revenue was down 7.7% compared to the same quarter last year. Analysts expect that CDW Co. will post 9.89 EPS for the current fiscal year.

CDW Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, March 12th. Investors of record on Monday, February 26th were paid a $0.62 dividend. This represents a $2.48 dividend on an annualized basis and a yield of 1.04%. The ex-dividend date of this dividend was Friday, February 23rd. CDW’s payout ratio is 30.62%.

CDW announced that its board has authorized 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 purchase up to 2.4% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board believes its shares are undervalued.

Analysts Set New Price Targets

Several research firms have recently commented on CDW. Citigroup raised their target price on shares of CDW from $255.00 to $295.00 and gave the stock a “buy” rating in a research report on Thursday, April 4th. JPMorgan Chase & Co. raised their price objective on shares of CDW from $267.00 to $280.00 and gave the stock an “overweight” rating in a report on Thursday, April 11th. Evercore ISI upped their target price on CDW from $250.00 to $300.00 and gave the stock an “outperform” rating in a report on Friday, March 22nd. Finally, Barclays increased their target price on CDW from $219.00 to $261.00 and gave the stock an “equal weight” rating in a research report on Thursday, February 8th. Three investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $242.67.

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.