Sumitomo Mitsui DS Asset Management Company Ltd Grows Holdings in CDW Co. (NASDAQ:CDW)

Sumitomo Mitsui DS Asset Management Company Ltd raised its position in CDW Co. (NASDAQ:CDW) by 10.2% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 13,256 shares of the information technology services provider’s stock after purchasing an additional 1,231 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in CDW were worth $3,013,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. The Manufacturers Life Insurance Company increased its stake in shares of CDW by 91.8% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 728,446 shares of the information technology services provider’s stock valued at $146,971,000 after acquiring an additional 348,749 shares during the last quarter. Lazard Asset Management LLC increased its stake in shares of CDW by 459.5% during the 3rd quarter. Lazard Asset Management LLC now owns 252,272 shares of the information technology services provider’s stock valued at $50,898,000 after acquiring an additional 207,184 shares during the last quarter. Royal Bank of Canada increased its stake in shares of CDW by 54.3% during the 3rd quarter. Royal Bank of Canada now owns 561,366 shares of the information technology services provider’s stock valued at $113,261,000 after acquiring an additional 197,479 shares during the last quarter. Assenagon Asset Management S.A. increased its position in CDW by 1,304.0% during the 3rd quarter. Assenagon Asset Management S.A. now owns 209,667 shares of the information technology services provider’s stock worth $42,302,000 after purchasing an additional 194,733 shares in the last quarter. Finally, EULAV Asset Management acquired a new stake in CDW during the 3rd quarter worth approximately $24,213,000. 93.15% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

CDW has been the subject of a number of research analyst reports. Barclays increased their target price on shares of CDW from $219.00 to $261.00 and gave the stock an “equal weight” rating in a research report on Thursday, February 8th. JPMorgan Chase & Co. increased their target price on shares of CDW from $267.00 to $280.00 and gave the stock an “overweight” rating in a research report on Thursday, April 11th. Evercore ISI increased their target price on shares of CDW from $250.00 to $300.00 and gave the stock an “outperform” rating in a research report on Friday, March 22nd. Finally, Citigroup increased 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. Three analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat, CDW has a consensus rating of “Moderate Buy” and a consensus target price of $242.67.

CDW Stock Up 1.2 %

Shares of NASDAQ:CDW opened at $240.47 on Wednesday. The company has a quick ratio of 1.11, a current ratio of 1.23 and a debt-to-equity ratio of 2.46. CDW Co. has a 52-week low of $162.59 and a 52-week high of $263.37. The company has a 50 day moving average of $247.13 and a two-hundred day moving average of $227.87. The company has a market capitalization of $32.31 billion, a price-to-earnings ratio of 29.69, a price-to-earnings-growth ratio of 2.67 and a beta of 1.09.

CDW (NASDAQ:CDW) last issued its quarterly earnings data on Wednesday, February 7th. The information technology services provider reported $2.57 earnings per share (EPS) for the quarter, beating 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 during the quarter, compared to the consensus estimate of $5.32 billion. During the same quarter last year, the company earned $2.40 earnings per share. CDW’s revenue for the quarter was down 7.7% on a year-over-year basis. As a group, analysts forecast that CDW Co. will post 9.89 earnings per share for the current fiscal year.

CDW Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, March 12th. Stockholders of record on Monday, February 26th were paid a dividend of $0.62 per share. This represents a $2.48 annualized dividend and a dividend yield of 1.03%. The ex-dividend date was Friday, February 23rd. CDW’s dividend payout ratio (DPR) is currently 30.62%.

CDW declared that its board has approved a stock buyback plan on Wednesday, February 7th that allows the company to buyback $750.00 million in shares. This buyback authorization allows the information technology services provider to repurchase up to 2.4% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its stock is undervalued.

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.