CIBC Asset Management Inc Purchases 1,222 Shares of CDW Co. (NASDAQ:CDW)

CIBC Asset Management Inc increased its position in CDW Co. (NASDAQ:CDW) by 2.9% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 42,896 shares of the information technology services provider’s stock after purchasing an additional 1,222 shares during the quarter. CIBC Asset Management Inc’s holdings in CDW were worth $7,466,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of CDW. Canoe Financial LP acquired a new stake in shares of CDW in the third quarter valued at approximately $37,000. Fortitude Family Office LLC lifted its holdings in CDW by 350.0% during the 3rd quarter. Fortitude Family Office LLC now owns 171 shares of the information technology services provider’s stock valued at $39,000 after purchasing an additional 133 shares during the last quarter. Allworth Financial LP boosted its position in CDW by 39.7% during the fourth quarter. Allworth Financial LP now owns 183 shares of the information technology services provider’s stock worth $32,000 after purchasing an additional 52 shares during the period. Ashton Thomas Securities LLC acquired a new position in shares of CDW in the third quarter valued at $43,000. Finally, Covestor Ltd raised its position in shares of CDW by 80.1% in the third quarter. Covestor Ltd now owns 245 shares of the information technology services provider’s stock valued at $55,000 after purchasing an additional 109 shares during the period. 93.15% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

CDW has been the subject of several research analyst reports. Barclays lifted their target price on shares of CDW from $201.00 to $223.00 and gave the stock an “equal weight” rating in a report on Thursday, February 6th. JPMorgan Chase & Co. downgraded CDW from an “overweight” rating to a “neutral” rating and decreased their target price for the company from $260.00 to $235.00 in a research report on Monday, October 28th. UBS Group dropped their price target on CDW from $233.00 to $220.00 and set a “buy” rating for the company in a report 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 report on Thursday, February 6th. Finally, Redburn Atlantic started coverage on shares of CDW in a research report on Friday, November 15th. They issued a “buy” rating and a $230.00 target price for the company. Four equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, CDW currently has a consensus rating of “Moderate Buy” and a consensus price target of $242.67.

CDW Stock Performance

NASDAQ:CDW opened at $194.50 on Thursday. The company has a debt-to-equity ratio of 2.38, a quick ratio of 1.24 and a current ratio of 1.35. CDW Co. has a fifty-two week low of $168.43 and a fifty-two week high of $263.37. The company has a market cap of $25.92 billion, a price-to-earnings ratio of 24.40, a PEG ratio of 3.16 and a beta of 1.01. The stock has a fifty day moving average price of $185.64 and a 200-day moving average price of $200.28.

CDW (NASDAQ:CDW) last announced its quarterly earnings data on Wednesday, February 5th. The information technology services provider reported $2.40 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.33 by $0.07. CDW had a net margin of 5.13% and a return on equity of 55.42%. As a group, equities analysts anticipate that CDW Co. will post 9.41 EPS for the current fiscal year.

CDW Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 11th. Investors of record on Tuesday, February 25th will be given a dividend of $0.625 per share. This represents a $2.50 dividend on an annualized basis and a yield of 1.29%. The ex-dividend date is Tuesday, February 25th. CDW’s dividend payout ratio is 31.37%.

CDW announced that its board has authorized a share repurchase program 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 shares through open market purchases. Shares buyback programs are typically an indication that the company’s board 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.