CANADA LIFE ASSURANCE Co Reduces Holdings in CDW Co. (NASDAQ:CDW)

CANADA LIFE ASSURANCE Co lowered its position in CDW Co. (NASDAQ:CDW - Free Report) by 6.5% during the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 155,547 shares of the information technology services provider's stock after selling 10,772 shares during the period. CANADA LIFE ASSURANCE Co owned 0.12% of CDW worth $27,057,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its stake in CDW by 0.6% during the fourth quarter. Vanguard Group Inc. now owns 16,673,784 shares of the information technology services provider's stock worth $2,901,905,000 after buying an additional 99,947 shares during the last quarter. Geode Capital Management LLC boosted its position in shares of CDW by 1.6% during the 4th quarter. Geode Capital Management LLC now owns 3,535,405 shares of the information technology services provider's stock valued at $614,220,000 after acquiring an additional 54,341 shares during the last quarter. Wellington Management Group LLP grew its holdings in shares of CDW by 29.2% in the fourth quarter. Wellington Management Group LLP now owns 2,538,775 shares of the information technology services provider's stock valued at $441,848,000 after purchasing an additional 574,444 shares during the period. Invesco Ltd. increased its position in CDW by 27.6% during the fourth quarter. Invesco Ltd. now owns 2,426,746 shares of the information technology services provider's stock worth $422,351,000 after purchasing an additional 524,559 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA raised its stake in CDW by 31.3% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 2,414,093 shares of the information technology services provider's stock worth $420,149,000 after purchasing an additional 575,333 shares during the period. Hedge funds and other institutional investors own 93.15% of the company's stock.

CDW Stock Up 2.6 %

Shares of CDW stock traded up $4.08 during trading hours on Thursday, reaching $158.94. 959,229 shares of the stock were exchanged, compared to its average volume of 1,174,761. The business's fifty day moving average is $165.45 and its two-hundred day moving average is $182.28. The firm has a market capitalization of $20.94 billion, a P/E ratio of 19.94, a P/E/G ratio of 3.21 and a beta of 0.97. CDW Co. has a 12-month low of $137.31 and a 12-month high of $248.12. The company has a debt-to-equity ratio of 2.38, a current ratio of 1.35 and a quick ratio of 1.24.

CDW (NASDAQ:CDW - Get Free Report) last posted its quarterly earnings results on Wednesday, February 5th. The information technology services provider reported $2.40 EPS 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%. As a group, research analysts expect that CDW Co. will post 9.41 EPS for the current fiscal year.

CDW announced that its Board of Directors has authorized a stock repurchase program on Wednesday, February 5th that allows the company to buyback $750.00 million in outstanding shares. This buyback authorization allows the information technology services provider to reacquire up to 2.7% of its shares through open market purchases. Shares buyback programs are generally a sign that the company's board believes its shares are 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 issued a dividend of $0.625 per share. This represents a $2.50 dividend on an annualized basis and a yield of 1.57%. The ex-dividend date of this dividend was Tuesday, February 25th. CDW's dividend payout ratio (DPR) is 31.37%.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on CDW shares. JPMorgan Chase & Co. cut their price target 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. UBS Group cut their target price on CDW from $233.00 to $220.00 and set a "buy" rating for the company in a research note on Tuesday, January 7th. Citigroup decreased their price target on CDW from $220.00 to $160.00 and set a "neutral" rating on the stock in a research note on Monday, April 14th. Morgan Stanley raised their price objective on CDW from $193.00 to $201.00 and gave the stock an "equal weight" rating in a research report on Thursday, February 6th. Finally, Barclays lifted their price target on shares of CDW from $201.00 to $223.00 and gave the company an "equal weight" rating in a research report on Thursday, February 6th. Four research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, CDW presently has a consensus rating of "Moderate Buy" and a consensus 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.