Magnetar Financial LLC Acquires New Holdings in CDW Co. (NASDAQ:CDW)

Magnetar Financial LLC acquired a new stake in CDW Co. (NASDAQ:CDW - Free Report) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 2,963 shares of the information technology services provider's stock, valued at approximately $516,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. State Street Corp increased its position in CDW by 1.1% during the third quarter. State Street Corp now owns 5,719,348 shares of the information technology services provider's stock worth $1,294,288,000 after buying an additional 64,702 shares in the last quarter. Geode Capital Management LLC raised its stake in CDW by 0.9% in the 3rd quarter. Geode Capital Management LLC now owns 3,481,064 shares of the information technology services provider's stock valued at $785,635,000 after purchasing an additional 31,858 shares during the last quarter. Janus Henderson Group PLC lifted its holdings in CDW by 7,029.1% in the 3rd quarter. Janus Henderson Group PLC now owns 1,466,597 shares of the information technology services provider's stock valued at $331,891,000 after purchasing an additional 1,446,025 shares in the last quarter. Barclays PLC boosted its stake in shares of CDW by 0.3% during 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 during the last quarter. Finally, Bank of New York Mellon Corp grew its holdings in shares of CDW by 4.3% during the fourth quarter. Bank of New York Mellon Corp now owns 979,521 shares of the information technology services provider's stock worth $170,476,000 after buying an additional 40,666 shares in the last quarter. 93.15% of the stock is owned by institutional investors and hedge funds.

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Analysts Set New Price Targets

Several research analysts have weighed in on CDW shares. UBS Group cut 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 increased their price objective on shares of CDW from $193.00 to $201.00 and gave the stock an "equal weight" rating in a report on Thursday, February 6th. Finally, 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 report on Thursday, February 6th. Four investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $235.50.

CDW Stock Performance

NASDAQ:CDW traded down $3.49 during trading hours on Thursday, reaching $163.84. 1,499,622 shares of the stock were exchanged, compared to its average volume of 1,044,436. The stock has a market capitalization of $21.71 billion, a P/E ratio of 20.56, a P/E/G ratio of 3.21 and a beta of 1.01. The firm has a 50 day simple moving average of $183.42 and a 200-day simple moving average of $192.25. The company has a quick ratio of 1.24, a current ratio of 1.35 and a debt-to-equity ratio of 2.38. CDW Co. has a 52 week low of $161.20 and a 52 week high of $263.37.

CDW (NASDAQ:CDW - Get Free Report) last released its earnings results on Wednesday, February 5th. The information technology services provider reported $2.40 earnings per share for the quarter, beating 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, sell-side analysts forecast that CDW Co. will post 9.41 earnings per share for the current fiscal year.

CDW announced that its Board of Directors has initiated a stock repurchase program on Wednesday, February 5th that authorizes the company to repurchase $750.00 million in outstanding shares. This repurchase authorization authorizes the information technology services provider to reacquire up to 2.7% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company's management believes its stock is undervalued.

CDW Announces Dividend

The business also recently announced 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 dividend on an annualized basis and a yield of 1.53%. CDW's payout ratio is currently 31.37%.

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.