Renaissance Technologies LLC Invests $26.07 Million in CDW Co. (NASDAQ:CDW)

Renaissance Technologies LLC bought a new position in CDW Co. (NASDAQ:CDW - Free Report) during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm bought 149,798 shares of the information technology services provider's stock, valued at approximately $26,071,000. Renaissance Technologies LLC owned approximately 0.11% of CDW at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in CDW. Norges Bank purchased a new position in CDW during the fourth quarter worth about $144,826,000. Madison Investment Advisors LLC acquired a new stake in shares of CDW during the 4th quarter worth approximately $130,996,000. Proficio Capital Partners LLC raised its position in shares of CDW by 18,259.3% during the 4th quarter. Proficio Capital Partners LLC now owns 687,189 shares of the information technology services provider's stock valued at $119,598,000 after buying an additional 683,446 shares during the period. Massachusetts Financial Services Co. MA lifted its holdings in CDW by 31.3% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 2,414,093 shares of the information technology services provider's stock valued at $420,149,000 after acquiring an additional 575,333 shares during the last quarter. Finally, Wellington Management Group LLP grew its position in 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 worth $441,848,000 after acquiring an additional 574,444 shares during the period. 93.15% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages have recently commented on CDW. JPMorgan Chase & Co. decreased their price target on CDW from $222.00 to $175.00 and set a "neutral" rating on the stock in a research note on Thursday. Citigroup decreased their target price on shares of CDW from $220.00 to $160.00 and set a "neutral" rating on the stock in a research report on Monday. UBS Group dropped their price target on shares of CDW from $233.00 to $220.00 and set a "buy" rating for the company in a research report on Tuesday, January 7th. Barclays boosted their price target on shares of CDW from $201.00 to $223.00 and gave the company an "equal weight" rating in a research note on Thursday, February 6th. Finally, 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 research report on Thursday, February 6th. Four analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $217.38.

CDW Stock Up 1.8 %

CDW traded up $2.70 during trading hours on Friday, hitting $151.47. 1,166,889 shares of the company's stock were exchanged, compared to its average volume of 1,164,830. The company has a current ratio of 1.35, a quick ratio of 1.24 and a debt-to-equity ratio of 2.38. CDW Co. has a 12-month low of $137.31 and a 12-month high of $248.12. The firm has a market cap of $19.96 billion, a P/E ratio of 19.01, a price-to-earnings-growth ratio of 3.21 and a beta of 0.97. The firm has a 50 day moving average of $168.47 and a 200 day moving average of $184.14.

CDW (NASDAQ:CDW - Get Free Report) last posted its quarterly earnings data on Wednesday, February 5th. The information technology services provider reported $2.40 earnings per share for the quarter, topping analysts' consensus estimates of $2.33 by $0.07. CDW had a return on equity of 55.42% and a net margin of 5.13%. Analysts predict that CDW Co. will post 9.41 EPS for the current fiscal year.

CDW Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, March 11th. Investors of record on Tuesday, February 25th were issued a $0.625 dividend. The ex-dividend date was Tuesday, February 25th. This represents a $2.50 annualized dividend and a yield of 1.65%. CDW's dividend payout ratio (DPR) is 31.37%.

CDW announced that its Board of Directors has authorized a share buyback plan on Wednesday, February 5th that permits the company to repurchase $750.00 million in outstanding shares. This repurchase authorization permits the information technology services provider to repurchase up to 2.7% of its stock through open market purchases. Stock repurchase plans are often a sign that the company's management believes its shares are 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.