Jennison Associates LLC Buys 103,798 Shares of CDW Co. (NASDAQ:CDW)

Jennison Associates LLC grew its stake in CDW Co. (NASDAQ:CDW) by 2,172.4% during the 4th quarter, HoldingsChannel reports. The fund owned 108,576 shares of the information technology services provider’s stock after purchasing an additional 103,798 shares during the quarter. Jennison Associates LLC’s holdings in CDW were worth $24,681,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in the stock. Northern Trust Corp boosted its holdings in CDW by 1.6% in the third quarter. Northern Trust Corp now owns 1,331,127 shares of the information technology services provider’s stock worth $268,568,000 after acquiring an additional 20,345 shares in the last quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. lifted its holdings in shares of CDW by 3.3% during the third quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 1,315,983 shares of the information technology services provider’s stock valued at $265,513,000 after purchasing an additional 41,472 shares in the last quarter. Barclays PLC lifted its holdings in shares of CDW by 2.1% during the third quarter. Barclays PLC now owns 1,016,132 shares of the information technology services provider’s stock valued at $205,014,000 after purchasing an additional 20,934 shares in the last quarter. American Century Companies Inc. lifted its holdings in shares of CDW by 2.5% during the third quarter. American Century Companies Inc. now owns 832,548 shares of the information technology services provider’s stock valued at $167,975,000 after purchasing an additional 20,152 shares in the last quarter. Finally, California Public Employees Retirement System lifted its holdings in shares of CDW by 1.0% during the third quarter. California Public Employees Retirement System now owns 819,011 shares of the information technology services provider’s stock valued at $165,244,000 after purchasing an additional 7,854 shares in the last quarter. 93.15% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on CDW shares. Barclays upped their price target on CDW from $219.00 to $261.00 and gave the company an “equal weight” rating in a report on Thursday, February 8th. JPMorgan Chase & Co. upped their price target on CDW from $267.00 to $280.00 and gave the company an “overweight” rating in a report on Thursday, April 11th. Citigroup upped their price target on CDW from $255.00 to $295.00 and gave the company a “buy” rating in a report on Thursday, April 4th. Finally, Evercore ISI upped their price target on CDW from $250.00 to $300.00 and gave the company an “outperform” rating in a report on Friday, March 22nd. Three equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, CDW has an average rating of “Moderate Buy” and an average target price of $242.67.

CDW Stock Performance

NASDAQ:CDW opened at $240.69 on Thursday. The company has a current ratio of 1.23, a quick ratio of 1.11 and a debt-to-equity ratio of 2.46. CDW Co. has a 12-month low of $162.59 and a 12-month high of $263.37. The stock has a 50-day moving average price of $247.19 and a 200 day moving average price of $228.12. The stock has a market capitalization of $32.34 billion, a P/E ratio of 29.71, a P/E/G ratio of 2.72 and a beta of 1.09.

CDW (NASDAQ:CDW) last released its earnings results on Wednesday, February 7th. The information technology services provider reported $2.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.56 by $0.01. CDW had a return on equity of 73.93% and a net margin of 5.17%. The firm had revenue of $5.02 billion during the quarter, compared to analysts’ expectations of $5.32 billion. During the same quarter last year, the business posted $2.40 earnings per share. The firm’s revenue was down 7.7% on a year-over-year basis. Equities research analysts forecast that CDW Co. will post 9.89 EPS for the current fiscal year.

CDW Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, March 12th. Investors of record on Monday, February 26th were paid a dividend of $0.62 per share. This represents a $2.48 dividend on an annualized basis and a yield of 1.03%. The ex-dividend date of this dividend was Friday, February 23rd. CDW’s payout ratio is presently 30.62%.

CDW announced that its board has initiated a stock repurchase plan on Wednesday, February 7th that authorizes the company to repurchase $750.00 million in shares. This repurchase authorization authorizes the information technology services provider to purchase up to 2.4% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its shares are undervalued.

CDW 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.