Magnetar Financial LLC Buys Shares of 2,963 CDW Co. (NASDAQ:CDW)

Magnetar Financial LLC bought a new stake in shares of CDW Co. (NASDAQ:CDW) in the 4th quarter, according to its most recent 13F filing with the SEC. The firm bought 2,963 shares of the information technology services provider’s stock, valued at approximately $516,000.

Several other hedge funds have also recently added to or reduced their stakes in CDW. State Street Corp grew its holdings in shares of 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 grew its holdings in shares of CDW by 0.9% during the third quarter. Geode Capital Management LLC now owns 3,481,064 shares of the information technology services provider’s stock worth $785,635,000 after buying an additional 31,858 shares in the last quarter. Janus Henderson Group PLC grew its holdings in shares of CDW by 7,029.1% during the third quarter. Janus Henderson Group PLC now owns 1,466,597 shares of the information technology services provider’s stock worth $331,891,000 after buying an additional 1,446,025 shares in the last quarter. Barclays PLC grew its holdings in shares of CDW by 0.3% during the third quarter. Barclays PLC now owns 1,156,789 shares of the information technology services provider’s stock worth $261,779,000 after buying an additional 3,424 shares in 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 currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

CDW has been the subject of a number of recent research reports. UBS Group lowered their price target on shares of CDW from $233.00 to $220.00 and set a “buy” rating for the company in a report on Tuesday, January 7th. Morgan Stanley lifted their price target 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 lifted their price target 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. Four research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $235.50.

CDW Price Performance

CDW stock opened at $165.57 on Friday. The company has a market cap of $21.94 billion, a price-to-earnings ratio of 20.77, a PEG ratio of 3.21 and a beta of 1.01. 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 1 year low of $162.84 and a 1 year high of $263.37. The firm has a 50 day moving average price of $184.40 and a 200 day moving average price of $193.19.

CDW (NASDAQ:CDW) last announced its quarterly earnings results on Wednesday, February 5th. The information technology services provider reported $2.40 earnings per share 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%. Sell-side analysts predict that CDW Co. will post 9.41 earnings per share for the current year.

CDW Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, March 11th. Shareholders of record on Tuesday, February 25th were given a dividend of $0.625 per share. The ex-dividend date was Tuesday, February 25th. This represents a $2.50 dividend on an annualized basis and a yield of 1.51%. CDW’s dividend payout ratio (DPR) is 31.37%.

CDW declared that its Board of Directors has authorized a share repurchase plan 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 purchase up to 2.7% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s leadership believes its stock is 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.