CDW Co. (NASDAQ:CDW) Shares Bought by Harvest Fund Management Co. Ltd

Harvest Fund Management Co. Ltd grew its holdings in CDW Co. (NASDAQ:CDW) by 156.7% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,928 shares of the information technology services provider’s stock after acquiring an additional 1,177 shares during the period. Harvest Fund Management Co. Ltd’s holdings in CDW were worth $438,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also modified their holdings of CDW. Raymond James Financial Services Advisors Inc. lifted its position in CDW by 16.1% in the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 49,011 shares of the information technology services provider’s stock valued at $11,141,000 after purchasing an additional 6,799 shares during the period. Cerity Partners LLC boosted its holdings in shares of CDW by 44.9% during the fourth quarter. Cerity Partners LLC now owns 14,553 shares of the information technology services provider’s stock worth $3,308,000 after purchasing an additional 4,511 shares during the last quarter. Pacer Advisors Inc. increased its stake in CDW by 84.9% in the fourth quarter. Pacer Advisors Inc. now owns 15,924 shares of the information technology services provider’s stock valued at $3,620,000 after purchasing an additional 7,310 shares during the last quarter. JGP Wealth Management LLC acquired a new position in shares of CDW during the 4th quarter valued at about $1,559,000. Finally, California Public Employees Retirement System grew its stake in shares of CDW by 1.0% during the 3rd 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 buying an additional 7,854 shares during the period. Hedge funds and other institutional investors own 93.15% of the company’s stock.

Analyst Ratings Changes

CDW has been the topic of several research analyst reports. Evercore ISI raised their price objective on CDW from $250.00 to $300.00 and gave the stock an “outperform” rating in a research note on Friday, March 22nd. Barclays increased their price objective on shares of CDW from $219.00 to $261.00 and gave the stock an “equal weight” rating in a report on Thursday, February 8th. Citigroup upped their price target on CDW from $255.00 to $295.00 and gave the stock a “buy” rating in a research report on Thursday, April 4th. Finally, JPMorgan Chase & Co. lifted their target price on CDW from $267.00 to $280.00 and gave the stock an “overweight” rating in a research note on Thursday, April 11th. Three equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $242.67.

CDW Stock Performance

CDW stock traded up $0.22 during trading on Wednesday, reaching $240.69. The company had a trading volume of 447,618 shares, compared to its average volume of 695,862. The firm’s 50-day simple moving average is $247.19 and its 200 day simple moving average is $228.12. CDW Co. has a 52 week low of $162.59 and a 52 week high of $263.37. The company has a current ratio of 1.23, a quick ratio of 1.11 and a debt-to-equity ratio of 2.46. The firm has a market capitalization of $32.34 billion, a price-to-earnings ratio of 29.74, a price-to-earnings-growth ratio of 2.69 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 analysts’ consensus estimates 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 in the prior year, the company earned $2.40 EPS. The company’s revenue was down 7.7% on a year-over-year basis. Sell-side analysts forecast that CDW Co. will post 9.89 earnings per share for the current fiscal year.

CDW Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, March 12th. Stockholders of record on Monday, February 26th were paid a $0.62 dividend. The ex-dividend date was Friday, February 23rd. This represents a $2.48 annualized dividend and a dividend yield of 1.03%. CDW’s payout ratio is 30.62%.

CDW announced that its board has initiated a stock buyback program on Wednesday, February 7th that permits the company to repurchase $750.00 million in shares. This repurchase authorization permits the information technology services provider to buy up to 2.4% of its stock through open market purchases. Stock repurchase programs are generally 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.