Allstate Corp Makes New Investment in CDW Co. (NASDAQ:CDW)

Allstate Corp bought a new position in CDW Co. (NASDAQ:CDW) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 3,961 shares of the information technology services provider’s stock, valued at approximately $689,000.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Allworth Financial LP raised its holdings in CDW by 39.7% in the 4th quarter. Allworth Financial LP now owns 183 shares of the information technology services provider’s stock worth $32,000 after acquiring an additional 52 shares during the last quarter. Summit Trail Advisors LLC increased its holdings in shares of CDW by 1.4% in the 4th quarter. Summit Trail Advisors LLC now owns 4,040 shares of the information technology services provider’s stock worth $703,000 after purchasing an additional 56 shares in the last quarter. Parkside Financial Bank & Trust raised its stake in shares of CDW by 38.9% in the fourth quarter. Parkside Financial Bank & Trust now owns 207 shares of the information technology services provider’s stock worth $36,000 after purchasing an additional 58 shares during the last quarter. Fulcrum Equity Management lifted its holdings in shares of CDW by 4.3% during the third quarter. Fulcrum Equity Management now owns 1,442 shares of the information technology services provider’s stock valued at $326,000 after purchasing an additional 60 shares in the last quarter. Finally, Jacobi Capital Management LLC boosted its position in shares of CDW by 4.5% during the fourth quarter. Jacobi Capital Management LLC now owns 1,428 shares of the information technology services provider’s stock valued at $248,000 after buying an additional 61 shares during the last quarter. 93.15% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts have weighed in on the company. Morgan Stanley boosted their target price on CDW from $193.00 to $201.00 and gave the stock an “equal weight” rating in a research report on Thursday, February 6th. Barclays boosted their price objective 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. Finally, UBS Group dropped their target price on shares of CDW from $233.00 to $220.00 and set a “buy” rating on the stock in a report on Tuesday, January 7th. Four investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, CDW currently has a consensus rating of “Moderate Buy” and a consensus price target of $235.50.

CDW Price Performance

NASDAQ CDW opened at $160.26 on Tuesday. The stock has a market cap of $21.23 billion, a price-to-earnings ratio of 20.11, a PEG ratio of 3.21 and a beta of 1.01. CDW Co. has a 12 month low of $158.76 and a 12 month high of $263.37. The company’s 50 day moving average is $181.83 and its two-hundred day moving average is $190.93. 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 (NASDAQ:CDW) last released its 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%. As a group, research analysts anticipate that CDW Co. will post 9.41 earnings per share for the current year.

CDW Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, March 11th. Investors of record on Tuesday, February 25th were given a dividend of $0.625 per share. This represents a $2.50 annualized dividend and a dividend yield of 1.56%. The ex-dividend date of this dividend was Tuesday, February 25th. CDW’s dividend payout ratio is currently 31.37%.

CDW declared that its board has authorized a stock buyback program on Wednesday, February 5th that allows the company to repurchase $750.00 million in shares. This repurchase authorization allows the information technology services provider to repurchase up to 2.7% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board of directors 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.