Magnetar Financial LLC Invests $516,000 in CDW Co. (NASDAQ:CDW)

Magnetar Financial LLC bought a new position in shares of CDW Co. (NASDAQ:CDW) during the fourth quarter, HoldingsChannel reports. The institutional investor bought 2,963 shares of the information technology services provider’s stock, valued at approximately $516,000.

A number of other institutional investors have also made changes to their positions in the company. State Street Corp lifted its position 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 purchasing an additional 64,702 shares in the last quarter. Geode Capital Management LLC lifted its position 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 purchasing an additional 31,858 shares in the last quarter. Janus Henderson Group PLC increased its stake in shares of CDW by 7,029.1% in 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 during the last quarter. Barclays PLC increased its stake in shares of CDW by 0.3% in 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 during the last quarter. Finally, Bank of New York Mellon Corp increased its stake in shares of CDW by 4.3% in 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 during the last quarter. 93.15% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on CDW. 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 note 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 research note 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 research note 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 a consensus target price of $235.50.

CDW Stock Down 1.5 %

CDW stock opened at $165.57 on Friday. The company has a debt-to-equity ratio of 2.38, a current ratio of 1.35 and a quick ratio of 1.24. CDW Co. has a 1-year low of $162.84 and a 1-year high of $263.37. The firm has a fifty day moving average price of $184.40 and a two-hundred day moving average price of $193.19. The firm 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.

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 the consensus estimate of $2.33 by $0.07. CDW had a net margin of 5.13% and a return on equity of 55.42%. Research analysts predict that CDW Co. will post 9.41 EPS for the current year.

CDW Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, March 11th. Stockholders 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 annualized dividend and a dividend yield of 1.51%. CDW’s dividend payout ratio is currently 31.37%.

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