Principal Financial Group Inc. reduced its stake in CDW Co. (NASDAQ:CDW) by 2.8% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 214,053 shares of the information technology services provider’s stock after selling 6,154 shares during the quarter. Principal Financial Group Inc. owned about 0.15% of CDW worth $28,210,000 at the end of the most recent reporting period.
Several other institutional investors also recently bought and sold shares of CDW. Achmea Investment Management B.V. lifted its stake in CDW by 5.2% in the fourth quarter. Achmea Investment Management B.V. now owns 69,291 shares of the information technology services provider’s stock valued at $9,131,000 after buying an additional 3,456 shares during the period. Intercontinental Wealth Advisors LLC acquired a new position in CDW in the fourth quarter valued at approximately $223,000. Berman Capital Advisors LLC lifted its stake in CDW by 146.4% in the fourth quarter. Berman Capital Advisors LLC now owns 340 shares of the information technology services provider’s stock valued at $44,000 after buying an additional 202 shares during the period. National Pension Service increased its holdings in shares of CDW by 2.9% during the fourth quarter. National Pension Service now owns 220,347 shares of the information technology services provider’s stock valued at $29,040,000 after acquiring an additional 6,234 shares in the last quarter. Finally, Verition Fund Management LLC bought a new stake in shares of CDW during the fourth quarter valued at approximately $884,000. 91.41% of the stock is currently owned by institutional investors.
CDW has been the subject of several recent research reports. Citigroup boosted their price objective on CDW from $145.00 to $175.00 and gave the company a “buy” rating in a report on Thursday, February 11th. Morgan Stanley upgraded CDW from an “equal weight” rating to an “overweight” rating and set a $164.00 price objective for the company in a report on Thursday, February 4th. Credit Suisse Group boosted their price objective on CDW from $150.00 to $175.00 and gave the company an “outperform” rating in a report on Thursday, February 11th. William Blair restated an “outperform” rating on shares of CDW in a report on Wednesday, February 10th. Finally, Zacks Investment Research upgraded CDW from a “hold” rating to a “buy” rating and set a $162.00 price target for the company in a report on Monday, March 8th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and six have assigned a buy rating to the company’s stock. CDW has a consensus rating of “Buy” and a consensus target price of $149.50.
CDW (NASDAQ:CDW) last posted its quarterly earnings data on Tuesday, February 9th. The information technology services provider reported $1.82 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.51 by $0.31. CDW had a return on equity of 88.43% and a net margin of 4.08%. The business had revenue of $4.96 billion for the quarter, compared to analysts’ expectations of $4.38 billion. During the same quarter in the previous year, the firm earned $1.57 earnings per share. The business’s revenue was up 9.2% on a year-over-year basis. As a group, analysts forecast that CDW Co. will post 6.08 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, March 10th. Shareholders of record on Thursday, February 25th were given a $0.40 dividend. The ex-dividend date was Wednesday, February 24th. This represents a $1.60 annualized dividend and a yield of 0.94%. CDW’s dividend payout ratio is currently 26.58%.
CDW declared that its Board of Directors has authorized a share repurchase program on Wednesday, February 10th that allows the company to repurchase $1.25 billion in outstanding shares. This repurchase authorization allows the information technology services provider to purchase up to 5.6% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s leadership believes its shares are undervalued.
In other news, insider Frederick J. Kulevich sold 2,500 shares of the company’s stock in a transaction on Tuesday, February 16th. The stock was sold at an average price of $154.78, for a total transaction of $386,950.00. Following the transaction, the insider now owns 15,478 shares of the company’s stock, valued at approximately $2,395,684.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Christina M. Corley sold 3,500 shares of the company’s stock in a transaction on Tuesday, March 16th. The shares were sold at an average price of $162.13, for a total value of $567,455.00. Following the transaction, the insider now directly owns 44,235 shares in the company, valued at approximately $7,171,820.55. The disclosure for this sale can be found here. In the last three months, insiders sold 9,500 shares of company stock worth $1,421,480. Insiders own 1.33% of the company’s stock.
CDW Corporation provides integrated information technology (IT) solutions to business, government, education, and healthcare customers 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, as well as integrated IT solutions, including mobility, security, data center optimization, cloud computing, virtualization, and collaboration.
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