Man Group plc Boosts Holdings in CDW Co. (NASDAQ:CDW)

Man Group plc lifted its stake in CDW Co. (NASDAQ:CDW) by 23.6% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 78,347 shares of the information technology services provider’s stock after purchasing an additional 14,981 shares during the period. Man Group plc owned 0.06% of CDW worth $13,636,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of CDW. Allworth Financial LP lifted its position in CDW by 39.7% during the 4th quarter. Allworth Financial LP now owns 183 shares of the information technology services provider’s stock valued at $32,000 after acquiring an additional 52 shares during the period. OFI Invest Asset Management purchased a new position in CDW during the 4th quarter valued at about $32,000. Parkside Financial Bank & Trust lifted its position in CDW by 38.9% during the 4th quarter. Parkside Financial Bank & Trust now owns 207 shares of the information technology services provider’s stock valued at $36,000 after acquiring an additional 58 shares during the period. Optiver Holding B.V. lifted its position in CDW by 107.2% during the 4th quarter. Optiver Holding B.V. now owns 230 shares of the information technology services provider’s stock valued at $40,000 after acquiring an additional 119 shares during the period. Finally, Canoe Financial LP lifted its position in CDW by 68.3% during the 4th quarter. Canoe Financial LP now owns 276 shares of the information technology services provider’s stock valued at $48,000 after acquiring an additional 112 shares during the period. 93.15% of the stock is owned by hedge funds and other institutional investors.

CDW Stock Performance

Shares of CDW stock opened at $189.03 on Friday. The company has a 50 day moving average price of $163.18 and a 200-day moving average price of $176.56. CDW Co. has a 52 week low of $137.31 and a 52 week high of $241.26. The firm has a market capitalization of $24.89 billion, a PE ratio of 23.72, a P/E/G ratio of 3.21 and a beta of 0.91. The company has a quick ratio of 1.24, a current ratio of 1.35 and a debt-to-equity ratio of 2.38.

CDW (NASDAQ:CDW) last announced its quarterly earnings results on Wednesday, May 7th. The information technology services provider reported $2.15 EPS for the quarter, topping analysts’ consensus estimates of $1.96 by $0.19. CDW had a net margin of 5.13% and a return on equity of 55.42%. The firm had revenue of $5.20 billion during the quarter, compared to analyst estimates of $4.93 billion. During the same period in the previous year, the business posted $1.92 earnings per share. The business’s revenue for the quarter was up 6.7% on a year-over-year basis. As a group, equities research analysts expect that CDW Co. will post 9.41 earnings per share for the current year.

CDW Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, June 10th. Stockholders of record on Monday, May 26th will be paid a $0.625 dividend. The ex-dividend date of this dividend is Friday, May 23rd. This represents a $2.50 dividend on an annualized basis and a dividend yield of 1.32%. CDW’s dividend payout ratio is presently 30.98%.

CDW declared that its board has initiated a share repurchase program on Wednesday, February 5th that allows the company to repurchase $750.00 million in outstanding shares. This repurchase authorization allows the information technology services provider to buy up to 2.7% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s management believes its stock is undervalued.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on CDW shares. Morgan Stanley lifted their price target on shares of CDW from $193.00 to $201.00 and gave the company an “equal weight” rating in a research report on Thursday, February 6th. JPMorgan Chase & Co. reduced their price objective on shares of CDW from $222.00 to $175.00 and set a “neutral” rating for the company in a research note on Thursday, April 17th. UBS Group reduced their price objective on shares of CDW from $236.00 to $210.00 and set a “buy” rating for the company in a research note on Thursday, May 8th. Citigroup raised their price objective on shares of CDW from $160.00 to $180.00 and gave the company a “neutral” rating in a research note on Thursday, May 8th. Finally, Barclays reduced their price objective on shares of CDW from $223.00 to $205.00 and set an “equal weight” rating for the company in a research note on Thursday, May 8th. Four investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $216.38.

Insider Transactions at CDW

In related news, insider Christine A. Leahy sold 40,917 shares of the firm’s stock in a transaction that occurred on Thursday, May 8th. The shares were sold at an average price of $181.42, for a total value of $7,423,162.14. Following the transaction, the insider now owns 144,931 shares of the company’s stock, valued at approximately $26,293,382.02. This trade represents a 22.02% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Frederick J. Kulevich sold 28,159 shares of the firm’s stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $190.90, for a total transaction of $5,375,553.10. Following the completion of the transaction, the insider now directly owns 36,077 shares in the company, valued at approximately $6,887,099.30. The trade was a 43.84% decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.84% of the company’s stock.

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.