Korea Investment CORP Sells 13,604 Shares of CDW Co. (NASDAQ:CDW)

Korea Investment CORP lowered its stake in shares of CDW Co. (NASDAQ:CDW) by 23.0% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 45,497 shares of the information technology services provider’s stock after selling 13,604 shares during the quarter. Korea Investment CORP’s holdings in CDW were worth $7,918,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Allworth Financial LP lifted its position in shares of CDW by 39.7% during the 4th quarter. Allworth Financial LP now owns 183 shares of the information technology services provider’s stock worth $32,000 after purchasing an additional 52 shares during the last quarter. OFI Invest Asset Management acquired a new position in shares of CDW during the fourth quarter worth approximately $32,000. Parkside Financial Bank & Trust lifted its holdings in shares of CDW by 38.9% during the fourth quarter. Parkside Financial Bank & Trust now owns 207 shares of the information technology services provider’s stock worth $36,000 after buying an additional 58 shares during the last quarter. Canoe Financial LP grew its stake in shares of CDW by 68.3% in the fourth quarter. Canoe Financial LP now owns 276 shares of the information technology services provider’s stock worth $48,000 after acquiring an additional 112 shares during the last quarter. Finally, ORG Wealth Partners LLC bought a new position in CDW during the fourth quarter worth $69,000. Institutional investors and hedge funds own 93.15% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the stock. Barclays increased their price target 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. UBS Group reduced their target price 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. Finally, Morgan Stanley upped their price target on CDW from $193.00 to $201.00 and gave the company an “equal weight” rating in a report on Thursday, February 6th. Four analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $235.50.

CDW Stock Performance

NASDAQ:CDW opened at $160.26 on Tuesday. The firm has a market capitalization of $21.23 billion, a PE ratio of 20.11, a price-to-earnings-growth ratio of 3.21 and a beta of 1.01. 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 Co. has a 12-month low of $158.76 and a 12-month high of $263.37. The firm has a 50-day moving average price of $181.83 and a 200 day moving average price of $190.93.

CDW (NASDAQ:CDW) last issued its earnings results on Wednesday, February 5th. The information technology services provider reported $2.40 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.33 by $0.07. CDW had a return on equity of 55.42% and a net margin of 5.13%. Research analysts anticipate that CDW Co. will post 9.41 earnings per share for the current fiscal year.

CDW announced that its Board of Directors has initiated a share 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 generally a sign that the company’s leadership believes its stock is undervalued.

CDW Dividend Announcement

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

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.