Raymond James Financial Inc. Acquires Shares of 156,531 CDW Co. (NASDAQ:CDW)

Raymond James Financial Inc. acquired a new stake in CDW Co. (NASDAQ:CDW) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 156,531 shares of the information technology services provider’s stock, valued at approximately $27,243,000. Raymond James Financial Inc. owned 0.12% of CDW at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in the stock. Allworth Financial LP grew its stake in shares of CDW by 39.7% during the fourth 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 in the last quarter. Parkside Financial Bank & Trust grew its stake 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 valued at $36,000 after acquiring an additional 58 shares in the last quarter. Canoe Financial LP grew its stake in shares of CDW by 68.3% during the fourth 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 in the last quarter. Covestor Ltd grew its stake in shares of CDW by 80.1% during the third quarter. Covestor Ltd now owns 245 shares of the information technology services provider’s stock valued at $55,000 after acquiring an additional 109 shares in the last quarter. Finally, ORG Wealth Partners LLC acquired a new stake in shares of CDW during the fourth quarter valued at about $69,000. 93.15% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on CDW shares. UBS Group lowered their target price on 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 CDW from $193.00 to $201.00 and gave the stock an “equal weight” rating in a research note on Thursday, February 6th. Redburn Atlantic started coverage on CDW in a research note on Friday, November 15th. They issued a “buy” rating and a $230.00 price target for the company. Finally, Barclays lifted their price target on CDW from $201.00 to $223.00 and gave the stock an “equal weight” rating in a research note on Thursday, February 6th. Four investment analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, CDW has an average rating of “Moderate Buy” and an average target price of $242.67.

CDW Stock Performance

Shares of CDW stock opened at $167.00 on Friday. The company has a quick ratio of 1.24, a current ratio of 1.35 and a debt-to-equity ratio of 2.38. The business has a 50 day moving average of $185.71 and a two-hundred day moving average of $195.73. CDW Co. has a 52 week low of $162.84 and a 52 week high of $263.37. The company has a market cap of $22.13 billion, a P/E ratio of 20.95, a PEG ratio of 3.21 and a beta of 1.01.

CDW (NASDAQ:CDW) last issued its earnings results on Wednesday, February 5th. The information technology services provider reported $2.40 EPS for the quarter, beating 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%. As a group, analysts anticipate that CDW Co. will post 9.41 EPS for the current year.

CDW Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, March 11th. Shareholders of record on Tuesday, February 25th were paid a $0.625 dividend. The ex-dividend date was Tuesday, February 25th. This represents a $2.50 dividend on an annualized basis and a yield of 1.50%. CDW’s payout ratio is currently 31.37%.

CDW declared that its Board of Directors has approved a share buyback plan on Wednesday, February 5th that authorizes the company to repurchase $750.00 million in shares. This repurchase authorization authorizes the information technology services provider to purchase up to 2.7% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its stock is undervalued.

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.