Canada Pension Plan Investment Board Acquires 280,584 Shares of CDW Co. (NASDAQ:CDW)

Canada Pension Plan Investment Board grew its stake in shares of CDW Co. (NASDAQ:CDW) by 2,045.4% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 294,302 shares of the information technology services provider’s stock after buying an additional 280,584 shares during the quarter. Canada Pension Plan Investment Board owned 0.22% of CDW worth $65,877,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of CDW. Wellington Management Group LLP increased its stake in shares of CDW by 29.1% in the fourth quarter. Wellington Management Group LLP now owns 3,464,886 shares of the information technology services provider’s stock worth $787,638,000 after buying an additional 781,421 shares during the period. Vanguard Group Inc. grew its holdings in CDW by 4.6% in the 1st quarter. Vanguard Group Inc. now owns 16,407,542 shares of the information technology services provider’s stock worth $4,196,721,000 after acquiring an additional 714,393 shares during the last quarter. Lazard Asset Management LLC increased its position in shares of CDW by 225.9% in the first quarter. Lazard Asset Management LLC now owns 881,586 shares of the information technology services provider’s stock valued at $225,491,000 after acquiring an additional 611,054 shares during the period. First Trust Advisors LP raised its stake in shares of CDW by 627.3% during the fourth quarter. First Trust Advisors LP now owns 625,781 shares of the information technology services provider’s stock valued at $142,252,000 after acquiring an additional 539,745 shares during the last quarter. Finally, Norges Bank purchased a new stake in shares of CDW during the fourth quarter worth about $111,736,000. 93.15% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms have weighed in on CDW. Northcoast Research upgraded CDW from a “neutral” rating to a “buy” rating and set a $270.00 price objective for the company in a report on Friday, June 7th. Barclays dropped their price target on CDW from $232.00 to $229.00 and set an “equal weight” rating for the company in a research note on Thursday, August 1st. Finally, Stifel Nicolaus lifted their price target on shares of CDW from $250.00 to $260.00 and gave the company a “buy” rating in a report on Wednesday, July 17th. Three investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, CDW currently has an average rating of “Moderate Buy” and an average price target of $254.63.

Insider Buying and Selling

In other CDW news, insider Sona Chawla sold 18,437 shares of CDW stock in a transaction on Tuesday, July 16th. The stock was sold at an average price of $240.45, for a total transaction of $4,433,176.65. Following the completion of the transaction, the insider now owns 22,428 shares in the company, valued at $5,392,812.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, insider Christine A. Leahy purchased 1,200 shares of the business’s stock in a transaction dated Thursday, August 1st. The shares were purchased at an average price of $216.15 per share, for a total transaction of $259,380.00. Following the completion of the acquisition, the insider now directly owns 102,200 shares in the company, valued at approximately $22,090,530. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Sona Chawla sold 18,437 shares of the firm’s stock in a transaction that occurred on Tuesday, July 16th. The shares were sold at an average price of $240.45, for a total transaction of $4,433,176.65. Following the sale, the insider now directly owns 22,428 shares of the company’s stock, valued at approximately $5,392,812.60. The disclosure for this sale can be found here. 0.90% of the stock is currently owned by company insiders.

CDW Price Performance

CDW opened at $225.30 on Friday. The company has a current ratio of 1.13, a quick ratio of 1.02 and a debt-to-equity ratio of 2.03. The company has a market cap of $30.28 billion, a price-to-earnings ratio of 28.13, a price-to-earnings-growth ratio of 3.27 and a beta of 1.04. The stock has a fifty day simple moving average of $222.12 and a two-hundred day simple moving average of $229.97. CDW Co. has a 12-month low of $185.04 and a 12-month high of $263.37.

CDW (NASDAQ:CDW) last issued its quarterly earnings results on Wednesday, July 31st. The information technology services provider reported $2.34 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.39 by ($0.05). CDW had a return on equity of 62.22% and a net margin of 5.29%. The business had revenue of $5.42 billion during the quarter, compared to the consensus estimate of $5.43 billion. During the same quarter in the previous year, the business earned $2.43 earnings per share. The firm’s revenue was down 3.6% compared to the same quarter last year. Research analysts predict that CDW Co. will post 9.4 earnings per share for the current fiscal year.

CDW Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 10th. Stockholders of record on Monday, August 26th were given a $0.62 dividend. The ex-dividend date was Monday, August 26th. This represents a $2.48 dividend on an annualized basis and a dividend yield of 1.10%. CDW’s dividend payout ratio is currently 30.96%.

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.