Allspring Global Investments Holdings LLC Has $994,000 Stock Holdings in CDW Co. (NASDAQ:CDW)

Allspring Global Investments Holdings LLC cut its holdings in CDW Co. (NASDAQ:CDW) by 72.7% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 5,848 shares of the information technology services provider’s stock after selling 15,602 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in CDW were worth $994,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in CDW. Canoe Financial LP acquired a new stake in shares of CDW in the third quarter valued at $37,000. Fortitude Family Office LLC increased its position in CDW by 350.0% in the third quarter. Fortitude Family Office LLC now owns 171 shares of the information technology services provider’s stock worth $39,000 after purchasing an additional 133 shares during the period. Ashton Thomas Securities LLC acquired a new stake in CDW in the third quarter worth about $43,000. Covestor Ltd increased its position in CDW by 80.1% in the third quarter. Covestor Ltd now owns 245 shares of the information technology services provider’s stock worth $55,000 after purchasing an additional 109 shares during the period. Finally, ORG Wealth Partners LLC acquired a new stake in CDW in the fourth quarter worth about $69,000. 93.15% of the stock is currently owned by institutional investors and hedge funds.

CDW Trading Down 3.3 %

NASDAQ:CDW opened at $186.50 on Monday. CDW Co. has a fifty-two week low of $168.43 and a fifty-two week high of $263.37. The company has a debt-to-equity ratio of 2.38, a current ratio of 1.35 and a quick ratio of 1.24. The stock has a market capitalization of $24.85 billion, a PE ratio of 23.40, a price-to-earnings-growth ratio of 3.21 and a beta of 1.01. The business’s 50-day simple moving average is $186.14 and its 200-day simple moving average is $199.97.

CDW (NASDAQ:CDW) last released its quarterly earnings data on Wednesday, February 5th. The information technology services provider reported $2.40 earnings per share for the quarter, beating the consensus estimate of $2.33 by $0.07. CDW had a return on equity of 55.42% and a net margin of 5.13%. Sell-side analysts expect that CDW Co. will post 9.41 earnings per share for the current fiscal year.

CDW declared that its board has authorized a stock buyback plan on Wednesday, February 5th that allows the company to buyback $750.00 million in outstanding shares. This buyback authorization allows the information technology services provider to reacquire up to 2.7% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.

CDW Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 11th. Stockholders of record on Tuesday, February 25th will be issued a dividend of $0.625 per share. This represents a $2.50 annualized dividend and a dividend yield of 1.34%. The ex-dividend date is Tuesday, February 25th. CDW’s dividend payout ratio (DPR) is presently 31.37%.

Wall Street Analyst Weigh In

CDW has been the subject of a number of research reports. Morgan Stanley lifted their price objective on CDW from $193.00 to $201.00 and gave the stock an “equal weight” rating in a research report on Thursday, February 6th. UBS Group lowered their price objective on CDW from $233.00 to $220.00 and set a “buy” rating for the company in a research report on Tuesday, January 7th. Barclays lifted their price objective on CDW from $201.00 to $223.00 and gave the stock an “equal weight” rating in a research report on Thursday, February 6th. JPMorgan Chase & Co. cut CDW from an “overweight” rating to a “neutral” rating and reduced their target price for the stock from $260.00 to $235.00 in a report on Monday, October 28th. Finally, Redburn Atlantic initiated coverage on CDW in a report on Friday, November 15th. They set a “buy” rating and a $230.00 target price on the stock. Four equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, CDW currently has an average rating of “Moderate Buy” and a consensus price target of $242.67.

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.