Proficio Capital Partners LLC Buys 683,446 Shares of CDW Co. (NASDAQ:CDW)

Proficio Capital Partners LLC boosted its stake in CDW Co. (NASDAQ:CDW) by 18,259.3% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 687,189 shares of the information technology services provider’s stock after acquiring an additional 683,446 shares during the period. Proficio Capital Partners LLC owned 0.52% of CDW worth $119,598,000 as of its most recent filing with the SEC.

Several other hedge funds have also added to or reduced their stakes in the stock. Oppenheimer & Co. Inc. raised its position in shares of CDW by 41.5% in the fourth quarter. Oppenheimer & Co. Inc. now owns 2,389 shares of the information technology services provider’s stock valued at $416,000 after purchasing an additional 701 shares during the period. Advisor OS LLC raised its position in shares of CDW by 151.1% in the fourth quarter. Advisor OS LLC now owns 3,649 shares of the information technology services provider’s stock valued at $635,000 after purchasing an additional 2,196 shares during the period. Bank of New York Mellon Corp raised its position in shares of CDW by 4.3% in the fourth quarter. Bank of New York Mellon Corp now owns 979,521 shares of the information technology services provider’s stock valued at $170,476,000 after purchasing an additional 40,666 shares during the period. Impax Asset Management Group plc raised its position in shares of CDW by 22.7% in the fourth quarter. Impax Asset Management Group plc now owns 41,295 shares of the information technology services provider’s stock valued at $7,187,000 after purchasing an additional 7,642 shares during the period. Finally, Y Intercept Hong Kong Ltd raised its position in shares of CDW by 9.3% in the fourth quarter. Y Intercept Hong Kong Ltd now owns 3,720 shares of the information technology services provider’s stock valued at $647,000 after purchasing an additional 316 shares during the period. Institutional investors own 93.15% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently issued reports on CDW. Redburn Atlantic began coverage on shares of CDW in a research report on Friday, November 15th. They issued a “buy” rating and a $230.00 price target on the stock. Barclays boosted their price objective on shares of CDW from $201.00 to $223.00 and gave the company an “equal weight” rating in a research note on Thursday, February 6th. UBS Group reduced their price objective 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 boosted their price objective on shares of CDW from $193.00 to $201.00 and gave the company 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 issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $242.67.

CDW Price Performance

CDW stock opened at $179.00 on Friday. The company has a debt-to-equity ratio of 2.38, a current ratio of 1.35 and a quick ratio of 1.24. CDW Co. has a one year low of $168.43 and a one year high of $263.37. The stock has a market cap of $23.72 billion, a PE ratio of 22.46, a P/E/G ratio of 3.21 and a beta of 1.01. The firm has a 50 day simple moving average of $186.73 and a two-hundred day simple moving average of $199.29.

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

CDW announced that its Board of Directors has initiated a share buyback plan on Wednesday, February 5th that allows the company to repurchase $750.00 million in shares. This repurchase authorization allows the information technology services provider to reacquire up to 2.7% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board believes its shares are undervalued.

CDW Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, March 11th. Shareholders of record on Tuesday, February 25th will be paid a $0.625 dividend. The ex-dividend date is Tuesday, February 25th. This represents a $2.50 dividend on an annualized basis and a yield of 1.40%. CDW’s dividend payout ratio is presently 31.37%.

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.