Groesbeck Investment Management Corp NJ Has $3.21 Million Stock Holdings in CDW Co. (NASDAQ:CDW)

Groesbeck Investment Management Corp NJ boosted its position in shares of CDW Co. (NASDAQ:CDW) by 0.4% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 14,134 shares of the information technology services provider’s stock after purchasing an additional 56 shares during the quarter. CDW comprises 4.4% of Groesbeck Investment Management Corp NJ’s holdings, making the stock its 4th biggest position. Groesbeck Investment Management Corp NJ’s holdings in CDW were worth $3,213,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Vanguard Group Inc. increased its stake in shares of CDW by 1.3% in the 1st quarter. Vanguard Group Inc. now owns 15,723,027 shares of the information technology services provider’s stock valued at $2,812,692,000 after acquiring an additional 196,216 shares during the last quarter. State Street Corp increased its stake in shares of CDW by 3.0% in the 1st quarter. State Street Corp now owns 5,281,252 shares of the information technology services provider’s stock valued at $1,029,263,000 after acquiring an additional 156,066 shares during the last quarter. Geode Capital Management LLC increased its stake in shares of CDW by 2.3% in the 1st quarter. Geode Capital Management LLC now owns 2,881,054 shares of the information technology services provider’s stock valued at $560,247,000 after acquiring an additional 63,457 shares during the last quarter. Morgan Stanley grew its position in shares of CDW by 130.7% in the 4th quarter. Morgan Stanley now owns 2,442,301 shares of the information technology services provider’s stock valued at $436,146,000 after purchasing an additional 1,383,869 shares during the period. Finally, Northern Trust Corp grew its position in shares of CDW by 1.6% in the 3rd quarter. Northern Trust Corp now owns 1,331,127 shares of the information technology services provider’s stock valued at $268,568,000 after purchasing an additional 20,345 shares during the period. 93.15% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the company. Evercore ISI boosted their price objective on CDW from $250.00 to $300.00 and gave the company an “outperform” rating in a research report on Friday, March 22nd. JPMorgan Chase & Co. boosted their price objective on CDW from $267.00 to $280.00 and gave the company an “overweight” rating in a research report on Thursday, April 11th. Citigroup boosted their price objective on CDW from $255.00 to $295.00 and gave the company a “buy” rating in a research report on Thursday, April 4th. Finally, Barclays boosted their price objective on CDW from $219.00 to $261.00 and gave the company an “equal weight” rating in a research report on Thursday, February 8th. Four equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat, CDW has an average rating of “Moderate Buy” and an average target price of $238.90.

CDW Stock Up 0.2 %

NASDAQ:CDW traded up $0.58 during trading hours on Thursday, reaching $237.36. 86,388 shares of the stock were exchanged, compared to its average volume of 701,298. CDW Co. has a twelve month low of $160.66 and a twelve month high of $263.37. The company has a debt-to-equity ratio of 2.46, a current ratio of 1.23 and a quick ratio of 1.11. The firm has a 50 day moving average of $247.57 and a 200 day moving average of $226.99. The stock has a market cap of $31.89 billion, a PE ratio of 29.34, a PEG ratio of 2.72 and a beta of 1.09.

CDW (NASDAQ:CDW) last released its quarterly earnings data on Wednesday, February 7th. The information technology services provider reported $2.57 EPS for the quarter, beating the consensus estimate of $2.56 by $0.01. The company had revenue of $5.02 billion during the quarter, compared to the consensus estimate of $5.32 billion. CDW had a return on equity of 73.93% and a net margin of 5.17%. The firm’s revenue for the quarter was down 7.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.40 EPS. On average, equities analysts expect that CDW Co. will post 9.88 earnings per share for the current year.

CDW Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, March 12th. Stockholders of record on Monday, February 26th were issued a $0.62 dividend. This represents a $2.48 annualized dividend and a dividend yield of 1.04%. The ex-dividend date was Friday, February 23rd. CDW’s payout ratio is presently 30.62%.

CDW announced that its board has approved a stock repurchase plan on Wednesday, February 7th that authorizes the company to repurchase $750.00 million in shares. This repurchase authorization authorizes the information technology services provider to reacquire up to 2.4% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s management believes its stock is undervalued.

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.