State of Michigan Retirement System Buys 100 Shares of CDW Co. (NASDAQ:CDW)

State of Michigan Retirement System grew its stake in CDW Co. (NASDAQ:CDW) by 0.3% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 36,745 shares of the information technology services provider’s stock after acquiring an additional 100 shares during the quarter. State of Michigan Retirement System’s holdings in CDW were worth $9,399,000 at the end of the most recent quarter.

A number of other large investors have also bought and sold shares of the business. Massmutual Trust Co. FSB ADV grew its stake in shares of CDW by 5.9% during the 1st quarter. Massmutual Trust Co. FSB ADV now owns 767 shares of the information technology services provider’s stock worth $196,000 after acquiring an additional 43 shares in the last quarter. Prestige Wealth Management Group LLC grew its stake in shares of CDW by 6.4% during the 4th quarter. Prestige Wealth Management Group LLC now owns 811 shares of the information technology services provider’s stock worth $184,000 after acquiring an additional 49 shares in the last quarter. Scotia Capital Inc. grew its stake in shares of CDW by 1.5% during the 3rd quarter. Scotia Capital Inc. now owns 3,495 shares of the information technology services provider’s stock worth $705,000 after acquiring an additional 50 shares in the last quarter. Checchi Capital Advisers LLC grew its stake in shares of CDW by 3.4% during the 4th quarter. Checchi Capital Advisers LLC now owns 1,502 shares of the information technology services provider’s stock worth $341,000 after acquiring an additional 50 shares in the last quarter. Finally, Diversified Trust Co grew its stake in shares of CDW by 4.6% during the 4th quarter. Diversified Trust Co now owns 1,157 shares of the information technology services provider’s stock worth $263,000 after acquiring an additional 51 shares in the last quarter. 93.15% of the stock is owned by institutional investors.

CDW Stock Down 0.0 %

Shares of NASDAQ CDW traded down $0.07 during midday trading on Tuesday, hitting $219.12. 971,732 shares of the stock traded hands, compared to its average volume of 783,363. The business has a 50 day moving average price of $227.00 and a two-hundred day moving average price of $233.86. CDW Co. has a one year low of $180.38 and a one year high of $263.37. The company has a market cap of $29.45 billion, a PE ratio of 27.36, a P/E/G ratio of 3.30 and a beta of 1.04. The company has a debt-to-equity ratio of 2.35, a quick ratio of 1.13 and a current ratio of 1.26.

CDW (NASDAQ:CDW) last announced its quarterly earnings results on Wednesday, May 1st. The information technology services provider reported $1.89 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.04 by ($0.15). CDW had a return on equity of 67.56% and a net margin of 5.16%. The company had revenue of $4.87 billion for the quarter, compared to the consensus estimate of $4.94 billion. On average, equities analysts predict that CDW Co. will post 9.67 EPS for the current year.

CDW Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, June 11th. Shareholders of record on Friday, May 24th were paid a $0.62 dividend. The ex-dividend date of this dividend was Thursday, May 23rd. This represents a $2.48 dividend on an annualized basis and a yield of 1.13%. CDW’s dividend payout ratio (DPR) is presently 30.96%.

Wall Street Analysts Forecast Growth

CDW has been the subject of several recent analyst reports. Barclays cut their price objective on CDW from $261.00 to $232.00 and set an “equal weight” rating for the company in a report on Thursday, May 2nd. Northcoast Research raised CDW from a “neutral” rating to a “buy” rating and set a $270.00 target price for the company in a report on Friday, June 7th. Evercore ISI lifted their target price on CDW from $250.00 to $300.00 and gave the stock an “outperform” rating in a report on Friday, March 22nd. JPMorgan Chase & Co. dropped their target price on CDW from $280.00 to $265.00 and set an “overweight” rating for the company in a report on Thursday, May 2nd. Finally, Citigroup dropped their target price on CDW from $295.00 to $260.00 and set a “buy” rating for the company in a report on Thursday, May 2nd. Three analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $250.00.

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.