CDW Co. (NASDAQ:CDW) Shares Sold by Synovus Financial Corp

Synovus Financial Corp lowered its position in shares of CDW Co. (NASDAQ:CDW) by 5.4% in the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 11,070 shares of the information technology services provider’s stock after selling 633 shares during the quarter. Synovus Financial Corp’s holdings in CDW were worth $1,927,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. boosted its position in shares of CDW by 0.6% in the fourth quarter. Vanguard Group Inc. now owns 16,673,784 shares of the information technology services provider’s stock worth $2,901,905,000 after buying an additional 99,947 shares during the period. Geode Capital Management LLC boosted its holdings in CDW by 1.6% in the 4th quarter. Geode Capital Management LLC now owns 3,535,405 shares of the information technology services provider’s stock worth $614,220,000 after acquiring an additional 54,341 shares during the period. Wellington Management Group LLP boosted its holdings in CDW by 29.2% in the 4th quarter. Wellington Management Group LLP now owns 2,538,775 shares of the information technology services provider’s stock worth $441,848,000 after acquiring an additional 574,444 shares during the period. Invesco Ltd. raised its stake in shares of CDW by 27.6% during the fourth quarter. Invesco Ltd. now owns 2,426,746 shares of the information technology services provider’s stock valued at $422,351,000 after purchasing an additional 524,559 shares during the period. Finally, Massachusetts Financial Services Co. MA raised its stake in shares of CDW by 31.3% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 2,414,093 shares of the information technology services provider’s stock valued at $420,149,000 after purchasing an additional 575,333 shares during the period. Institutional investors and hedge funds own 93.15% of the company’s stock.

CDW Stock Performance

Shares of CDW opened at $150.83 on Wednesday. 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 12-month low of $137.31 and a 12-month high of $248.12. The business’s fifty day moving average price is $170.14 and its 200 day moving average price is $184.91. The stock has a market capitalization of $19.98 billion, a PE ratio of 18.92, a price-to-earnings-growth ratio of 3.21 and a beta of 0.97.

CDW (NASDAQ:CDW) last posted its quarterly earnings results on Wednesday, February 5th. The information technology services provider reported $2.40 EPS for the quarter, beating the consensus estimate of $2.33 by $0.07. CDW had a net margin of 5.13% and a return on equity of 55.42%. Equities research analysts forecast that CDW Co. will post 9.41 EPS for the current year.

CDW Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, March 11th. Stockholders of record on Tuesday, February 25th were given a dividend of $0.625 per share. This represents a $2.50 dividend on an annualized basis and a dividend yield of 1.66%. The ex-dividend date was Tuesday, February 25th. CDW’s payout ratio is 31.37%.

CDW announced that its Board of Directors has authorized a stock buyback program on Wednesday, February 5th that authorizes the company to repurchase $750.00 million in outstanding shares. This repurchase authorization authorizes the information technology services provider to repurchase up to 2.7% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s board of directors believes its shares are undervalued.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on CDW shares. UBS Group lowered their price target on shares of CDW from $233.00 to $220.00 and set a “buy” rating for the company in a report on Tuesday, January 7th. Morgan Stanley lifted their target price on CDW from $193.00 to $201.00 and gave the stock an “equal weight” rating in a research report on Thursday, February 6th. Barclays increased their price target on CDW from $201.00 to $223.00 and gave the company an “equal weight” rating in a report on Thursday, February 6th. Finally, Citigroup dropped their price objective on CDW from $220.00 to $160.00 and set a “neutral” rating on the stock in a report on Monday. Four analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $224.88.

CDW Company 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.