CDW board approves $750M increase to repurchase pact, dividend boost to 62c

CDW Corporation announced fourth quarter and year end 2023 results. CDW also announced the approval by its Board of Directors of a $750M increase to its share repurchase authorization and a quarterly cash dividend of 62c per share, which is 5% higher than the prior year period, to be paid on March 12 to all stockholders of record as of the close of business on February 26…”Looking ahead to 2024, we remain well-positioned to continue our track record of outpacing the US IT market growth by 200 to 300 basis points on a constant currency basis. To accomplish this, we will maintain our laser focus on meeting the needs of our more than 250,000 customers and remaining the partner of choice for more than 1,000 leading and emerging technology brands as the technology market continues to evolve,” concluded Leahy. “Since our IPO in June 2013, our dividend has increased nearly fifteen-fold from its initial level and we have returned more than $6.3 billion to stockholders through dividends and share repurchases,” said Albert J. Miralles, chief financial officer, CDW. “Our capital allocation strategy continues to emphasize dividend growth, along with managing our net leverage and making strategic acquisitions, in addition to share repurchases. This strategy has enabled us to deliver value to our stockholders just as we have delivered value to our customers and partners for 40 years.”