Woodline Partners LP Purchases New Shares in CDW Corporation $CDW

Key Points

• Woodline Partners LP acquired 264,145 shares of CDW Corporation, valued at approximately $42.3 million, representing about 0.20% of the company.
• CDW reported earnings of $2.60 per share for the quarter, exceeding analysts' expectations, and showed a 10.2% year-over-year revenue growth to $5.98 billion.
• The company declared a quarterly dividend of $0.625 per share, yielding 1.5%, with the payout scheduled for September 10th.

Woodline Partners LP acquired a new stake in CDW Corporation (NASDAQ:CDW - Free Report) in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 264,145 shares of the information technology services provider's stock, valued at approximately $42,332,000. Woodline Partners LP owned 0.20% of CDW at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the company. Vestcor Inc boosted its position in shares of CDW by 1.8% in the first quarter. Vestcor Inc now owns 4,068 shares of the information technology services provider's stock valued at $652,000 after acquiring an additional 71 shares during the period. TD Private Client Wealth LLC lifted its position in CDW by 30.3% during the first quarter. TD Private Client Wealth LLC now owns 310 shares of the information technology services provider's stock valued at $50,000 after purchasing an additional 72 shares during the last quarter. GW&K Investment Management LLC lifted its position in CDW by 78.9% during the first quarter. GW&K Investment Management LLC now owns 170 shares of the information technology services provider's stock valued at $27,000 after purchasing an additional 75 shares during the last quarter. Benin Management CORP lifted its position in CDW by 2.5% during the first quarter. Benin Management CORP now owns 3,248 shares of the information technology services provider's stock valued at $521,000 after purchasing an additional 80 shares during the last quarter. Finally, GAMMA Investing LLC lifted its position in CDW by 4.0% during the first quarter. GAMMA Investing LLC now owns 2,098 shares of the information technology services provider's stock valued at $336,000 after purchasing an additional 81 shares during the last quarter. 93.15% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on CDW. Citigroup lifted their target price on shares of CDW from $180.00 to $200.00 and gave the company a "neutral" rating in a research report on Friday, July 11th. JPMorgan Chase & Co. lifted their price target on shares of CDW from $185.00 to $205.00 and gave the stock a "neutral" rating in a research note on Thursday, July 17th. UBS Group decreased their price target on shares of CDW from $210.00 to $200.00 and set a "buy" rating on the stock in a research note on Thursday, August 7th. Finally, Barclays decreased their price target on shares of CDW from $205.00 to $176.00 and set an "equal weight" rating on the stock in a research note on Thursday, August 7th. Two equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company's stock. According to data from MarketBeat, CDW has a consensus rating of "Hold" and an average target price of $202.00.

CDW Trading Up 0.5%

Shares of NASDAQ CDW traded up $0.88 during mid-day trading on Monday, hitting $165.17. The stock had a trading volume of 291,956 shares, compared to its average volume of 1,314,668. The company has a debt-to-equity ratio of 2.28, a quick ratio of 1.22 and a current ratio of 1.35. CDW Corporation has a 1 year low of $137.31 and a 1 year high of $230.86. The business has a 50 day moving average price of $170.85 and a two-hundred day moving average price of $170.02. The firm has a market cap of $21.65 billion, a P/E ratio of 20.51, a price-to-earnings-growth ratio of 2.73 and a beta of 0.98.

CDW (NASDAQ:CDW - Get Free Report) last issued its earnings results on Wednesday, August 6th. The information technology services provider reported $2.60 EPS for the quarter, topping the consensus estimate of $2.49 by $0.11. CDW had a net margin of 4.92% and a return on equity of 53.63%. The company had revenue of $5.98 billion for the quarter, compared to the consensus estimate of $5.51 billion. During the same period in the previous year, the firm earned $2.50 earnings per share. The firm's revenue for the quarter was up 10.2% on a year-over-year basis. On average, equities analysts anticipate that CDW Corporation will post 9.41 EPS for the current fiscal year.

CDW Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, September 10th. Investors of record on Monday, August 25th were issued a $0.625 dividend. The ex-dividend date was Monday, August 25th. This represents a $2.50 annualized dividend and a yield of 1.5%. CDW's payout ratio is 31.06%.

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.