Woodline Partners LP Buys New Stake 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 shares of CDW Corporation (NASDAQ:CDW - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). 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 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the business. Empowered Funds LLC increased its holdings in CDW by 1.2% during the first quarter. Empowered Funds LLC now owns 18,076 shares of the information technology services provider's stock valued at $2,897,000 after buying an additional 216 shares during the period. MBB Public Markets I LLC purchased a new position in CDW during the first quarter valued at approximately $294,000. Vancity Investment Management Ltd purchased a new position in CDW during the first quarter valued at approximately $14,428,000. United Services Automobile Association purchased a new position in CDW during the first quarter valued at approximately $533,000. Finally, Meiji Yasuda Asset Management Co Ltd. increased its holdings in CDW by 9.5% during the first quarter. Meiji Yasuda Asset Management Co Ltd. now owns 2,961 shares of the information technology services provider's stock valued at $475,000 after buying an additional 257 shares during the period. 93.15% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

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

CDW Stock Performance

Shares of NASDAQ:CDW traded down $1.44 on Friday, hitting $164.29. 1,120,717 shares of the company were exchanged, compared to its average volume of 1,170,116. CDW Corporation has a 1-year low of $137.31 and a 1-year high of $230.86. The stock's 50 day moving average price is $170.85 and its 200 day moving average price is $170.08. The company has a current ratio of 1.35, a quick ratio of 1.22 and a debt-to-equity ratio of 2.28. The firm has a market capitalization of $21.53 billion, a P/E ratio of 20.41, a price-to-earnings-growth ratio of 2.75 and a beta of 0.98.

CDW (NASDAQ:CDW - Get Free Report) last posted its quarterly earnings data 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. The business had revenue of $5.98 billion during the quarter, compared to the consensus estimate of $5.51 billion. CDW had a net margin of 4.92% and a return on equity of 53.63%. The business's revenue for the quarter was up 10.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.50 earnings per share. Sell-side analysts predict that CDW Corporation will post 9.41 EPS for the current year.

CDW Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 10th. Investors of record on Monday, August 25th were given a dividend of $0.625 per share. The ex-dividend date was Monday, August 25th. This represents a $2.50 dividend on an annualized basis and a yield of 1.5%. CDW's payout ratio is currently 31.06%.

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.