SCS Capital Management LLC Purchases Shares of 3,060 CDW Corporation $CDW

Key Points

• SCS Capital Management LLC purchased 3,060 shares of CDW Corporation, valued at approximately $490,000, adding to the significant institutional ownership that accounts for 93.15% of the stock.
• CDW's recent quarterly earnings report showed an EPS of $2.60, exceeding estimates, with a revenue of $5.98 billion, a year-over-year increase of 10.2%.
• Analysts have mixed ratings on CDW, with price targets ranging from $176 to $205 and an overall average rating of "Hold" from MarketBeat data.

SCS Capital Management LLC acquired a new position in shares of CDW Corporation (NASDAQ:CDW - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 3,060 shares of the information technology services provider's stock, valued at approximately $490,000.

Other hedge funds have also made changes to their positions in the company. Envestnet Asset Management Inc. boosted its holdings in shares of CDW by 20.8% during the first quarter. Envestnet Asset Management Inc. now owns 207,506 shares of the information technology services provider's stock worth $33,255,000 after purchasing an additional 35,737 shares during the last quarter. Unison Asset Management LLC raised its position in shares of CDW by 9.4% in the 1st quarter. Unison Asset Management LLC now owns 42,389 shares of the information technology services provider's stock worth $6,339,000 after buying an additional 3,657 shares during the period. Allspring Global Investments Holdings LLC raised its position in shares of CDW by 1.6% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 5,942 shares of the information technology services provider's stock worth $963,000 after buying an additional 94 shares during the period. Sequoia Financial Advisors LLC raised its position in shares of CDW by 8.7% in the 1st quarter. Sequoia Financial Advisors LLC now owns 19,995 shares of the information technology services provider's stock worth $3,204,000 after buying an additional 1,604 shares during the period. Finally, OneDigital Investment Advisors LLC purchased a new position in shares of CDW in the 1st quarter worth $212,000. Institutional investors and hedge funds own 93.15% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on CDW. UBS Group cut their target price on CDW from $210.00 to $200.00 and set a "buy" rating on the stock in a research report on Thursday, August 7th. JPMorgan Chase & Co. increased their target price on CDW from $185.00 to $205.00 and gave the stock a "neutral" rating in a research report on Thursday, July 17th. Citigroup boosted their price objective on CDW from $180.00 to $200.00 and gave the stock a "neutral" rating in a research note on Friday, July 11th. Finally, Barclays reduced their price objective on 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 analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Hold" and a consensus target price of $202.00.

CDW Stock Performance

CDW stock traded up $1.55 during midday trading on Wednesday, reaching $167.70. The company had a trading volume of 205,040 shares, compared to its average volume of 1,314,747. The company has a quick ratio of 1.22, a current ratio of 1.35 and a debt-to-equity ratio of 2.28. The stock has a 50 day moving average price of $170.28 and a 200 day moving average price of $169.89. CDW Corporation has a fifty-two week low of $137.31 and a fifty-two week high of $230.86. The firm has a market capitalization of $21.98 billion, a PE ratio of 20.84, a P/E/G ratio of 2.71 and a beta of 0.98.

CDW (NASDAQ:CDW - Get Free Report) last issued its quarterly earnings data on Wednesday, August 6th. The information technology services provider reported $2.60 earnings per share (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 return on equity of 53.63% and a net margin of 4.92%.The business's revenue was up 10.2% on a year-over-year basis. During the same period in the previous year, the firm posted $2.50 earnings per share. Analysts anticipate that CDW Corporation will post 9.41 earnings per share for the current year.

CDW Announces Dividend

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