CDW Corporation $CDW Shares Purchased by Adage Capital Partners GP L.L.C.

Key Points

• Adage Capital Partners GP L.L.C. increased its holdings in CDW Corporation by 24.6%, bringing its total ownership to 86,600 shares worth approximately $13.88 million.
• CDW reported earnings of $2.60 per share for the quarter, exceeding estimates of $2.49, with revenues of $5.98 billion compared to expectations of $5.51 billion.
• The company declared a quarterly dividend of $0.625 per share, representing an annual yield of 1.5%, scheduled for payment on September 10th.

Adage Capital Partners GP L.L.C. grew its holdings in shares of CDW Corporation (NASDAQ:CDW - Free Report) by 24.6% during the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 86,600 shares of the information technology services provider's stock after buying an additional 17,100 shares during the quarter. Adage Capital Partners GP L.L.C. owned 0.07% of CDW worth $13,879,000 at the end of the most recent reporting period.

Other institutional investors also recently added to or reduced their stakes in the company. GW&K Investment Management LLC increased its stake in shares of 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 buying an additional 75 shares during the period. Orion Capital Management LLC purchased a new position in shares of CDW in the fourth quarter worth about $30,000. Bayforest Capital Ltd acquired a new stake in CDW during the 1st quarter valued at approximately $31,000. Pandora Wealth Inc. acquired a new position in shares of CDW in the 1st quarter valued at about $32,000. Finally, Stone House Investment Management LLC acquired a new stake in shares of CDW during the 1st quarter worth approximately $34,000. Hedge funds and other institutional investors own 93.15% of the company's stock.

CDW Price Performance

CDW stock traded down $5.04 during trading hours on Thursday, hitting $165.73. The stock had a trading volume of 2,039,802 shares, compared to its average volume of 1,127,281. CDW Corporation has a 1-year low of $137.31 and a 1-year high of $230.86. The stock has a market capitalization of $21.72 billion, a price-to-earnings ratio of 20.59, a PEG ratio of 2.84 and a beta of 0.98. The company has a debt-to-equity ratio of 2.28, a current ratio of 1.35 and a quick ratio of 1.22. The stock's fifty day moving average is $171.21 and its two-hundred day moving average is $170.28.

CDW (NASDAQ:CDW - Get Free Report) last announced its earnings results on Wednesday, August 6th. The information technology services provider reported $2.60 earnings per share for the quarter, beating the consensus estimate of $2.49 by $0.11. The firm 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 firm's revenue for the quarter was up 10.2% on a year-over-year basis. During the same quarter in the previous year, the company posted $2.50 EPS. As a group, analysts predict that CDW Corporation will post 9.41 earnings per share for the current fiscal year.

CDW Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, September 10th. Stockholders of record on Monday, August 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 1.5%. The ex-dividend date of this dividend was Monday, August 25th. CDW's payout ratio is presently 31.06%.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on CDW. Barclays dropped 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. JPMorgan Chase & Co. raised their target price on 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 objective on CDW from $210.00 to $200.00 and set a "buy" rating on the stock in a report on Thursday, August 7th. Finally, Citigroup lifted their price objective on CDW from $180.00 to $200.00 and gave the company a "neutral" rating in a research note on Friday, July 11th. Two analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $202.00.

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.