Bank of America Corp DE Acquires Shares of 1,813,551 CDW Corporation $CDW

Key Points

• Bank of America acquired 1.81 million CDW shares worth approximately $255.1 million, giving it a 1.45% stake. Other major institutions also initiated positions, and institutional investors now own 93.15% of the company.
• CDW reported stronger-than-expected quarterly results, with EPS of $2.91 and revenue of $6.57 billion, up 10% year over year. The company also pays a quarterly dividend of $0.63, representing a 1.7% annualized yield.
• Analyst sentiment is positive, with a consensus “Moderate Buy” rating and a $150.38 price target. CDW shares opened at $149.96, compared with a 52-week range of $97.12 to $169.20.

Bank of America Corp DE acquired a new stake in CDW Corporation (NASDAQ:CDW - Free Report) during the 2nd quarter, according to its most recent filing with the SEC. The institutional investor acquired 1,813,551 shares of the information technology services provider's stock, valued at approximately $255,058,000. Bank of America Corp DE owned 1.45% of CDW at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the stock. BlackRock Inc. bought a new stake in CDW in the second quarter valued at $2,143,082,000. Pzena Investment Management LLC acquired a new stake in shares of CDW during the second quarter worth approximately $371,135,000. Jupiter Topco LLC acquired a new stake in shares of CDW during the second quarter worth approximately $300,073,000. Freestone Grove Partners LP bought a new position in shares of CDW in the second quarter valued at approximately $115,085,000. Finally, Deutsche Bank AG bought a new position in shares of CDW in the second quarter valued at approximately $112,488,000. 93.15% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, insider Elizabeth Connelly sold 26,695 shares of the firm's stock in a transaction dated Friday, August 7th. The shares were sold at an average price of $137.62, for a total value of $3,673,765.90. Following the transaction, the insider owned 34,215 shares of the company's stock, valued at approximately $4,708,668.30. This trade represents a 43.83% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 0.82% of the company's stock.

Analyst Ratings Changes

CDW has been the topic of a number of research analyst reports. JPMorgan Chase & Co. upgraded CDW from a "neutral" rating to an "overweight" rating and set a $130.00 price target on the stock in a research report on Wednesday, May 27th. Citigroup lifted their price objective on CDW from $123.00 to $145.00 and gave the company a "neutral" rating in a research report on Monday, July 13th. Morgan Stanley boosted their price objective on CDW from $170.00 to $171.00 and gave the stock an "overweight" rating in a research note on Thursday, August 6th. Royal Bank Of Canada upgraded CDW to an "outperform" rating and set a $130.00 target price on the stock in a report on Wednesday, May 27th. Finally, Weiss Ratings upgraded CDW from a "hold (c-)" rating to a "hold (c)" rating in a research note on Tuesday, August 25th. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, CDW presently has a consensus rating of "Moderate Buy" and a consensus price target of $150.38.

CDW Stock Down 2.5%

NASDAQ:CDW opened at $149.96 on Thursday. The stock's fifty day moving average price is $141.84 and its two-hundred day moving average price is $130.66. CDW Corporation has a 52-week low of $97.12 and a 52-week high of $169.20. The company has a debt-to-equity ratio of 1.97, a quick ratio of 1.05 and a current ratio of 1.17. The company has a market cap of $18.75 billion, a price-to-earnings ratio of 18.02, a P/E/G ratio of 2.01 and a beta of 0.95.

CDW (NASDAQ:CDW - Get Free Report) last announced its quarterly earnings data on Wednesday, August 5th. The information technology services provider reported $2.91 EPS for the quarter, beating analysts' consensus estimates of $2.80 by $0.11. CDW had a return on equity of 50.61% and a net margin of 4.60%.The firm had revenue of $6.57 billion for the quarter, compared to analyst estimates of $6.21 billion. During the same period last year, the company earned $2.60 EPS. The business's quarterly revenue was up 10.0% compared to the same quarter last year. On average, analysts anticipate that CDW Corporation will post 10.33 EPS for the current year.

CDW Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 10th. Investors of record on Tuesday, August 25th were given a $0.63 dividend. This represents a $2.52 dividend on an annualized basis and a yield of 1.7%. The ex-dividend date was Tuesday, August 25th. CDW's dividend payout ratio (DPR) is presently 30.29%.

CDW Company Profile

CDW Corporation NASDAQ: CDW is a provider of technology products and services for businesses, government agencies, educational institutions and healthcare organizations. The company helps customers design, acquire, configure and manage information technology environments.

Its offerings include computers, servers, networking equipment, software, data storage, cybersecurity products, cloud solutions and collaboration tools. CDW also provides professional, managed and lifecycle services, including solution design, implementation, security support, cloud management and IT asset management.

Founded in 1984, CDW serves customers primarily in the United States, Canada and the United Kingdom through a combination of sales specialists, technology partners and digital commerce platforms.

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