BNP Paribas Financial Markets Increases Position in CDW Corporation $CDW

Key Points

• BNP Paribas Financial Markets increased its stake in CDW Corporation by 31.1%, acquiring an additional 97,532 shares, resulting in holdings worth approximately $65.97 million.
• CDW reported earnings of $2.60 per share for the recent quarter, exceeding analysts' expectations of $2.49, with revenues reaching $5.98 billion compared to predictions of $5.51 billion.
• The company announced a quarterly dividend of $0.625, which equates to an annualized dividend yield of 1.5%, scheduled for payout on September 10th.

BNP Paribas Financial Markets lifted its holdings in CDW Corporation (NASDAQ:CDW - Free Report) by 31.1% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 411,629 shares of the information technology services provider's stock after purchasing an additional 97,532 shares during the period. BNP Paribas Financial Markets owned about 0.31% of CDW worth $65,968,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of CDW. Envestnet Asset Management Inc. lifted its position in 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 valued at $33,255,000 after acquiring an additional 35,737 shares during the last quarter. Unison Asset Management LLC lifted its position in CDW by 9.4% during the first quarter. Unison Asset Management LLC now owns 42,389 shares of the information technology services provider's stock valued at $6,339,000 after acquiring an additional 3,657 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its position in CDW by 1.6% during the first quarter. Allspring Global Investments Holdings LLC now owns 5,942 shares of the information technology services provider's stock valued at $963,000 after acquiring an additional 94 shares during the last quarter. Sequoia Financial Advisors LLC lifted its position in CDW by 8.7% during the first quarter. Sequoia Financial Advisors LLC now owns 19,995 shares of the information technology services provider's stock valued at $3,204,000 after acquiring an additional 1,604 shares during the last quarter. Finally, OneDigital Investment Advisors LLC acquired a new position in CDW during the 1st quarter valued at approximately $212,000. Hedge funds and other institutional investors own 93.15% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on CDW shares. JPMorgan Chase & Co. upped their price target 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. UBS Group cut their price objective 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. Barclays cut their price objective 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. Finally, Citigroup increased their price objective on shares of CDW from $180.00 to $200.00 and gave the stock a "neutral" rating in a research note on Friday, July 11th. Two analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $202.00.

CDW Stock Performance

CDW stock traded up $2.14 during midday trading on Thursday, hitting $165.51. 546,078 shares of the stock traded hands, compared to its average volume of 1,312,042. The firm has a market cap of $21.69 billion, a P/E ratio of 20.54, a PEG ratio of 2.74 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 simple moving average is $172.61 and its 200-day simple moving average is $171.20. CDW Corporation has a 1-year low of $137.31 and a 1-year high of $230.86.

CDW (NASDAQ:CDW - Get Free Report) last posted its quarterly earnings data on Wednesday, August 6th. The information technology services provider reported $2.60 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.49 by $0.11. The business had revenue of $5.98 billion for 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 company's revenue was up 10.2% compared to the same quarter last year. During the same period last year, the firm posted $2.50 earnings per share. On average, analysts expect that CDW Corporation will post 9.41 earnings per share for the current year.

CDW Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 10th. Shareholders of record on Monday, August 25th will be paid a dividend of $0.625 per share. The ex-dividend date of this dividend is Monday, August 25th. This represents a $2.50 dividend on an annualized basis 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.