CDW Corporation $CDW Position Boosted by Retirement Systems of Alabama

Key Points

• Retirement Systems of Alabama increased its CDW stake by 666.1% in the third quarter, ending with 205,613 shares valued at about $26.4 million. Institutional investors collectively own 93.15% of the company.
• CDW beat quarterly estimates, reporting earnings of $3.26 per share versus $2.98 expected and revenue of $6.75 billion, up 17.7% year over year. Analysts’ consensus rating was Moderate Buy, with an average price target of $167.38.
• CDW raised its quarterly dividend from $0.63 to $0.68 per share, equivalent to $2.72 annually and a 1.6% yield.

Retirement Systems of Alabama raised its position in shares of CDW Corporation (NASDAQ:CDW - Free Report) by 666.1% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 205,613 shares of the information technology services provider's stock after buying an additional 178,773 shares during the quarter. Retirement Systems of Alabama owned about 0.16% of CDW worth $26,351,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in CDW. Parkside Financial Bank & Trust boosted its position in shares of CDW by 48.1% during the 2nd quarter. Parkside Financial Bank & Trust now owns 268 shares of the information technology services provider's stock valued at $38,000 after acquiring an additional 87 shares during the last quarter. V Square Quantitative Management LLC grew its holdings in shares of CDW by 2.8% in the third quarter. V Square Quantitative Management LLC now owns 3,252 shares of the information technology services provider's stock valued at $417,000 after purchasing an additional 89 shares in the last quarter. Covestor Ltd grew its holdings in shares of CDW by 9.0% in the third quarter. Covestor Ltd now owns 1,076 shares of the information technology services provider's stock valued at $138,000 after purchasing an additional 89 shares in the last quarter. CX Institutional grew its holdings in shares of CDW by 4.0% in the third quarter. CX Institutional now owns 2,585 shares of the information technology services provider's stock valued at $331,000 after purchasing an additional 99 shares in the last quarter. Finally, VestGen Advisors LLC increased its position in CDW by 5.7% in the third quarter. VestGen Advisors LLC now owns 2,302 shares of the information technology services provider's stock worth $295,000 after purchasing an additional 124 shares during the last quarter. Institutional investors own 93.15% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the stock. Morgan Stanley upped their price target on shares of CDW from $170.00 to $171.00 and gave the company an "overweight" rating in a research note on Thursday, August 6th. Weiss Ratings upgraded shares of CDW from a "hold (c-)" rating to a "hold (c)" rating in a research report on Tuesday, August 25th. JPMorgan Chase & Co. boosted their target price on shares of CDW from $170.00 to $195.00 and gave the stock an "overweight" rating in a report on Thursday, November 5th. Citigroup upped their target price on shares of CDW from $150.00 to $170.00 and gave the company a "neutral" rating in a research report on Thursday, November 5th. Finally, Barclays decreased their target price on shares of CDW from $150.00 to $148.00 and set an "equal weight" rating on the stock in a research report on Monday, September 21st. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $167.38.

CDW Price Performance

Shares of CDW stock opened at $169.36 on Wednesday. The stock has a market cap of $21.14 billion, a price-to-earnings ratio of 19.76, a price-to-earnings-growth ratio of 1.46 and a beta of 0.92. The company has a debt-to-equity ratio of 2.32, a quick ratio of 1.15 and a current ratio of 1.26. The stock has a 50 day moving average price of $149.42 and a 200-day moving average price of $134.15. CDW Corporation has a one year low of $97.12 and a one year high of $172.47.

CDW (NASDAQ:CDW - Get Free Report) last released its quarterly earnings results on Wednesday, November 4th. The information technology services provider reported $3.26 earnings per share for the quarter, beating the consensus estimate of $2.98 by $0.28. The company had revenue of $6.75 billion for the quarter, compared to analyst estimates of $6.19 billion. CDW had a return on equity of 52.23% and a net margin of 4.48%. CDW's quarterly revenue was up 17.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.71 EPS. Equities analysts expect that CDW Corporation will post 10.33 EPS for the current year.

CDW Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 10th. Shareholders of record on Wednesday, November 25th will be given a dividend of $0.68 per share. This represents a $2.72 dividend on an annualized basis and a yield of 1.6%. This is a positive change from CDW's previous quarterly dividend of $0.63. The ex-dividend date is Wednesday, November 25th. CDW's dividend payout ratio (DPR) is presently 29.40%.

CDW Company Profile

CDW Corporation is a provider of information technology products and services to businesses, government agencies, educational institutions and healthcare organizations. The company helps customers select, purchase, implement and manage technology solutions. Its offerings include computers and other hardware, software, cloud services, cybersecurity, networking, data center infrastructure and collaboration tools. CDW also provides consulting, integration and ongoing technology support, helping customers plan and operate their IT environments.

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