CDW Corporation $CDW Shares Purchased by Park Avenue Securities LLC

Key Points

• Park Avenue Securities LLC more than doubled its CDW stake in the third quarter, increasing holdings by 118.6% to 29,180 shares valued at approximately $3.74 million. Institutional investors collectively own 93.15% of CDW.
• Analysts maintain a generally positive outlook, with CDW receiving a “Moderate Buy” consensus rating and an average price target of $150.12.
• CDW reported quarterly EPS of $2.91, exceeding estimates of $2.80, while revenue rose 10% year over year to $6.57 billion. The company also pays a quarterly dividend of $0.63, equivalent to a 1.5% annual yield.

Park Avenue Securities LLC boosted its stake in CDW Corporation (NASDAQ:CDW - Free Report) by 118.6% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 29,180 shares of the information technology services provider's stock after acquiring an additional 15,834 shares during the quarter. Park Avenue Securities LLC's holdings in CDW were worth $3,740,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the company. Apollon Wealth Management LLC raised its stake in shares of CDW by 1,222.0% during the third quarter. Apollon Wealth Management LLC now owns 21,892 shares of the information technology services provider's stock valued at $2,806,000 after purchasing an additional 20,236 shares during the period. Hilton Head Capital Partners LLC lifted its position in shares of CDW by 147.2% during the third quarter. Hilton Head Capital Partners LLC now owns 1,068 shares of the information technology services provider's stock worth $137,000 after purchasing an additional 636 shares in the last quarter. Financial Management Professionals Inc. boosted its stake in shares of CDW by 109,100.0% in the third quarter. Financial Management Professionals Inc. now owns 4,368 shares of the information technology services provider's stock valued at $560,000 after purchasing an additional 4,364 shares during the period. Signaturefd LLC boosted its stake in shares of CDW by 786.2% in the third quarter. Signaturefd LLC now owns 11,237 shares of the information technology services provider's stock valued at $1,440,000 after purchasing an additional 9,969 shares during the period. Finally, Sowell Financial Services LLC boosted its stake in shares of CDW by 113.1% in the third quarter. Sowell Financial Services LLC now owns 7,779 shares of the information technology services provider's stock valued at $997,000 after purchasing an additional 4,128 shares during the period. Institutional investors and hedge funds own 93.15% of the company's stock.

Analysts Set New Price Targets

CDW has been the subject of a number of recent analyst reports. Morgan Stanley raised their price target on shares of CDW from $170.00 to $171.00 and gave the company an "overweight" rating in a report on Thursday, August 6th. Weiss Ratings upgraded shares of CDW from a "hold (c-)" rating to a "hold (c)" rating in a report on Tuesday, August 25th. Citigroup boosted their price objective on shares of CDW from $123.00 to $145.00 and gave the stock a "neutral" rating in a report on Monday, July 13th. Finally, Barclays decreased their price objective on shares of CDW from $150.00 to $148.00 and set an "equal weight" rating for the company in a research report on Monday, September 21st. One equities research 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 company's stock. Based on data from MarketBeat, CDW presently has an average rating of "Moderate Buy" and an average price target of $150.12.

CDW Price Performance

Shares of NASDAQ CDW opened at $165.20 on Friday. The company has a quick ratio of 1.05, a current ratio of 1.17 and a debt-to-equity ratio of 1.97. CDW Corporation has a fifty-two week low of $97.12 and a fifty-two week high of $166.15. The business has a 50 day moving average price of $146.68 and a two-hundred day moving average price of $133.02. The firm has a market cap of $20.65 billion, a PE ratio of 19.86, a price-to-earnings-growth ratio of 2.13 and a beta of 0.95.

CDW (NASDAQ:CDW - Get Free Report) last announced its earnings results on Wednesday, August 5th. The information technology services provider reported $2.91 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.80 by $0.11. The company had revenue of $6.57 billion for the quarter, compared to analyst estimates of $6.21 billion. CDW had a return on equity of 50.61% and a net margin of 4.60%. CDW's quarterly revenue was up 10.0% on a year-over-year basis. During the same period in the prior year, the company posted $2.60 EPS. Sell-side analysts expect that CDW Corporation will post 10.33 earnings per share for the current fiscal year.

CDW Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, September 10th. Investors of record on Tuesday, August 25th were paid a $0.63 dividend. This represents a $2.52 dividend on an annualized basis and a dividend yield of 1.5%. The ex-dividend date was Tuesday, August 25th. CDW's payout ratio is 30.29%.

Insider Activity

In related news, insider Elizabeth Connelly sold 26,695 shares of the company's stock in a transaction on 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 sale, the insider directly owned 34,215 shares of the company's stock, valued at $4,708,668.30. This represents a 43.83% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 0.82% of the company's stock.

About CDW

CDW Corporation NASDAQ: CDW is a provider of technology products and services for business, government, education and healthcare organizations. The company helps customers plan, procure, implement and manage information technology solutions from leading hardware, software and cloud vendors.

Its offerings include computers, servers, networking equipment, data-storage systems, cybersecurity products, collaboration tools, software licensing and cloud solutions. CDW also provides professional and managed services, including technology consulting, infrastructure deployment, cloud management, security support and lifecycle services.

Founded in 1984 as Computer Discount Warehouse, CDW serves customers primarily in the United States, Canada and the United Kingdom through sales teams, digital channels and technology partnerships.

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