CDW Corporation $CDW Stake Raised by Commonwealth Equity Services LLC

Key Points

• Commonwealth Equity Services increased its CDW stake by 2,474.6% in the third quarter, ending with 146,497 shares valued at about $18.8 million. Institutional investors collectively own 93.15% of the stock.
• CDW reported quarterly EPS of $3.26, beating the $2.98 consensus, while revenue of $6.75 billion exceeded estimates and rose 17.7% year over year.
• CDW raised its quarterly dividend from $0.63 to $0.68 per share. Analysts’ consensus rating was “Moderate Buy,” with an average price target of $167.38.

Commonwealth Equity Services LLC lifted its position in CDW Corporation (NASDAQ:CDW - Free Report) by 2,474.6% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 146,497 shares of the information technology services provider's stock after buying an additional 140,807 shares during the quarter. Commonwealth Equity Services LLC owned approximately 0.12% of CDW worth $18,775,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Covestor Ltd grew its position in shares of CDW by 9.0% during the 3rd 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. Pzena Investment Management LLC increased its holdings in shares of CDW by 27.1% in the third quarter. Pzena Investment Management LLC now owns 3,353,465 shares of the information technology services provider's stock worth $429,780,000 after purchasing an additional 714,565 shares during the period. Rakuten Investment Management Inc. increased its holdings in shares of CDW by 8.2% in the third quarter. Rakuten Investment Management Inc. now owns 22,617 shares of the information technology services provider's stock worth $2,934,000 after purchasing an additional 1,709 shares during the period. Mirae Asset Global Investments Co. Ltd. purchased a new stake in shares of CDW in the third quarter worth $4,143,000. Finally, ProShare Advisors LLC raised its position in shares of CDW by 7.6% in the third quarter. ProShare Advisors LLC now owns 77,719 shares of the information technology services provider's stock worth $9,960,000 after buying an additional 5,467 shares in the last quarter. 93.15% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on CDW. UBS Group lifted their price objective on CDW from $159.00 to $195.00 and gave the company a "buy" rating in a research note on Thursday, November 5th. JPMorgan Chase & Co. upped their target price on CDW from $170.00 to $195.00 and gave the stock an "overweight" rating in a research note on Thursday, November 5th. Weiss Ratings raised CDW from a "hold (c-)" rating to a "hold (c)" rating in a report on Tuesday, August 25th. Barclays dropped their price target on CDW from $150.00 to $148.00 and set an "equal weight" rating for the company in a research report on Monday, September 21st. Finally, Morgan Stanley boosted their price objective on CDW from $170.00 to $171.00 and gave the stock an "overweight" rating in a report on Thursday, August 6th. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and three have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $167.38.

CDW Stock Performance

CDW stock opened at $169.36 on Wednesday. The firm's fifty day moving average price is $149.42 and its 200-day moving average price is $134.15. 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 market cap of $21.14 billion, a P/E ratio of 19.76, a price-to-earnings-growth ratio of 1.46 and a beta of 0.92. CDW Corporation has a fifty-two week low of $97.12 and a fifty-two week high of $172.47.

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

CDW Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 10th. Stockholders of record on Wednesday, November 25th will be given a dividend of $0.68 per share. This is a boost from CDW's previous quarterly dividend of $0.63. The ex-dividend date is Wednesday, November 25th. This represents a $2.72 annualized dividend and a dividend yield of 1.6%. CDW's dividend payout ratio is currently 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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