CDW Corporation $CDW Stock Bought by Fifth Third Bancorp

Key Points

• Fifth Third Bancorp increased its CDW stake by 575.7% in the third quarter, ending the period with 186,057 shares worth about $23.8 million. Institutional investors own 93.15% of the company’s stock.
• CDW reported quarterly earnings of $3.26 per share, beating estimates of $2.98, while revenue rose 17.7% year over year to $6.75 billion. The company also raised its quarterly dividend from $0.63 to $0.68 per share.
• Analysts’ consensus rating is “Moderate Buy,” with an average price target of $167.38; recent target changes ranged from Barclays’ $148 to UBS Group’s $195.

Fifth Third Bancorp grew its stake in CDW Corporation (NASDAQ:CDW - Free Report) by 575.7% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 186,057 shares of the information technology services provider's stock after acquiring an additional 158,523 shares during the period. Fifth Third Bancorp owned 0.15% of CDW worth $23,845,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. New Mexico Educational Retirement Board grew its stake in CDW by 711.6% in the third quarter. New Mexico Educational Retirement Board now owns 52,348 shares of the information technology services provider's stock worth $6,709,000 after purchasing an additional 45,898 shares in the last quarter. Maryland State Retirement & Pension System raised its position in CDW by 795.1% during the 3rd quarter. Maryland State Retirement & Pension System now owns 58,335 shares of the information technology services provider's stock valued at $7,476,000 after purchasing an additional 51,818 shares in the last quarter. Jacobi Capital Management LLC raised its position in CDW by 120.1% during the 3rd quarter. Jacobi Capital Management LLC now owns 9,135 shares of the information technology services provider's stock valued at $1,171,000 after purchasing an additional 4,985 shares in the last quarter. Valued Wealth Advisors LLC raised its position in CDW by 2,550.0% during the 3rd quarter. Valued Wealth Advisors LLC now owns 212 shares of the information technology services provider's stock valued at $27,000 after purchasing an additional 204 shares in the last quarter. Finally, First Command Advisory Services Inc. purchased a new stake in shares of CDW in the 3rd quarter worth $765,000. 93.15% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

CDW has been the topic of a number of recent research reports. UBS Group increased their price target on CDW from $159.00 to $195.00 and gave the stock a "buy" rating in a research report on Thursday, November 5th. Morgan Stanley lifted their price objective on CDW from $170.00 to $171.00 and gave the company an "overweight" rating in a report on Thursday, August 6th. Citigroup upped their price objective on shares of CDW from $150.00 to $170.00 and gave the stock a "neutral" rating in a research note on Thursday, November 5th. Weiss Ratings upgraded shares of CDW from a "hold (c-)" rating to a "hold (c)" rating in a report on Tuesday, August 25th. Finally, Barclays cut 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 research 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. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $167.38.

CDW Stock Performance

Shares of CDW opened at $171.65 on Friday. The company has a current ratio of 1.26, a quick ratio of 1.15 and a debt-to-equity ratio of 2.32. The firm has a market cap of $21.42 billion, a PE ratio of 20.03, a P/E/G ratio of 1.52 and a beta of 0.92. CDW Corporation has a 12 month low of $97.12 and a 12 month high of $175.19. The stock has a fifty day moving average price of $150.72 and a 200-day moving average price of $134.84.

CDW (NASDAQ:CDW - Get Free Report) last announced its earnings results on Wednesday, November 4th. The information technology services provider reported $3.26 earnings per share for the quarter, topping the consensus estimate of $2.98 by $0.28. CDW had a return on equity of 52.23% and a net margin of 4.48%. The firm had revenue of $6.75 billion for the quarter, compared to the consensus estimate of $6.19 billion. During the same period in the previous year, the business earned $2.71 EPS. The firm's revenue for the quarter was up 17.7% on a year-over-year basis. Equities research analysts predict that CDW Corporation will post 10.38 earnings per share for the current fiscal year.

CDW Increases Dividend

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

About CDW

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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