CDW Corporation $CDW Stock Position Increased by New York Life Investment Management LLC

Key Points

• New York Life Investment Management increased its CDW stake by 712.3% in the third quarter, adding 127,164 shares to hold 145,016 shares valued at about $18.6 million. Institutional investors collectively owned 93.15% of the stock.
• CDW reported quarterly EPS of $3.26, beating the $2.98 consensus, while revenue of $6.75 billion topped expectations and rose 17.7% year over year. The company also raised its quarterly dividend from $0.63 to $0.68 per share.
• Analyst sentiment was broadly positive: MarketBeat reported a “Moderate Buy” consensus and an average price target of $167.38, with JPMorgan and UBS raising their targets to $195.

New York Life Investment Management LLC boosted its position in CDW Corporation (NASDAQ:CDW - Free Report) by 712.3% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 145,016 shares of the information technology services provider's stock after purchasing an additional 127,164 shares during the quarter. New York Life Investment Management LLC owned about 0.12% of CDW worth $18,585,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Parkside Financial Bank & Trust boosted its stake 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 worth $38,000 after purchasing an additional 87 shares during the last quarter. V Square Quantitative Management LLC grew its holdings in shares of CDW by 2.8% during the third quarter. V Square Quantitative Management LLC now owns 3,252 shares of the information technology services provider's stock worth $417,000 after buying an additional 89 shares in the last quarter. Covestor Ltd grew its holdings in shares of CDW by 9.0% during the third quarter. Covestor Ltd now owns 1,076 shares of the information technology services provider's stock worth $138,000 after buying an additional 89 shares in the last quarter. CX Institutional raised its position 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 buying an additional 99 shares during the last quarter. Finally, VestGen Advisors LLC raised its position in shares of CDW by 5.7% in the third quarter. VestGen Advisors LLC now owns 2,302 shares of the information technology services provider's stock valued at $295,000 after buying an additional 124 shares during the last quarter. 93.15% of the stock is currently owned by hedge funds and other institutional investors.

CDW Stock Performance

NASDAQ CDW opened at $173.08 on Thursday. The business's 50-day moving average price is $149.88 and its 200 day moving average price is $134.38. The company has a current ratio of 1.26, a quick ratio of 1.15 and a debt-to-equity ratio of 2.32. CDW Corporation has a twelve month low of $97.12 and a twelve month high of $175.19. The company has a market capitalization of $21.60 billion, a PE ratio of 20.20, a price-to-earnings-growth ratio of 1.50 and a beta of 0.92.

CDW (NASDAQ:CDW - Get Free Report) last posted its quarterly earnings results on Wednesday, November 4th. The information technology services provider reported $3.26 EPS for the quarter, beating 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 company had revenue of $6.75 billion during the quarter, compared to analysts' expectations of $6.19 billion. During the same quarter in the previous year, the business earned $2.71 EPS. The firm's revenue was up 17.7% on a year-over-year basis. On average, research analysts predict that CDW Corporation will post 10.33 earnings per share for the current year.

CDW Increases Dividend

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

Wall Street Analyst Weigh In

CDW has been the topic of several recent analyst reports. JPMorgan Chase & Co. upped their price objective on shares of CDW from $170.00 to $195.00 and gave the company an "overweight" rating in a research note on Thursday, November 5th. UBS Group lifted their target price on shares of CDW from $159.00 to $195.00 and gave the stock a "buy" rating in a research note on Thursday, November 5th. Citigroup lifted their target price 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. Barclays cut their price target on CDW from $150.00 to $148.00 and set an "equal weight" rating for the company in a report on Monday, September 21st. Finally, Weiss Ratings raised CDW from a "hold (c-)" rating to a "hold (c)" rating in a research note on Tuesday, August 25th. 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. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $167.38.

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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