CDW Corporation $CDW Stock Position Lifted by First Citizens Bank & Trust Co.

Key Points

• First Citizens Bank & Trust Co. increased its CDW position by 1,281.5% in the third quarter, reaching 21,012 shares valued at approximately $2.7 million. Institutional investors collectively own 93.15% of CDW.
• CDW reported quarterly earnings of $2.91 per share, exceeding the $2.80 consensus estimate, while revenue rose 10% year over year to $6.57 billion. The company maintains a quarterly dividend of $0.63 per share, representing a 1.7% yield.
• Analysts maintain a generally positive outlook, with CDW holding a “Moderate Buy” consensus rating and an average price target of $150.12. The stock recently opened at $150.10, near the consensus target.

First Citizens Bank & Trust Co. increased its holdings in CDW Corporation (NASDAQ:CDW - Free Report) by 1,281.5% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 21,012 shares of the information technology services provider's stock after purchasing an additional 19,491 shares during the quarter. First Citizens Bank & Trust Co.'s holdings in CDW were worth $2,693,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of the business. BlackRock Inc. purchased a new position in CDW during the 2nd quarter valued at about $2,143,082,000. Pzena Investment Management LLC bought a new stake in CDW during the second quarter worth about $371,135,000. Jupiter Topco LLC purchased a new stake in CDW in the second quarter worth about $300,073,000. Bank of America Corp DE purchased a new stake in CDW in the second quarter worth about $255,058,000. Finally, Alyeska Investment Group L.P. grew its holdings in CDW by 197.1% in the second quarter. Alyeska Investment Group L.P. now owns 1,854,952 shares of the information technology services provider's stock worth $260,880,000 after purchasing an additional 1,230,517 shares during the period. Hedge funds and other institutional investors own 93.15% of the company's stock.

Insider Activity at CDW

In other news, insider Elizabeth Connelly sold 26,695 shares of the company's stock in a transaction that occurred 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 completion of the sale, the insider owned 34,215 shares of the company's stock, valued at approximately $4,708,668.30. This represents a 43.83% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.82% of the company's stock.

CDW Stock Down 1.2%

NASDAQ CDW opened at $150.10 on Thursday. CDW Corporation has a 12 month low of $97.12 and a 12 month high of $161.10. The stock's 50 day moving average is $142.17 and its 200 day moving average is $133.41. The company has a current ratio of 1.17, a quick ratio of 1.05 and a debt-to-equity ratio of 1.97. The stock has a market cap of $18.77 billion, a PE ratio of 18.04, a P/E/G ratio of 1.99 and a beta of 0.95.

CDW (NASDAQ:CDW - Get Free Report) last released its quarterly earnings data on Wednesday, August 5th. The information technology services provider reported $2.91 EPS for the quarter, beating the consensus estimate of $2.80 by $0.11. CDW had a net margin of 4.60% and a return on equity of 50.61%. The business had revenue of $6.57 billion during the quarter, compared to the consensus estimate of $6.21 billion. During the same quarter in the prior year, the firm earned $2.60 EPS. The business's revenue was up 10.0% on a year-over-year basis. Research analysts predict that CDW Corporation will post 10.33 EPS for the current fiscal year.

CDW Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, September 10th. Shareholders of record on Tuesday, August 25th were paid a $0.63 dividend. This represents a $2.52 dividend on an annualized basis and a yield of 1.7%. The ex-dividend date was Tuesday, August 25th. CDW's dividend payout ratio is currently 30.29%.

Analysts Set New Price Targets

CDW has been the subject of several recent analyst reports. Citigroup lifted their target price on shares of CDW from $123.00 to $145.00 and gave the stock a "neutral" rating in a report on Monday, July 13th. Morgan Stanley increased 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. Barclays reduced their price target 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. Finally, Weiss Ratings upgraded shares of CDW from a "hold (c-)" rating to a "hold (c)" rating in a report on Tuesday, August 25th. 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 stock. According to MarketBeat.com, CDW presently has a consensus rating of "Moderate Buy" and an average target price of $150.12.

CDW Company Profile

CDW Corporation NASDAQ: CDW is a provider of technology products and services for businesses, government agencies, educational institutions and healthcare organizations. The company helps customers plan, acquire, implement and manage information technology through a broad portfolio of hardware, software and cloud-based solutions.

Its offerings include computers, servers, networking equipment, data storage, cybersecurity products, collaboration tools and software. CDW also provides professional and managed services, including cloud adoption, data center modernization, security, virtualization, configuration, technical support and lifecycle management.

Founded in 1984 as Computer Discount Warehouse, the company is headquartered in Vernon Hills, Illinois.

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