CDW Corporation $CDW Stock: State of Alaska Department of Revenue Raises Position

Key Points

• State of Alaska Department of Revenue increased its CDW position by 642% in the third quarter, reaching 92,881 shares valued at approximately $11.9 million. Institutional investors collectively own 93.15% of CDW.
• Analysts maintain a generally positive outlook, with CDW carrying a consensus “Moderate Buy” rating and an average price target of $150.12.
• CDW exceeded quarterly expectations, reporting $2.91 in earnings per share and $6.57 billion in revenue, while revenue grew 10% year over year. The company also pays a quarterly dividend of $0.63 per share, implying a 1.6% yield.

State of Alaska Department of Revenue boosted its holdings in shares of CDW Corporation (NASDAQ:CDW - Free Report) by 642.0% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 92,881 shares of the information technology services provider's stock after buying an additional 80,363 shares during the period. State of Alaska Department of Revenue owned approximately 0.07% of CDW worth $11,904,000 as of its most recent filing with the Securities and Exchange Commission.

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

Insiders Place Their Bets

In related news, insider Elizabeth Connelly sold 26,695 shares of the firm'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 transaction of $3,673,765.90. Following the transaction, the insider owned 34,215 shares of the company's stock, valued at approximately $4,708,668.30. This trade represents a 43.83% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.82% of the company's stock.

Analysts Set New Price Targets

Several analysts recently commented on the stock. Weiss Ratings upgraded shares of CDW from a "hold (c-)" rating to a "hold (c)" rating in a report on Tuesday, August 25th. Morgan Stanley upped their price objective on shares of CDW from $170.00 to $171.00 and gave the company an "overweight" rating in a research note on Thursday, August 6th. Citigroup upped their price objective on shares of CDW from $123.00 to $145.00 and gave the company a "neutral" rating in a research note on Monday, July 13th. Finally, Barclays cut their target price 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 investment 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. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $150.12.

CDW Price Performance

CDW opened at $154.33 on Friday. The stock has a fifty day moving average price of $142.42 and a 200 day moving average price of $133.67. The company has a current ratio of 1.17, a quick ratio of 1.05 and a debt-to-equity ratio of 1.97. CDW Corporation has a 1 year low of $97.12 and a 1 year high of $161.10. The stock has a market cap of $19.29 billion, a price-to-earnings ratio of 18.55, a PEG ratio of 1.97 and a beta of 0.95.

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

CDW Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 10th. Investors of record on Tuesday, August 25th were given a dividend of $0.63 per share. This represents a $2.52 annualized dividend and a yield of 1.6%. The ex-dividend date of this dividend was Tuesday, August 25th. CDW's dividend payout ratio (DPR) is presently 30.29%.

CDW 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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