Contour Asset Management LLC Buys Shares of 402,505 CDW Corporation $CDW

Key Points

• Contour Asset Management LLC acquired a new stake in CDW Corporation, purchasing 402,505 shares valued at approximately $64.5 million, making CDW the 16th largest position in their portfolio.
• CDW's recent earnings report showed an EPS of $2.60, exceeding analysts' estimates, with revenue rising 10.2% year-over-year to $5.98 billion.
• Analysts have varied price targets for CDW, with Citigroup increasing theirs to $200 and JPMorgan Chase & Co. raising theirs to $205, while UBS Group lowered theirs to $200, showing mixed perceptions of the stock's value.

Contour Asset Management LLC purchased a new stake in CDW Corporation (NASDAQ:CDW - Free Report) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 402,505 shares of the information technology services provider's stock, valued at approximately $64,505,000. CDW comprises about 2.6% of Contour Asset Management LLC's investment portfolio, making the stock its 16th largest position. Contour Asset Management LLC owned 0.31% of CDW as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Caisse DE Depot ET Placement DU Quebec raised its stake in CDW by 2,812.2% during the 4th quarter. Caisse DE Depot ET Placement DU Quebec now owns 27,753 shares of the information technology services provider's stock worth $4,830,000 after acquiring an additional 26,800 shares in the last quarter. AXA S.A. grew its holdings in shares of CDW by 13.4% during the fourth quarter. AXA S.A. now owns 46,519 shares of the information technology services provider's stock worth $8,096,000 after purchasing an additional 5,503 shares during the last quarter. BNP Paribas Financial Markets grew its holdings in shares of CDW by 29.9% during the fourth quarter. BNP Paribas Financial Markets now owns 314,097 shares of the information technology services provider's stock worth $54,665,000 after purchasing an additional 72,316 shares during the last quarter. Cary Street Partners Financial LLC acquired a new stake in shares of CDW during the fourth quarter worth about $218,000. Finally, Captrust Financial Advisors lifted its holdings in shares of CDW by 48.3% in the 4th quarter. Captrust Financial Advisors now owns 16,887 shares of the information technology services provider's stock valued at $2,939,000 after purchasing an additional 5,500 shares during the last quarter. Institutional investors and hedge funds own 93.15% of the company's stock.

CDW Stock Performance

Shares of NASDAQ CDW traded up $3.48 during mid-day trading on Friday, hitting $169.73. 1,439,016 shares of the company were exchanged, compared to its average volume of 1,083,278. The stock has a 50 day simple moving average of $172.24 and a 200-day simple moving average of $170.88. CDW Corporation has a 1-year low of $137.31 and a 1-year high of $230.86. The company has a quick ratio of 1.22, a current ratio of 1.35 and a debt-to-equity ratio of 2.28. The firm has a market cap of $22.24 billion, a price-to-earnings ratio of 21.08, a price-to-earnings-growth ratio of 2.76 and a beta of 0.98.

CDW (NASDAQ:CDW - Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The information technology services provider reported $2.60 EPS for the quarter, topping analysts' consensus estimates of $2.49 by $0.11. CDW had a net margin of 4.92% and a return on equity of 53.63%. The company had revenue of $5.98 billion during the quarter, compared to the consensus estimate of $5.51 billion. During the same quarter in the prior year, the firm earned $2.50 EPS. CDW's quarterly revenue was up 10.2% on a year-over-year basis. On average, sell-side analysts forecast that CDW Corporation will post 9.41 EPS for the current fiscal year.

CDW Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 10th. Investors of record on Monday, August 25th will be given a $0.625 dividend. The ex-dividend date is Monday, August 25th. This represents a $2.50 dividend on an annualized basis and a yield of 1.5%. CDW's dividend payout ratio (DPR) is presently 31.06%.

Analysts Set New Price Targets

A number of research analysts recently issued reports on CDW shares. Barclays dropped their price target on CDW from $205.00 to $176.00 and set an "equal weight" rating on the stock in a research note on Thursday, August 7th. UBS Group cut their target price on shares of CDW from $210.00 to $200.00 and set a "buy" rating on the stock in a report on Thursday, August 7th. JPMorgan Chase & Co. increased their price target on shares of CDW from $185.00 to $205.00 and gave the stock a "neutral" rating in a research note on Thursday, July 17th. Finally, Citigroup raised their price objective on shares of CDW from $180.00 to $200.00 and gave the stock a "neutral" rating in a research report on Friday, July 11th. Two equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $202.00.

About CDW

CDW Corporation provides information technology (IT) solutions in the United States, the United Kingdom, and Canada. It operates through three segments: Corporate, Small Business, and Public. The company offers discrete hardware and software products and services, as well as integrated IT solutions, including on-premise and cloud capabilities across hybrid infrastructure, digital experience, and security.