CDW Corporation $CDW Shares Bought by Eventide Asset Management LLC

Key Points

• Eventide Asset Management LLC raised its stake in CDW Corporation by 2.1%, owning approximately 76,701 shares valued at $12.3 million after acquiring an additional 1,550 shares in the first quarter.
• CDW's quarterly earnings report revealed $5.98 billion in revenue, surpassing expectations and an EPS of $2.60, which beat analyst estimates by $0.11.
• The company has announced a quarterly dividend of $0.625 per share, translating to an annualized dividend of $2.50 and a yield of 1.5%.

Eventide Asset Management LLC increased its stake in CDW Corporation (NASDAQ:CDW - Free Report) by 2.1% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 76,701 shares of the information technology services provider's stock after buying an additional 1,550 shares during the period. Eventide Asset Management LLC owned 0.06% of CDW worth $12,296,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. GW&K Investment Management LLC grew its stake in CDW by 78.9% in the 1st quarter. GW&K Investment Management LLC now owns 170 shares of the information technology services provider's stock worth $27,000 after acquiring an additional 75 shares in the last quarter. Orion Capital Management LLC purchased a new stake in shares of CDW in the fourth quarter valued at approximately $30,000. Bayforest Capital Ltd bought a new position in CDW in the first quarter worth approximately $31,000. Pandora Wealth Inc. bought a new position in CDW in the first quarter worth approximately $32,000. Finally, Stone House Investment Management LLC purchased a new position in CDW during the 1st quarter worth $34,000. 93.15% of the stock is owned by hedge funds and other institutional investors.

CDW Stock Up 0.7%

Shares of NASDAQ CDW traded up $1.10 during trading hours on Tuesday, hitting $168.95. 1,084,504 shares of the stock were exchanged, compared to its average volume of 1,314,850. CDW Corporation has a 12 month low of $137.31 and a 12 month high of $230.86. The firm has a fifty day moving average price of $172.02 and a 200-day moving average price of $170.43. 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 company has a market cap of $22.14 billion, a PE ratio of 20.99, a PEG ratio of 2.82 and a beta of 0.98.

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

CDW Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 10th. Investors of record on Monday, August 25th will be given a dividend of $0.625 per share. This represents a $2.50 annualized dividend and a yield of 1.5%. The ex-dividend date of this dividend is Monday, August 25th. CDW's dividend payout ratio is currently 31.06%.

Analyst Ratings Changes

Several brokerages have weighed in on CDW. UBS Group lowered their target price on CDW from $210.00 to $200.00 and set a "buy" rating for the company in a report on Thursday, August 7th. Barclays lowered their price objective on shares of CDW from $205.00 to $176.00 and set an "equal weight" rating for the company in a research note on Thursday, August 7th. JPMorgan Chase & Co. increased their target price on shares of CDW from $185.00 to $205.00 and gave the stock a "neutral" rating in a report on Thursday, July 17th. Finally, Citigroup boosted their price target on shares of CDW from $180.00 to $200.00 and gave the company a "neutral" rating in a report on Friday, July 11th. Two investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, CDW currently has a consensus rating of "Hold" and an average price target of $202.00.

CDW Profile

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.