Eventide Asset Management LLC Buys 1,550 Shares of CDW Corporation $CDW

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 boosted its stake in shares of CDW Corporation (NASDAQ:CDW - Free Report) by 2.1% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 76,701 shares of the information technology services provider's stock after purchasing an additional 1,550 shares during the quarter. Eventide Asset Management LLC owned about 0.06% of CDW worth $12,296,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in CDW. GW&K Investment Management LLC boosted its position in CDW by 78.9% during the first quarter. GW&K Investment Management LLC now owns 170 shares of the information technology services provider's stock worth $27,000 after purchasing an additional 75 shares during the period. Orion Capital Management LLC bought a new position in CDW during the fourth quarter worth $30,000. Bayforest Capital Ltd bought a new position in CDW during the first quarter worth $31,000. Pandora Wealth Inc. bought a new position in CDW during the first quarter worth $32,000. Finally, Stone House Investment Management LLC bought a new position in CDW during the first quarter worth $34,000. 93.15% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

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

CDW Price Performance

CDW traded up $0.13 on Wednesday, hitting $169.08. 523,318 shares of the stock were exchanged, compared to its average volume of 1,310,050. CDW Corporation has a 12 month low of $137.31 and a 12 month high of $230.86. The business has a 50-day moving average of $171.78 and a two-hundred day moving average of $170.42. The company has a debt-to-equity ratio of 2.28, a current ratio of 1.35 and a quick ratio of 1.22. The firm has a market capitalization of $22.16 billion, a price-to-earnings ratio of 21.01, a PEG ratio of 2.79 and a beta of 0.98.

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

CDW Dividend Announcement

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

CDW Company 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.