Magnetar Financial LLC Increases Stake in CDW Corporation $CDW

Key Points

• Magnetar Financial LLC significantly increased its holdings in CDW Corporation by 1,395.9% in the first quarter, now owning 44,323 shares valued at approximately $7.1 million.
• CDW reported a 10.2% year-over-year revenue increase in its recent quarterly earnings, with EPS of $2.60, surpassing analyst expectations of $2.49.
• The company will pay a quarterly dividend of $0.625 on September 10th, representing an annualized yield of 1.5% based on current market valuations.

Magnetar Financial LLC raised its position in CDW Corporation (NASDAQ:CDW - Free Report) by 1,395.9% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 44,323 shares of the information technology services provider's stock after purchasing an additional 41,360 shares during the period. Magnetar Financial LLC's holdings in CDW were worth $7,103,000 at the end of the most recent reporting period.

A number of other large investors also recently added to or reduced their stakes in the business. Coldstream Capital Management Inc. boosted its stake in shares of CDW by 11.5% during the 4th quarter. Coldstream Capital Management Inc. now owns 1,778 shares of the information technology services provider's stock valued at $309,000 after purchasing an additional 184 shares in the last quarter. Quarry LP bought a new position in shares of CDW in the fourth quarter worth approximately $48,000. Northern Trust Corp lifted its stake in shares of CDW by 15.3% in the fourth quarter. Northern Trust Corp now owns 1,442,637 shares of the information technology services provider's stock worth $251,077,000 after buying an additional 191,037 shares in the last quarter. Schonfeld Strategic Advisors LLC raised its holdings in shares of CDW by 659.6% during the fourth quarter. Schonfeld Strategic Advisors LLC now owns 50,103 shares of the information technology services provider's stock valued at $8,720,000 after purchasing an additional 43,507 shares during the last quarter. Finally, Caisse DE Depot ET Placement DU Quebec raised its holdings in shares of CDW by 2,812.2% during the fourth quarter. Caisse DE Depot ET Placement DU Quebec now owns 27,753 shares of the information technology services provider's stock valued at $4,830,000 after purchasing an additional 26,800 shares during the last quarter. Hedge funds and other institutional investors own 93.15% of the company's stock.

CDW Price Performance

Shares of CDW stock traded down $0.24 during trading hours on Wednesday, reaching $162.03. 198,491 shares of the company's stock were exchanged, compared to its average volume of 1,312,963. The company has a quick ratio of 1.22, a current ratio of 1.35 and a debt-to-equity ratio of 2.28. CDW Corporation has a 1 year low of $137.31 and a 1 year high of $230.86. The business has a fifty day moving average of $172.90 and a two-hundred day moving average of $171.25. The company has a market capitalization of $21.24 billion, a P/E ratio of 20.14, a price-to-earnings-growth ratio of 2.74 and a beta of 0.98.

CDW (NASDAQ:CDW - Get Free Report) last issued 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. CDW had a net margin of 4.92% and a return on equity of 53.63%. The business had revenue of $5.98 billion for the quarter, compared to analysts' expectations of $5.51 billion. During the same quarter in the prior year, the company earned $2.50 earnings per share. The business's quarterly revenue was up 10.2% on a year-over-year basis. As a group, research analysts predict that CDW Corporation will post 9.41 earnings per share for the current fiscal year.

CDW Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 10th. Stockholders of record on Monday, August 25th will be paid a dividend of $0.625 per share. 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%.

Analyst Ratings Changes

CDW has been the subject of a number of analyst reports. UBS Group reduced their price objective on shares of CDW from $210.00 to $200.00 and set a "buy" rating for the company in a research note on Thursday, August 7th. JPMorgan Chase & Co. lifted their price objective 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. Barclays lowered their target price on shares of CDW from $205.00 to $176.00 and set an "equal weight" rating for the company in a report on Thursday, August 7th. Finally, Citigroup lifted their price objective 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 issued a Hold rating to the company's stock. Based on data from MarketBeat, CDW presently has a consensus rating of "Hold" and an average target price 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.