Price T Rowe Associates Inc. MD Grows Position in CDW Corporation $CDW

Key Points

• Price T Rowe Associates Inc. MD increased its stake in CDW Corporation by 444.6% in Q1, now owning 1,632,119 shares valued at approximately $261.6 million.
• CDW recently reported better-than-expected earnings of $2.60 per share and revenues of $5.98 billion for the quarter, surpassing estimates and reflecting a 10.2% growth year-over-year.
• The company announced a quarterly dividend of $0.625 per share, resulting in an annualized dividend yield of 1.5% with a payout ratio of 31.06%.

Price T Rowe Associates Inc. MD lifted its holdings in shares of CDW Corporation (NASDAQ:CDW - Free Report) by 444.6% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,632,119 shares of the information technology services provider's stock after purchasing an additional 1,332,454 shares during the period. Price T Rowe Associates Inc. MD owned about 1.24% of CDW worth $261,564,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Envestnet Asset Management Inc. lifted its holdings in CDW by 20.8% during the first quarter. Envestnet Asset Management Inc. now owns 207,506 shares of the information technology services provider's stock valued at $33,255,000 after purchasing an additional 35,737 shares during the last quarter. Unison Asset Management LLC lifted its holdings in CDW by 9.4% during the first quarter. Unison Asset Management LLC now owns 42,389 shares of the information technology services provider's stock valued at $6,339,000 after purchasing an additional 3,657 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its holdings in CDW by 1.6% during the first quarter. Allspring Global Investments Holdings LLC now owns 5,942 shares of the information technology services provider's stock valued at $963,000 after purchasing an additional 94 shares during the last quarter. Sequoia Financial Advisors LLC lifted its holdings in CDW by 8.7% during the first quarter. Sequoia Financial Advisors LLC now owns 19,995 shares of the information technology services provider's stock valued at $3,204,000 after purchasing an additional 1,604 shares during the last quarter. Finally, OneDigital Investment Advisors LLC bought a new stake in shares of CDW during the first quarter valued at about $212,000. 93.15% of the stock is currently owned by institutional investors.

CDW Price Performance

NASDAQ CDW traded up $0.06 on Friday, reaching $165.93. 388,576 shares of the company's stock traded hands, compared to its average volume of 1,317,932. CDW Corporation has a 12 month low of $137.31 and a 12 month high of $230.86. 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 stock has a 50-day simple moving average of $173.55 and a 200 day simple moving average of $171.90. The stock has a market cap of $21.75 billion, a PE ratio of 20.60, a P/E/G ratio of 2.75 and a beta of 0.95.

CDW (NASDAQ:CDW - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The information technology services provider reported $2.60 EPS for the quarter, beating 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 business had revenue of $5.98 billion for the quarter, compared to analysts' expectations of $5.51 billion. During the same period last year, the business 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 year.

CDW Announces Dividend

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

Analysts Set New Price Targets

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

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.