Raymond James Financial Inc. Increases Stake in CDW Corporation $CDW

Key Points

• Raymond James Financial Inc. increased its stake in CDW Corporation by 5.4%, owning approximately 164,920 shares valued at $26.43 million.
• CDW reported earnings of $2.60 per share for the last quarter, exceeding analysts' expectations by $0.11, with revenue of $5.98 billion, a 10.2% increase year-over-year.
• The company has declared a quarterly dividend of $0.625 per share, with a payout ratio of 31.06%, scheduled for payment on September 10th.

Raymond James Financial Inc. lifted its stake in shares of CDW Corporation (NASDAQ:CDW - Free Report) by 5.4% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 164,920 shares of the information technology services provider's stock after acquiring an additional 8,389 shares during the period. Raymond James Financial Inc. owned 0.13% of CDW worth $26,430,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Vestcor Inc raised its stake in shares of CDW by 1.8% in the first quarter. Vestcor Inc now owns 4,068 shares of the information technology services provider's stock valued at $652,000 after acquiring an additional 71 shares during the period. TD Private Client Wealth LLC raised its stake in shares of CDW by 30.3% in the first quarter. TD Private Client Wealth LLC now owns 310 shares of the information technology services provider's stock valued at $50,000 after acquiring an additional 72 shares during the period. GW&K Investment Management LLC raised its stake in shares of CDW by 78.9% in the first quarter. GW&K Investment Management LLC now owns 170 shares of the information technology services provider's stock valued at $27,000 after acquiring an additional 75 shares during the period. Benin Management CORP raised its stake in shares of CDW by 2.5% in the first quarter. Benin Management CORP now owns 3,248 shares of the information technology services provider's stock valued at $521,000 after acquiring an additional 80 shares during the period. Finally, GAMMA Investing LLC raised its stake in shares of CDW by 4.0% in the first quarter. GAMMA Investing LLC now owns 2,098 shares of the information technology services provider's stock valued at $336,000 after acquiring an additional 81 shares during the period. Institutional investors and hedge funds own 93.15% of the company's stock.

CDW Stock Down 0.7%

Shares of CDW stock traded down $1.16 during mid-day trading on Friday, hitting $164.71. 601,354 shares of the stock traded hands, compared to its average volume of 1,319,350. The stock has a market cap of $21.59 billion, a P/E ratio of 20.47, a P/E/G ratio of 2.75 and a beta of 0.95. The stock's fifty day moving average is $173.55 and its two-hundred day moving average is $171.90. CDW Corporation has a 52-week low of $137.31 and a 52-week 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.

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 for the quarter, topping analysts' consensus estimates of $2.49 by $0.11. CDW had a return on equity of 53.63% and a net margin of 4.92%.The business had revenue of $5.98 billion for the quarter, compared to analyst estimates of $5.51 billion. During the same quarter in the previous year, the firm earned $2.50 earnings per share. The company's revenue was up 10.2% on a year-over-year basis. Equities analysts predict that CDW Corporation will post 9.41 EPS for the current year.

CDW Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 10th. Investors of record on Monday, August 25th will be issued 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 payout ratio is 31.06%.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the stock. UBS Group cut their price target 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. upped their price target on shares of CDW from $185.00 to $205.00 and gave the stock a "neutral" rating in a report on Thursday, July 17th. Barclays cut their price target on shares of CDW from $205.00 to $176.00 and set an "equal weight" rating on the stock in a report on Thursday, August 7th. Finally, Citigroup upped their price objective on shares of CDW from $180.00 to $200.00 and gave the stock a "neutral" rating in a research note on Friday, July 11th. Two investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price 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.