CDW Corporation $CDW Shares Bought by Resona Asset Management Co. Ltd.

Key Points

• Resona Asset Management Co. Ltd. increased its stake in CDW Corporation by 6.4%, acquiring an additional 2,536 shares and valuing its holdings at approximately $6.75 million.
• CDW Corporation's recent quarterly earnings showed earnings per share of $2.60, surpassing expectations and reflecting a year-over-year revenue increase of 10.2% with total revenue of $5.98 billion.
• The company announced a quarterly dividend of $0.625 per share, with a payout ratio of 31.06%, set to be paid on September 10, 2023, to shareholders on record by August 25, 2023.

Resona Asset Management Co. Ltd. raised its position in shares of CDW Corporation (NASDAQ:CDW - Free Report) by 6.4% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 42,064 shares of the information technology services provider's stock after purchasing an additional 2,536 shares during the period. Resona Asset Management Co. Ltd.'s holdings in CDW were worth $6,749,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Federated Hermes Inc. raised its position in shares of CDW by 23.7% in the 4th quarter. Federated Hermes Inc. now owns 1,092 shares of the information technology services provider's stock worth $190,000 after acquiring an additional 209 shares in the last quarter. Raymond James Financial Inc. purchased a new position in CDW in the 4th quarter worth $27,243,000. Summit Investment Advisors Inc. lifted its holdings in shares of CDW by 4.1% during the fourth quarter. Summit Investment Advisors Inc. now owns 5,593 shares of the information technology services provider's stock worth $973,000 after purchasing an additional 221 shares during the period. Canada Post Corp Registered Pension Plan purchased a new stake in shares of CDW in the 4th quarter valued at $318,000. Finally, Guggenheim Capital LLC grew its position in CDW by 0.6% during the 4th quarter. Guggenheim Capital LLC now owns 35,182 shares of the information technology services provider's stock worth $6,123,000 after purchasing an additional 197 shares during the period. Institutional investors own 93.15% of the company's stock.

CDW Price Performance

Shares of NASDAQ CDW traded up $1.5050 during midday trading on Tuesday, hitting $167.3450. The stock had a trading volume of 225,985 shares, compared to its average volume of 1,325,453. 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 stock has a 50 day simple moving average of $174.67 and a 200-day simple moving average of $173.33. The company has a market capitalization of $21.93 billion, a PE ratio of 20.79, a P/E/G ratio of 2.72 and a beta of 0.95. CDW Corporation has a 1 year low of $137.31 and a 1 year high of $231.38.

CDW (NASDAQ:CDW - Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The information technology services provider reported $2.60 earnings per share for the quarter, beating 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 company had revenue of $5.98 billion for the quarter, compared to analyst estimates of $5.51 billion. During the same quarter last year, the firm posted $2.50 EPS. The firm's revenue for the quarter was up 10.2% on a year-over-year basis. On average, sell-side analysts expect that CDW Corporation will post 9.41 EPS for the current fiscal year.

CDW Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 10th. Investors 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 currently 31.06%.

Analyst Ratings Changes

A number of research analysts have issued reports on the company. UBS Group decreased their price target on CDW from $210.00 to $200.00 and set a "buy" rating for the company in a report on Thursday, August 7th. 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. Barclays lowered their target price 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. Finally, JPMorgan Chase & Co. increased their price target on CDW from $185.00 to $205.00 and gave the stock a "neutral" rating in a research report on Thursday, July 17th. Two research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to MarketBeat, CDW has an average 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.