Royal Bank of Canada Buys 117,161 Shares of CDW Corporation $CDW

Key Points

• Royal Bank of Canada increased its stake in CDW Corporation by 24.9%, acquiring an additional 117,161 shares in the first quarter, bringing its total ownership to 587,479 shares valued at approximately $94 million.
• CDW Corporation reported a 10.2% year-over-year revenue increase, generating $5.98 billion for the quarter and achieving an EPS of $2.60, exceeding analysts' expectations.
• The company announced a quarterly dividend of $0.625 to be paid on September 10th, reflecting an annualized yield of 1.5%.

Royal Bank of Canada increased its position in shares of CDW Corporation (NASDAQ:CDW - Free Report) by 24.9% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 587,479 shares of the information technology services provider's stock after acquiring an additional 117,161 shares during the quarter. Royal Bank of Canada owned approximately 0.45% of CDW worth $94,148,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently made changes to their positions in the company. Vestcor Inc grew its position in shares of CDW by 1.8% during the first quarter. Vestcor Inc now owns 4,068 shares of the information technology services provider's stock worth $652,000 after acquiring an additional 71 shares during the last quarter. TD Private Client Wealth LLC lifted its holdings in shares of CDW by 30.3% during the 1st quarter. TD Private Client Wealth LLC now owns 310 shares of the information technology services provider's stock worth $50,000 after acquiring an additional 72 shares during the period. GW&K Investment Management LLC raised its holdings in 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 buying an additional 75 shares during the period. Benin Management CORP grew its position in shares of CDW by 2.5% during the first quarter. Benin Management CORP now owns 3,248 shares of the information technology services provider's stock worth $521,000 after buying an additional 80 shares in the last quarter. Finally, GAMMA Investing LLC boosted its holdings in CDW by 4.0% in the first quarter. GAMMA Investing LLC now owns 2,098 shares of the information technology services provider's stock worth $336,000 after purchasing an additional 81 shares during the period. 93.15% of the stock is currently owned by hedge funds and other institutional investors.

CDW Stock Up 0.5%

NASDAQ:CDW traded up $0.82 on Tuesday, hitting $168.67. The stock had a trading volume of 278,731 shares, compared to its average volume of 1,309,958. The business's fifty day moving average is $172.02 and its 200 day moving average is $170.43. The company has a market cap of $22.11 billion, a PE ratio of 20.95, a P/E/G ratio of 2.82 and a beta of 0.98. 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 52 week low of $137.31 and a 52 week high of $230.86.

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 return on equity of 53.63% and a net margin of 4.92%.The company had revenue of $5.98 billion during the quarter, compared to the consensus estimate of $5.51 billion. During the same period last year, the business posted $2.50 earnings per share. CDW's revenue was up 10.2% on a year-over-year basis. On average, equities research analysts expect that CDW Corporation will post 9.41 EPS for the current fiscal year.

CDW Announces Dividend

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

Wall Street Analysts Forecast Growth

CDW has been the topic of several research reports. UBS Group dropped their price target on shares of CDW from $210.00 to $200.00 and set a "buy" rating on the stock in a research report on Thursday, August 7th. Citigroup raised their target price on CDW from $180.00 to $200.00 and gave the company a "neutral" rating in a research note on Friday, July 11th. JPMorgan Chase & Co. raised their price target on CDW from $185.00 to $205.00 and gave the company a "neutral" rating in a report on Thursday, July 17th. Finally, Barclays lowered 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. Two equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to MarketBeat, the company has an average 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.