Vancity Investment Management Ltd Takes $14.43 Million Position in CDW Corporation $CDW

Key Points

• Vancity Investment Management Ltd purchased 90,028 shares of CDW Corporation for approximately $14.4 million, making it the 20th largest position in their portfolio.
• Several analysts have adjusted their price targets for CDW, with Barclays lowering it to $176 and Citigroup increasing it to $200, showing mixed sentiments among equity analysts.
• CDW announced a quarterly dividend of $0.625 per share, translating to an annualized yield of 1.5%, with a dividend payout ratio of 31.06%.

Vancity Investment Management Ltd purchased a new stake in CDW Corporation (NASDAQ:CDW - Free Report) during the first quarter, according to its most recent filing with the SEC. The firm purchased 90,028 shares of the information technology services provider's stock, valued at approximately $14,428,000. CDW accounts for approximately 2.0% of Vancity Investment Management Ltd's portfolio, making the stock its 20th largest position. Vancity Investment Management Ltd owned approximately 0.07% of CDW at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. GW&K Investment Management LLC raised its holdings in CDW by 78.9% during the 1st quarter. GW&K Investment Management LLC now owns 170 shares of the information technology services provider's stock worth $27,000 after buying an additional 75 shares during the period. Orion Capital Management LLC acquired a new stake in CDW during the 4th quarter worth approximately $30,000. Bayforest Capital Ltd acquired a new stake in CDW during the 1st quarter worth approximately $31,000. Pandora Wealth Inc. acquired a new stake in CDW during the 1st quarter worth approximately $32,000. Finally, Stone House Investment Management LLC acquired a new stake in CDW during the 1st quarter worth approximately $34,000. 93.15% of the stock is currently owned by institutional investors and hedge funds.

CDW Stock Down 0.9%

Shares of NASDAQ:CDW traded down $1.44 during midday trading on Friday, hitting $164.29. The stock had a trading volume of 1,120,717 shares, compared to its average volume of 1,170,116. CDW Corporation has a 12 month low of $137.31 and a 12 month high of $230.86. 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 business's 50-day simple moving average is $170.85 and its 200-day simple moving average is $170.15. The company has a market cap of $21.53 billion, a P/E ratio of 20.41, a PEG ratio of 2.75 and a beta of 0.98.

CDW (NASDAQ:CDW - Get Free Report) last released its earnings results on Wednesday, August 6th. The information technology services provider reported $2.60 earnings per share for the quarter, beating 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 during 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 firm's revenue was up 10.2% on a year-over-year basis. On average, sell-side analysts forecast that CDW Corporation will post 9.41 earnings per share for the current fiscal year.

CDW Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, September 10th. Shareholders of record on Monday, August 25th were 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 of this dividend was Monday, August 25th. CDW's payout ratio is 31.06%.

Analyst Upgrades and Downgrades

Several brokerages have commented on CDW. UBS Group dropped their target price 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. lifted their price objective on shares of CDW from $185.00 to $205.00 and gave the company a "neutral" rating in a report on Thursday, July 17th. 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. Finally, Barclays lowered their price objective 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. Two research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat, the stock has an average 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.