CDW (NASDAQ:CDW) Hits New 1-Year High – Here’s What Happened

CDW Corporation (NASDAQ:CDW)’s stock price reached a new 52-week high during mid-day trading on Wednesday. The company traded as high as $173.47 and last traded at $173.6480, with a volume of 61,787 shares traded. The stock had previously closed at $169.36.

Analysts Set New Price Targets

A number of research analysts have commented on the stock. Barclays dropped their price objective on shares of CDW from $150.00 to $148.00 and set an “equal weight” rating on the stock in a research note on Monday, September 21st. JPMorgan Chase & Co. boosted their target price on shares of CDW from $170.00 to $195.00 and gave the stock an “overweight” rating in a research report on Thursday, November 5th. UBS Group upped their price target on CDW from $159.00 to $195.00 and gave the stock a “buy” rating in a report on Thursday, November 5th. Morgan Stanley increased their price objective on shares of CDW from $170.00 to $171.00 and gave the company an “overweight” rating in a research note on Thursday, August 6th. Finally, Citigroup raised their price objective on shares of CDW from $150.00 to $170.00 and gave the stock a “neutral” rating in a research note on Thursday, November 5th. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat.com, CDW presently has an average rating of “Moderate Buy” and a consensus price target of $167.38.

CDW Stock Performance

The stock has a 50-day moving average price of $150.36 and a 200 day moving average price of $134.61. The firm has a market cap of $21.57 billion, a PE ratio of 20.16, a P/E/G ratio of 1.53 and a beta of 0.92. The company has a debt-to-equity ratio of 2.32, a current ratio of 1.26 and a quick ratio of 1.15.

CDW (NASDAQ:CDW) last issued its quarterly earnings results on Wednesday, November 4th. The information technology services provider reported $3.26 EPS for the quarter, topping the consensus estimate of $2.98 by $0.28. The firm had revenue of $6.75 billion during the quarter, compared to analyst estimates of $6.19 billion. CDW had a net margin of 4.48% and a return on equity of 52.23%. CDW’s revenue for the quarter was up 17.7% compared to the same quarter last year. During the same quarter in the prior year, the business posted $2.71 earnings per share. Research analysts forecast that CDW Corporation will post 10.33 earnings per share for the current year.

CDW Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 10th. Stockholders of record on Wednesday, November 25th will be given a $0.68 dividend. The ex-dividend date of this dividend is Wednesday, November 25th. This is a positive change from CDW’s previous quarterly dividend of $0.63. This represents a $2.72 annualized dividend and a dividend yield of 1.6%. CDW’s dividend payout ratio (DPR) is currently 29.40%.

Institutional Trading of CDW

Several large investors have recently modified their holdings of CDW. AlphaGrep UK Ltd bought a new stake in shares of CDW in the 3rd quarter worth about $947,000. First Trust Advisors LP boosted its position in shares of CDW by 2,301.2% during the third quarter. First Trust Advisors LP now owns 10,501,749 shares of the information technology services provider’s stock worth $1,345,904,000 after buying an additional 10,064,399 shares during the period. Horizon Bancorp Inc. IN boosted its position in shares of CDW by 390.0% during the third quarter. Horizon Bancorp Inc. IN now owns 441 shares of the information technology services provider’s stock worth $57,000 after buying an additional 351 shares during the period. State Street Corp boosted its position in shares of CDW by 297.1% during the third quarter. State Street Corp now owns 45,901,917 shares of the information technology services provider’s stock worth $5,882,790,000 after buying an additional 34,342,541 shares during the period. Finally, Advisors Asset Management Inc. bought a new position in CDW in the 3rd quarter worth approximately $14,807,000. 93.15% of the stock is currently owned by institutional investors and hedge funds.

About CDW

CDW Corporation is a provider of information technology products and services to businesses, government agencies, educational institutions and healthcare organizations. The company helps customers select, purchase, implement and manage technology solutions. Its offerings include computers and other hardware, software, cloud services, cybersecurity, networking, data center infrastructure and collaboration tools. CDW also provides consulting, integration and ongoing technology support, helping customers plan and operate their IT environments.