Parallel Advisors LLC Raises Stock Holdings in CDW Corporation $CDW

Parallel Advisors LLC lifted its holdings in shares of CDW Corporation (NASDAQ:CDW) by 197.9% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,406 shares of the information technology services provider’s stock after purchasing an additional 934 shares during the quarter. Parallel Advisors LLC’s holdings in CDW were worth $251,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. AG2R LA Mondiale Gestion D Actifs purchased a new position in shares of CDW during the first quarter worth about $962,000. eCIO Inc. purchased a new stake in CDW in the first quarter worth approximately $93,000. Modern Wealth Management LLC boosted its stake in CDW by 9.9% in the first quarter. Modern Wealth Management LLC now owns 12,149 shares of the information technology services provider’s stock worth $1,947,000 after buying an additional 1,091 shares in the last quarter. Jacobi Capital Management LLC boosted its stake in CDW by 16.3% in the first quarter. Jacobi Capital Management LLC now owns 1,661 shares of the information technology services provider’s stock worth $266,000 after buying an additional 233 shares in the last quarter. Finally, Bayforest Capital Ltd purchased a new stake in CDW in the first quarter worth approximately $31,000. Hedge funds and other institutional investors own 93.15% of the company’s stock.

CDW Stock Performance

Shares of CDW stock opened at $161.22 on Monday. The company has a debt-to-equity ratio of 2.28, a quick ratio of 1.22 and a current ratio of 1.35. CDW Corporation has a fifty-two week low of $137.31 and a fifty-two week high of $230.86. The stock has a 50 day moving average price of $169.35 and a two-hundred day moving average price of $169.73. The company has a market capitalization of $21.13 billion, a P/E ratio of 20.03, a PEG ratio of 2.68 and a beta of 0.98.

CDW (NASDAQ:CDW) last announced its 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. The company had revenue of $5.98 billion during the quarter, compared to the consensus estimate of $5.51 billion. CDW had a return on equity of 53.63% and a net margin of 4.92%.The firm’s revenue for the quarter was up 10.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.50 earnings per share. Analysts expect that CDW Corporation will post 9.41 earnings per share for the current year.

CDW Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 10th. Investors of record on Monday, August 25th were issued a dividend of $0.625 per share. This represents a $2.50 dividend on an annualized basis and a dividend yield of 1.6%. The ex-dividend date was Monday, August 25th. CDW’s dividend payout ratio is currently 31.06%.

Analysts Set New Price Targets

CDW has been the subject of several research reports. Citigroup upped their target price on CDW from $180.00 to $200.00 and gave the stock a “neutral” rating in a research note on Friday, July 11th. JPMorgan Chase & Co. upped their target price on CDW from $185.00 to $205.00 and gave the stock a “neutral” rating in a research note on Thursday, July 17th. Barclays cut their target price on CDW from $205.00 to $176.00 and set an “equal weight” rating for the company in a research note on Thursday, August 7th. Finally, UBS Group cut their target price on CDW from $210.00 to $200.00 and set a “buy” rating for the company in a research note on Thursday, August 7th. Two research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average 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.