Holocene Advisors LP Makes New Investment in CDW Co. (NASDAQ:CDW)

Holocene Advisors LP purchased a new stake in shares of CDW Co. (NASDAQ:CDW) during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund purchased 761,012 shares of the information technology services provider’s stock, valued at approximately $172,217,000.

A number of other hedge funds have also modified their holdings of the company. Peak Financial Advisors LLC purchased a new position in shares of CDW during the second quarter worth $2,854,000. United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund acquired a new stake in CDW during the 3rd quarter worth about $12,761,000. Raymond James & Associates raised its stake in shares of CDW by 16.6% during the 2nd quarter. Raymond James & Associates now owns 139,711 shares of the information technology services provider’s stock valued at $31,273,000 after buying an additional 19,867 shares during the last quarter. Thrivent Financial for Lutherans lifted its holdings in shares of CDW by 12.8% in the 3rd quarter. Thrivent Financial for Lutherans now owns 599,900 shares of the information technology services provider’s stock valued at $135,758,000 after buying an additional 68,023 shares during the period. Finally, Exchange Traded Concepts LLC boosted its stake in shares of CDW by 50.7% in the third quarter. Exchange Traded Concepts LLC now owns 2,398 shares of the information technology services provider’s stock worth $543,000 after buying an additional 807 shares during the last quarter. 93.15% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages have issued reports on CDW. JPMorgan Chase & Co. downgraded CDW from an “overweight” rating to a “neutral” rating and decreased their price target for the company from $260.00 to $235.00 in a report on Monday, October 28th. Barclays dropped their price target on shares of CDW from $229.00 to $201.00 and set an “equal weight” rating on the stock in a research report on Thursday, October 31st. Redburn Atlantic started coverage on shares of CDW in a research report on Friday, November 15th. They issued a “buy” rating and a $230.00 price objective for the company. Finally, Citigroup cut CDW from a “buy” rating to a “neutral” rating and dropped their target price for the company from $250.00 to $245.00 in a research report on Tuesday, October 1st. Four analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $244.63.

CDW Price Performance

Shares of NASDAQ CDW opened at $175.93 on Monday. The company has a debt-to-equity ratio of 2.39, a current ratio of 1.40 and a quick ratio of 1.28. The company has a market cap of $23.44 billion, a PE ratio of 21.51, a P/E/G ratio of 4.94 and a beta of 1.05. The stock has a fifty day moving average price of $204.87 and a 200 day moving average price of $216.84. CDW Co. has a 1-year low of $172.95 and a 1-year high of $263.37.

CDW (NASDAQ:CDW) last issued its earnings results on Wednesday, October 30th. The information technology services provider reported $2.63 earnings per share for the quarter, missing the consensus estimate of $2.68 by ($0.05). CDW had a net margin of 5.33% and a return on equity of 58.31%. The firm had revenue of $5.52 billion during the quarter, compared to analysts’ expectations of $5.72 billion. During the same period in the previous year, the firm earned $2.60 EPS. The firm’s revenue was down 2.0% on a year-over-year basis. Sell-side analysts forecast that CDW Co. will post 8.99 EPS for the current year.

CDW Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 10th. Shareholders of record on Monday, November 25th will be given a dividend of $0.625 per share. This is a boost from CDW’s previous quarterly dividend of $0.62. The ex-dividend date of this dividend is Monday, November 25th. This represents a $2.50 annualized dividend and a yield of 1.42%. CDW’s payout ratio is presently 30.56%.

CDW Company 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.