Russell Investments Group Ltd. has decreased its stake in CDW Corporation by 9.7% during the second quarter of 2024, as disclosed in its latest 13F filing with the Securities and Exchange Commission. Following the sale of 10,142 shares, Russell now holds 94,135 shares of the information technology services provider, valued at approximately $16.8 million.
Other institutional investors have also adjusted their positions in CDW Corporation. For instance, Bayforest Capital Ltd. acquired a new stake valued at around $31,000 in the first quarter, while Pandora Wealth Inc. and Stone House Investment Management LLC purchased stakes worth $32,000 and $34,000, respectively. Capital Analysts LLC invested $46,000 in CDW during the same period. Additionally, Covestor Ltd. increased its holdings by 134.1%, now owning 384 shares valued at $62,000.
Currently, institutional investors collectively own 93.15% of CDW’s stock.
Analysts Weigh In on CDW’s Future
Several research firms have recently provided insights on CDW’s stock performance. On November 25, Raymond James Financial upgraded CDW from an “outperform” rating to a “strong-buy” rating, establishing a price target of $185.00. Conversely, Barclays lowered its price objective from $176.00 to $148.00 while maintaining an “equal weight” rating.
In addition, UBS Group revised its target price from $200.00 to $190.00 and reiterated a “buy” rating. Evercore ISI adjusted its price target from $215.00 to $200.00, also recommending an “outperform” rating. Weiss Ratings maintained a “hold (C-)” rating on the stock.
Currently, one analyst holds a Strong Buy rating, two have issued Buy ratings, and five have assigned Hold ratings. According to data from MarketBeat, CDW has an overall consensus rating of “Moderate Buy” and an average price target of $189.86.
CDW’s Stock Performance and Earnings Report
On Monday, CDW stock opened at $144.22. The company has a market capitalization of $18.78 billion and a price-to-earnings ratio of 18.21. Its 50-day simple moving average stands at $151.34, while the 200-day simple moving average is $165.87. CDW’s stock has fluctuated between a one-year low of $135.63 and a high of $222.92.
On November 4, 2024, CDW Corporation released its quarterly earnings report, revealing an earnings per share (EPS) of $2.71, surpassing analysts’ expectations of $2.62 by $0.09. The firm reported revenues of $5.74 billion, slightly below the anticipated $5.75 billion. CDW achieved a net margin of 4.76% and a return on equity of 51.89%. Analysts project that CDW will post an EPS of $9.41 for the current year.
In addition to its financial performance, CDW Corporation announced an increase in its quarterly dividend. Shareholders of record on November 25 will receive a dividend of $0.63 per share, payable on December 10. This reflects an annualized dividend of $2.52 and a dividend yield of 1.7%, up from the previous quarterly dividend. The company’s dividend payout ratio (DPR) stands at 31.82%.
CDW Corporation operates in the information technology sector across the United States, the United Kingdom, and Canada. The company provides a range of IT solutions through its three segments: Corporate, Small Business, and Public. Its offerings include hardware and software products, integrated IT solutions, and cloud capabilities in hybrid infrastructure, digital experience, and security.
