Eventide Asset Management LLC Grows Stock Holdings in CDW Co. (NASDAQ:CDW)

Eventide Asset Management LLC increased its stake in shares of CDW Co. (NASDAQ:CDW) by 8.9% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 220,021 shares of the information technology services provider’s stock after acquiring an additional 18,037 shares during the period. Eventide Asset Management LLC’s holdings in CDW were worth $49,791,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Centric Wealth Management lifted its position in CDW by 0.4% in the third quarter. Centric Wealth Management now owns 18,838 shares of the information technology services provider’s stock valued at $4,263,000 after purchasing an additional 70 shares during the period. Fiduciary Trust Co lifted its position in CDW by 109.7% in the third quarter. Fiduciary Trust Co now owns 3,874 shares of the information technology services provider’s stock valued at $877,000 after purchasing an additional 2,027 shares during the period. FORA Capital LLC lifted its position in CDW by 166.2% in the third quarter. FORA Capital LLC now owns 19,003 shares of the information technology services provider’s stock valued at $4,300,000 after purchasing an additional 11,865 shares during the period. Healthcare of Ontario Pension Plan Trust Fund lifted its position in CDW by 667.9% in the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 95,393 shares of the information technology services provider’s stock valued at $21,587,000 after purchasing an additional 82,970 shares during the period. Finally, Cynosure Group LLC lifted its position in CDW by 233.1% in the third quarter. Cynosure Group LLC now owns 11,464 shares of the information technology services provider’s stock valued at $2,594,000 after purchasing an additional 8,022 shares during the period. Hedge funds and other institutional investors own 93.15% of the company’s stock.

Analyst Ratings Changes

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

CDW Stock Performance

Shares of CDW stock opened at $176.75 on Friday. CDW Co. has a 12 month low of $172.95 and a 12 month high of $263.37. 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 firm has a market capitalization of $23.55 billion, a P/E ratio of 21.61, a P/E/G ratio of 4.97 and a beta of 1.05. The company’s fifty day moving average price is $205.86 and its two-hundred day moving average price is $217.24.

CDW (NASDAQ:CDW) last issued its quarterly earnings data on Wednesday, October 30th. The information technology services provider reported $2.63 EPS for the quarter, missing analysts’ consensus estimates of $2.68 by ($0.05). CDW had a return on equity of 58.31% and a net margin of 5.33%. The firm had revenue of $5.52 billion during the quarter, compared to analyst estimates of $5.72 billion. During the same quarter in the prior year, the firm earned $2.60 EPS. The business’s quarterly revenue was down 2.0% compared to the same quarter last year. On average, research analysts anticipate that CDW Co. will post 8.99 earnings per share for the current fiscal year.

CDW Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 10th. Stockholders of record on Monday, November 25th will be paid a $0.625 dividend. This represents a $2.50 dividend on an annualized basis and a dividend yield of 1.41%. The ex-dividend date of this dividend is Monday, November 25th. This is a positive change from CDW’s previous quarterly dividend of $0.62. CDW’s dividend payout ratio is 30.56%.

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.