New York Life Investment Management LLC Buys 127,164 Shares of CDW Corporation $CDW

New York Life Investment Management LLC grew its stake in shares of CDW Corporation (NASDAQ:CDW) by 712.3% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 145,016 shares of the information technology services provider’s stock after buying an additional 127,164 shares during the quarter. New York Life Investment Management LLC’s holdings in CDW were worth $18,585,000 at the end of the most recent quarter.

Several other institutional investors also recently made changes to their positions in the stock. Union Savings Bank raised its position in shares of CDW by 500.0% in the 3rd quarter. Union Savings Bank now owns 192 shares of the information technology services provider’s stock worth $25,000 after buying an additional 160 shares during the period. Allied Private Wealth LLC acquired a new position in CDW in the second quarter valued at $28,000. Keating Financial Advisory Services Inc. purchased a new stake in CDW during the second quarter valued at about $28,000. Manchester Capital Management LLC grew its position in CDW by 10,200.0% during the third quarter. Manchester Capital Management LLC now owns 206 shares of the information technology services provider’s stock valued at $26,000 after acquiring an additional 204 shares during the period. Finally, Community Bank N.A. purchased a new stake in CDW during the second quarter valued at about $31,000. 93.15% of the stock is owned by hedge funds and other institutional investors.

CDW Price Performance

CDW stock opened at $173.08 on Thursday. The firm has a fifty day moving average of $149.88 and a 200-day moving average of $134.38. CDW Corporation has a 52-week low of $97.12 and a 52-week high of $175.19. The company has a quick ratio of 1.15, a current ratio of 1.26 and a debt-to-equity ratio of 2.32. The firm has a market capitalization of $21.60 billion, a P/E ratio of 20.20, a PEG ratio of 1.50 and a beta of 0.92.

CDW (NASDAQ:CDW) last posted its earnings results on Wednesday, November 4th. The information technology services provider reported $3.26 earnings per share for the quarter, beating the consensus estimate of $2.98 by $0.28. The business had revenue of $6.75 billion for 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%. The business’s quarterly revenue was up 17.7% on a year-over-year basis. During the same quarter in the previous year, the business posted $2.71 EPS. As a group, analysts predict that CDW Corporation will post 10.33 EPS for the current year.

CDW Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 10th. Investors of record on Wednesday, November 25th will be issued a $0.68 dividend. The ex-dividend date is Wednesday, November 25th. This represents a $2.72 annualized dividend and a yield of 1.6%. This is an increase from CDW’s previous quarterly dividend of $0.63. CDW’s payout ratio is currently 29.40%.

Analyst Ratings Changes

CDW has been the subject of several research analyst reports. Morgan Stanley upped their price target on CDW from $170.00 to $171.00 and gave the stock an “overweight” rating in a research note on Thursday, August 6th. Barclays reduced their price objective on CDW from $150.00 to $148.00 and set an “equal weight” rating on the stock in a research note on Monday, September 21st. Weiss Ratings upgraded CDW from a “hold (c-)” rating to a “hold (c)” rating in a report on Tuesday, August 25th. JPMorgan Chase & Co. boosted their target price on CDW from $170.00 to $195.00 and gave the stock an “overweight” rating in a report on Thursday, November 5th. Finally, Citigroup increased their target price on shares of CDW from $150.00 to $170.00 and gave the stock a “neutral” rating in a research report on Thursday, November 5th. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $167.38.

CDW Profile

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.