Fifth Third Bancorp Purchases 158,523 Shares of CDW Corporation $CDW

Fifth Third Bancorp boosted its position in shares of CDW Corporation (NASDAQ:CDW) by 575.7% in the third quarter, according to the company in its most recent filing with the SEC. The firm owned 186,057 shares of the information technology services provider’s stock after acquiring an additional 158,523 shares during the quarter. Fifth Third Bancorp’s holdings in CDW were worth $23,845,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Kendall Capital Management purchased a new stake in shares of CDW in the second quarter worth about $3,584,000. Man Group plc acquired a new stake in CDW during the second quarter worth about $1,262,000. Raiffeisen Bank International AG raised its position in CDW by 17,453.5% during the second quarter. Raiffeisen Bank International AG now owns 15,096 shares of the information technology services provider’s stock valued at $2,111,000 after acquiring an additional 15,010 shares in the last quarter. Pzena Investment Management LLC purchased a new position in CDW during the second quarter valued at approximately $371,135,000. Finally, Jupiter Topco LLC purchased a new position in CDW during the second quarter valued at approximately $300,073,000. Hedge funds and other institutional investors own 93.15% of the company’s stock.

CDW Stock Performance

NASDAQ:CDW opened at $171.65 on Friday. The company has a debt-to-equity ratio of 2.32, a quick ratio of 1.15 and a current ratio of 1.26. The stock has a market capitalization of $21.42 billion, a PE ratio of 20.03, a P/E/G ratio of 1.52 and a beta of 0.92. CDW Corporation has a fifty-two week low of $97.12 and a fifty-two week high of $175.19. The company has a fifty day moving average of $150.72 and a two-hundred day moving average of $134.84.

CDW (NASDAQ:CDW) last announced its earnings results on Wednesday, November 4th. The information technology services provider reported $3.26 earnings per share (EPS) 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 company’s revenue for the quarter was up 17.7% compared to the same quarter last year. During the same quarter last year, the business earned $2.71 earnings per share. As a group, research analysts forecast that CDW Corporation will post 10.38 earnings per share for the current fiscal year.

CDW Increases Dividend

The company also recently disclosed 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. This represents a $2.72 annualized dividend and a yield of 1.6%. The ex-dividend date is Wednesday, November 25th. This is a positive change from CDW’s previous quarterly dividend of $0.63. CDW’s payout ratio is presently 29.40%.

Analyst Ratings Changes

CDW has been the topic of several recent research reports. JPMorgan Chase & Co. upped their price objective on CDW from $170.00 to $195.00 and gave the stock an “overweight” rating in a research report on Thursday, November 5th. Weiss Ratings raised shares of CDW from a “hold (c-)” rating to a “hold (c)” rating in a report on Tuesday, August 25th. Morgan Stanley lifted their target price on shares of CDW from $170.00 to $171.00 and gave the company an “overweight” rating in a report on Thursday, August 6th. Barclays decreased their target price on shares of CDW from $150.00 to $148.00 and set an “equal weight” rating for the company in a research note on Monday, September 21st. Finally, UBS Group increased their price target on shares of CDW from $159.00 to $195.00 and gave the stock a “buy” rating in a report on Thursday, November 5th. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $167.38.

About CDW

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.