Deutsche Bank AG bought a new position in shares of CDW Corporation (NASDAQ:CDW – Free Report) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 799,829 shares of the information technology services provider’s stock, valued at approximately $112,488,000.
A number of other institutional investors have also recently added to or reduced their stakes in CDW. Rice Hall James & Associates LLC acquired a new position in CDW in the 2nd quarter valued at approximately $245,000. Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in shares of CDW during the second quarter valued at $44,850,000. Flputnam Investment Management Co. bought a new position in shares of CDW during the second quarter valued at $269,000. Global Retirement Partners LLC acquired a new position in shares of CDW during the second quarter worth $246,000. Finally, Centric Wealth Management acquired a new position in shares of CDW during the second quarter worth $321,000. 93.15% of the stock is owned by institutional investors.
Wall Street Analyst Weigh In
Several analysts recently weighed in on the stock. Morgan Stanley increased their price objective on CDW from $170.00 to $171.00 and gave the company an “overweight” rating in a report on Thursday, August 6th. Weiss Ratings raised CDW from a “sell (d+)” rating to a “hold (c-)” rating in a report on Thursday, June 11th. Citigroup upped their price target on CDW from $123.00 to $145.00 and gave the company a “neutral” rating in a research report on Monday, July 13th. Royal Bank Of Canada raised CDW to an “outperform” rating and set a $130.00 price target for the company in a research note on Wednesday, May 27th. Finally, JPMorgan Chase & Co. upgraded CDW from a “neutral” rating to an “overweight” rating and set a $130.00 price objective for the company in a research report on Wednesday, May 27th. One equities 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 stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $147.00.
CDW Stock Up 1.7%
Shares of NASDAQ CDW opened at $137.20 on Thursday. The company’s 50 day moving average price is $136.18 and its 200-day moving average price is $128.28. The company has a debt-to-equity ratio of 1.97, a quick ratio of 1.05 and a current ratio of 1.17. CDW Corporation has a 52-week low of $97.12 and a 52-week high of $171.55. The company has a market capitalization of $17.15 billion, a P/E ratio of 16.49, a price-to-earnings-growth ratio of 1.78 and a beta of 0.96.
CDW (NASDAQ:CDW – Get Free Report) last posted its quarterly earnings data on Wednesday, August 5th. The information technology services provider reported $2.91 earnings per share for the quarter, topping the consensus estimate of $2.80 by $0.11. CDW had a net margin of 4.60% and a return on equity of 50.61%. The company had revenue of $6.57 billion during the quarter, compared to analysts’ expectations of $6.21 billion. During the same period in the prior year, the company posted $2.60 earnings per share. CDW’s revenue for the quarter was up 10.0% compared to the same quarter last year. Equities analysts forecast that CDW Corporation will post 10.28 earnings per share for the current year.
CDW Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Thursday, September 10th. Shareholders of record on Tuesday, August 25th will be given a dividend of $0.63 per share. The ex-dividend date of this dividend is Tuesday, August 25th. This represents a $2.52 dividend on an annualized basis and a yield of 1.8%. CDW’s dividend payout ratio is 30.29%.
Insider Transactions at CDW
In other CDW news, Director David W. Nelms purchased 18,000 shares of the firm’s stock in a transaction on Wednesday, May 27th. The stock was purchased at an average cost of $111.43 per share, for a total transaction of $2,005,740.00. Following the acquisition, the director owned 51,025 shares in the company, valued at approximately $5,685,715.75. The trade was a 54.50% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Elizabeth H. Connelly sold 26,695 shares of CDW stock in a transaction dated Friday, August 7th. The stock was sold at an average price of $137.62, for a total value of $3,673,765.90. Following the completion of the transaction, the insider directly owned 34,215 shares of the company’s stock, valued at approximately $4,708,668.30. This trade represents a 43.83% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 0.82% of the company’s stock.
About CDW
CDW (NASDAQ: CDW) is a leading provider of information technology products and integrated solutions for business, government, education and healthcare customers. The company sources and resells hardware and software from major technology vendors and packages those products with professional services, managed services and lifecycle support. Its offerings span IT infrastructure, cloud and data center solutions, cybersecurity, networking, unified communications, endpoint devices, and software licensing and procurement services designed to simplify IT operations for customers.
CDW combines a broad product portfolio with consultative sales, implementation and technical support capabilities.
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