Allstate Corp Has $281,000 Stake in CDW Corporation $CDW

Key Points

• Allstate Corp has reduced its stake in CDW Corporation by 55.7%, now holding shares worth $281,000.
• Several large investors have made significant changes, including Optiver Holding B.V. increasing its position by 107.2% during the 4th quarter.
• CDW recently reported a quarterly EPS of $2.60, exceeding estimates, with a revenue growth of 10.2% year-over-year.

Allstate Corp lessened its holdings in CDW Corporation (NASDAQ:CDW - Free Report) by 55.7% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 1,756 shares of the information technology services provider's stock after selling 2,205 shares during the quarter. Allstate Corp's holdings in CDW were worth $281,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. GW&K Investment Management LLC boosted its stake in CDW by 78.9% during the 1st quarter. GW&K Investment Management LLC now owns 170 shares of the information technology services provider's stock worth $27,000 after acquiring an additional 75 shares during the last quarter. Orion Capital Management LLC bought a new position in CDW during the 4th quarter worth approximately $30,000. Bayforest Capital Ltd bought a new position in CDW during the 1st quarter worth approximately $31,000. Pandora Wealth Inc. bought a new position in CDW during the 1st quarter worth approximately $32,000. Finally, Stone House Investment Management LLC bought a new position in CDW during the 1st quarter worth approximately $34,000. Institutional investors own 93.15% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the stock. Barclays reduced their price objective on shares of CDW from $205.00 to $176.00 and set an "equal weight" rating on the stock in a research note on Thursday, August 7th. Citigroup raised their target price on shares of CDW from $180.00 to $200.00 and gave the stock a "neutral" rating in a report on Friday, July 11th. JPMorgan Chase & Co. raised their target price on shares of CDW from $185.00 to $205.00 and gave the stock a "neutral" rating in a report on Thursday, July 17th. Finally, UBS Group dropped their target price on shares of CDW from $210.00 to $200.00 and set a "buy" rating on the stock in a report on Thursday, August 7th. Two equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $202.00.

CDW Stock Down 0.7%

CDW traded down $1.11 during trading hours on Friday, hitting $164.76. 1,109,840 shares of the company's stock were exchanged, compared to its average volume of 1,353,628. CDW Corporation has a 1-year low of $137.31 and a 1-year high of $230.86. The stock's 50-day moving average is $173.43 and its two-hundred day moving average is $171.60. The stock has a market cap of $21.59 billion, a price-to-earnings ratio of 20.47, a PEG ratio of 2.74 and a beta of 0.95. The company has a quick ratio of 1.22, a current ratio of 1.35 and a debt-to-equity ratio of 2.28.

CDW (NASDAQ:CDW - Get Free Report) last announced its earnings results on Wednesday, August 6th. The information technology services provider reported $2.60 EPS for the quarter, topping the consensus estimate of $2.49 by $0.11. CDW had a net margin of 4.92% and a return on equity of 53.63%. The business had revenue of $5.98 billion during the quarter, compared to analysts' expectations of $5.51 billion. During the same quarter in the prior year, the company posted $2.50 earnings per share. The firm's revenue was up 10.2% on a year-over-year basis. Sell-side analysts predict that CDW Corporation will post 9.41 earnings per share for the current fiscal year.

CDW Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 10th. Investors of record on Monday, August 25th will be issued a dividend of $0.625 per share. The ex-dividend date is Monday, August 25th. This represents a $2.50 annualized dividend and a yield of 1.5%. CDW's dividend payout ratio is presently 31.06%.

CDW Company Profile

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.