Alyeska Investment Group L.P. Decreases Stock Position in CDW Corporation $CDW

Key Points

• Alyeska Investment Group L.P. reduced its stake in CDW Corporation by 80.9%, selling 1,117,470 shares and now holding only 263,317 shares valued at $42.2 million.
• CDW reported quarterly earnings of $2.60 per share, exceeding estimates, with revenue of $5.98 billion, a 10.2% increase compared to the previous year.
• Several institutional investors significantly increased their holdings in CDW, with D. E. Shaw & Co. raising their stake by 906.9% in the last quarter.

Alyeska Investment Group L.P. reduced its stake in shares of CDW Corporation (NASDAQ:CDW - Free Report) by 80.9% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 263,317 shares of the information technology services provider's stock after selling 1,117,470 shares during the quarter. Alyeska Investment Group L.P. owned 0.20% of CDW worth $42,199,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of the company. Vestcor Inc lifted its holdings in CDW by 1.8% in the first quarter. Vestcor Inc now owns 4,068 shares of the information technology services provider's stock worth $652,000 after buying an additional 71 shares during the period. TD Private Client Wealth LLC lifted its holdings in shares of CDW by 30.3% during the first quarter. TD Private Client Wealth LLC now owns 310 shares of the information technology services provider's stock valued at $50,000 after purchasing an additional 72 shares during the last quarter. GW&K Investment Management LLC lifted its holdings in shares of CDW by 78.9% during the first quarter. GW&K Investment Management LLC now owns 170 shares of the information technology services provider's stock valued at $27,000 after purchasing an additional 75 shares during the last quarter. Benin Management CORP increased its position in shares of CDW by 2.5% during the first quarter. Benin Management CORP now owns 3,248 shares of the information technology services provider's stock valued at $521,000 after acquiring an additional 80 shares in the last quarter. Finally, GAMMA Investing LLC increased its position in shares of CDW by 4.0% during the first quarter. GAMMA Investing LLC now owns 2,098 shares of the information technology services provider's stock valued at $336,000 after acquiring an additional 81 shares in the last quarter. 93.15% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

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

CDW Stock Performance

Shares of CDW stock traded up $0.81 on Tuesday, hitting $168.66. 338,563 shares of the company's stock were exchanged, compared to its average volume of 1,310,293. The company has a 50-day simple moving average of $172.02 and a 200-day simple moving average of $170.43. The stock has a market capitalization of $22.10 billion, a PE ratio of 20.96, a PEG ratio of 2.82 and a beta of 0.98. CDW Corporation has a 1 year low of $137.31 and a 1 year high of $230.86. The company has a debt-to-equity ratio of 2.28, a quick ratio of 1.22 and a current ratio of 1.35.

CDW (NASDAQ:CDW - Get Free Report) last released its earnings results on Wednesday, August 6th. The information technology services provider reported $2.60 earnings per share for the quarter, beating analysts' consensus estimates of $2.49 by $0.11. CDW had a net margin of 4.92% and a return on equity of 53.63%. The company had revenue of $5.98 billion for the quarter, compared to analysts' expectations of $5.51 billion. During the same quarter in the previous year, the company earned $2.50 EPS. CDW's revenue for the quarter was up 10.2% on a year-over-year basis. As a group, equities analysts anticipate that CDW Corporation will post 9.41 EPS for the current year.

CDW Announces Dividend

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

CDW 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.