CDW Corporation $CDW Shares Sold by Alyeska Investment Group L.P.

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 position in CDW Corporation (NASDAQ:CDW - Free Report) by 80.9% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. 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 about 0.20% of CDW worth $42,199,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in CDW. GW&K Investment Management LLC raised its stake in CDW by 78.9% in the 1st 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. Orion Capital Management LLC acquired a new stake in shares of CDW in the 4th quarter worth $30,000. Bayforest Capital Ltd acquired a new stake in shares of CDW in the 1st quarter worth $31,000. Pandora Wealth Inc. acquired a new stake in shares of CDW in the 1st quarter worth $32,000. Finally, Stone House Investment Management LLC acquired a new stake in shares of CDW in the 1st quarter worth $34,000. 93.15% of the stock is owned by institutional investors and hedge funds.

CDW Stock Down 1.1%

Shares of CDW traded down $1.88 during midday trading on Monday, hitting $167.85. The company had a trading volume of 1,193,230 shares, compared to its average volume of 1,316,197. The company's 50-day simple moving average is $172.24 and its 200-day simple moving average is $170.56. The company has a debt-to-equity ratio of 2.28, a quick ratio of 1.22 and a current ratio of 1.35. The firm has a market capitalization of $22.00 billion, a P/E ratio of 20.85, a P/E/G 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.

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

CDW Dividend Announcement

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

Analysts Set New Price Targets

A number of brokerages have issued reports on CDW. UBS Group cut their target price on CDW from $210.00 to $200.00 and set a "buy" rating for the company in a research note on Thursday, August 7th. JPMorgan Chase & Co. raised their target price on CDW from $185.00 to $205.00 and gave the stock a "neutral" rating in a research note on Thursday, July 17th. Barclays cut their price objective on CDW from $205.00 to $176.00 and set an "equal weight" rating for the company in a research report on Thursday, August 7th. Finally, Citigroup raised their price objective on CDW from $180.00 to $200.00 and gave the stock a "neutral" rating in a research report on Friday, July 11th. Two investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $202.00.

About CDW

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.