Baird Financial Group Inc. Boosts Stock Position in CDW Corporation $CDW

Key Points

• Baird Financial Group increased its CDW position by 69.7% in the second quarter, bringing its holdings to 140,927 shares valued at approximately $19.8 million. Institutional investors collectively own 93.15% of the company.
• Analyst sentiment remains positive, with CDW receiving a consensus “Moderate Buy” rating and an average price target of $150.38; several firms recently upgraded the stock or raised their targets.
• CDW exceeded quarterly expectations, reporting $2.91 in EPS and $6.57 billion in revenue, up 10% year over year. Shares opened at $153.79, while an insider recently sold 26,695 shares for about $3.67 million.

Baird Financial Group Inc. boosted its position in CDW Corporation (NASDAQ:CDW - Free Report) by 69.7% in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 140,927 shares of the information technology services provider's stock after purchasing an additional 57,862 shares during the quarter. Baird Financial Group Inc. owned approximately 0.11% of CDW worth $19,820,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. BNP Paribas Financial Markets boosted its holdings in CDW by 20.5% in the fourth quarter. BNP Paribas Financial Markets now owns 284,965 shares of the information technology services provider's stock worth $38,812,000 after acquiring an additional 48,547 shares in the last quarter. Kendall Capital Management acquired a new position in shares of CDW during the second quarter valued at about $3,584,000. Pzena Investment Management LLC acquired a new position in shares of CDW during the second quarter valued at about $371,135,000. Man Group plc purchased a new position in shares of CDW in the 2nd quarter valued at approximately $1,262,000. Finally, Canada Pension Plan Investment Board purchased a new position in shares of CDW in the 2nd quarter valued at approximately $1,295,000. 93.15% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on CDW shares. JPMorgan Chase & Co. raised shares of CDW from a "neutral" rating to an "overweight" rating and set a $130.00 target price on the stock in a research report on Wednesday, May 27th. Morgan Stanley raised their price target on shares of CDW from $170.00 to $171.00 and gave the stock an "overweight" rating in a report on Thursday, August 6th. Weiss Ratings upgraded shares of CDW from a "hold (c-)" rating to a "hold (c)" rating in a research note on Tuesday, August 25th. Citigroup boosted their price objective on shares of CDW from $123.00 to $145.00 and gave the company a "neutral" rating in a report on Monday, July 13th. Finally, Royal Bank Of Canada raised CDW to an "outperform" rating and set a $130.00 target price on the stock in a research report on Wednesday, May 27th. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and three have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, CDW has a consensus rating of "Moderate Buy" and a consensus target price of $150.38.

Insider Activity at CDW

In other news, insider Elizabeth Connelly sold 26,695 shares of the 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 transaction, the insider owned 34,215 shares in the company, valued at approximately $4,708,668.30. This represents a 43.83% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 0.82% of the company's stock.

CDW Stock Up 7.8%

Shares of NASDAQ:CDW opened at $153.79 on Friday. CDW Corporation has a fifty-two week low of $97.12 and a fifty-two week high of $169.20. The firm's 50 day moving average price is $140.96 and its 200 day moving average price is $130.01. The company has a quick ratio of 1.05, a current ratio of 1.17 and a debt-to-equity ratio of 1.97. The stock has a market cap of $19.23 billion, a price-to-earnings ratio of 18.48, a price-to-earnings-growth ratio of 1.87 and a beta of 0.95.

CDW (NASDAQ:CDW - Get Free Report) last released its quarterly earnings data on Wednesday, August 5th. The information technology services provider reported $2.91 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.80 by $0.11. The business had revenue of $6.57 billion during the quarter, compared to analysts' expectations of $6.21 billion. CDW had a net margin of 4.60% and a return on equity of 50.61%. The company's revenue for the quarter was up 10.0% on a year-over-year basis. During the same period in the previous year, the company earned $2.60 EPS. As a group, equities research analysts predict that CDW Corporation will post 10.33 earnings per share for the current fiscal year.

CDW Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 10th. Stockholders of record on Tuesday, August 25th were given a dividend of $0.63 per share. This represents a $2.52 annualized dividend and a dividend yield of 1.6%. The ex-dividend date of this dividend was Tuesday, August 25th. CDW's dividend payout ratio is currently 30.29%.

CDW Profile

CDW Corporation NASDAQ: CDW is a provider of technology products and services for businesses, government agencies, educational institutions and healthcare organizations. The company helps customers design, acquire, configure and manage information technology environments.

Its offerings include computers, servers, networking equipment, software, data storage, cybersecurity products, cloud solutions and collaboration tools. CDW also provides professional, managed and lifecycle services, including solution design, implementation, security support, cloud management and IT asset management.

Founded in 1984, CDW serves customers primarily in the United States, Canada and the United Kingdom through a combination of sales specialists, technology partners and digital commerce platforms.

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