Bank of Nova Scotia Purchases Shares of 12,534 CDW Corporation $CDW

Key Points

• Bank of Nova Scotia purchased 12,534 CDW shares worth approximately $1.76 million in the second quarter. Institutional investors and hedge funds collectively own 93.15% of the company.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $147, while recent targets range from $130 to $171. One insider separately sold 26,695 shares for about $3.67 million.
• CDW beat quarterly earnings expectations, reporting $2.91 in adjusted EPS and $6.57 billion in revenue, up 10% year over year. The company also announced a quarterly dividend of $0.63 per share, representing a 1.8% annualized yield.

Bank of Nova Scotia purchased a new stake in CDW Corporation (NASDAQ:CDW - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 12,534 shares of the information technology services provider's stock, valued at approximately $1,763,000.

Other hedge funds have also recently bought and sold shares of the company. Root Financial Partners LLC raised its position in shares of CDW by 54.7% in the 1st quarter. Root Financial Partners LLC now owns 263 shares of the information technology services provider's stock valued at $32,000 after purchasing an additional 93 shares in the last quarter. New Mexico Educational Retirement Board grew its position in shares of CDW by 1.7% during the fourth quarter. New Mexico Educational Retirement Board now owns 6,050 shares of the information technology services provider's stock worth $824,000 after buying an additional 100 shares in the last quarter. Hollencrest Capital Management increased its stake in shares of CDW by 909.1% in the first quarter. Hollencrest Capital Management now owns 222 shares of the information technology services provider's stock worth $27,000 after buying an additional 200 shares during the last quarter. Allied Private Wealth LLC bought a new stake in shares of CDW in the second quarter worth $28,000. Finally, Keating Financial Advisory Services Inc. acquired a new stake in CDW in the second quarter valued at $28,000. Institutional investors and hedge funds own 93.15% of the company's stock.

Insider Buying and Selling

In other news, insider Elizabeth H. Connelly sold 26,695 shares of the company's stock in a transaction that occurred on Friday, August 7th. The stock was sold at an average price of $137.62, for a total transaction 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 represents a 43.83% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.82% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several research analysts have weighed in on the stock. Raymond James Financial set a $150.00 price objective on shares of CDW in a report on Wednesday, May 6th. Citigroup increased their price target on shares of CDW from $123.00 to $145.00 and gave the stock a "neutral" rating in a research report on Monday, July 13th. Morgan Stanley lifted their price target on CDW from $170.00 to $171.00 and gave the stock an "overweight" rating in a research note on Thursday, August 6th. Royal Bank Of Canada raised CDW to an "outperform" rating and set a $130.00 price objective for the company in a report 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 on the stock in a research note on Wednesday, May 27th. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $147.00.

CDW Stock Down 0.4%

Shares of NASDAQ:CDW opened at $141.46 on Thursday. The stock has a market capitalization of $17.69 billion, a price-to-earnings ratio of 17.00, a price-to-earnings-growth ratio of 1.87 and a beta of 0.96. CDW Corporation has a 1-year low of $97.12 and a 1-year high of $171.55. The company's fifty day moving average is $136.93 and its two-hundred day moving average is $128.49. 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 (NASDAQ:CDW - Get Free Report) last posted its quarterly earnings results on Wednesday, August 5th. The information technology services provider reported $2.91 EPS for the quarter, beating 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 business had revenue of $6.57 billion during the quarter, compared to analyst estimates of $6.21 billion. During the same period in the previous year, the business posted $2.60 EPS. The company's quarterly revenue was up 10.0% on a year-over-year basis. Equities analysts anticipate that CDW Corporation will post 10.28 EPS for the current year.

CDW Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 10th. Shareholders of record on Tuesday, August 25th will be paid a $0.63 dividend. This represents a $2.52 dividend on an annualized basis and a yield of 1.8%. The ex-dividend date is Tuesday, August 25th. CDW's payout ratio is presently 30.29%.

CDW Company Profile

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.

Want to see what other hedge funds are holding CDW? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for CDW Corporation (NASDAQ:CDW - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source