Canada Pension Plan Investment Board Sells 38,286 Shares of CDW Corporation $CDW

Key Points

• The Canada Pension Plan Investment Board reduced its stake in CDW Corporation by 24.5%, now holding approximately $18.94 million worth of shares after selling 38,286 shares during the first quarter.
• CDW reported $2.60 earnings per share for the latest quarter, beating analysts' estimates and showing a 10.2% year-over-year revenue increase to $5.98 billion.
• A quarterly dividend of $0.625 per share will be paid on September 10th, representing an annualized yield of 1.5% with a payout ratio of 31.06%.

Canada Pension Plan Investment Board decreased its holdings in shares of CDW Corporation (NASDAQ:CDW - Free Report) by 24.5% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 118,163 shares of the information technology services provider's stock after selling 38,286 shares during the quarter. Canada Pension Plan Investment Board owned 0.09% of CDW worth $18,937,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently made changes to their positions in the stock. GW&K Investment Management LLC grew its holdings in shares of 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 valued at $27,000 after purchasing an additional 75 shares during the last quarter. Orion Capital Management LLC acquired a new stake in CDW in the fourth quarter valued at approximately $30,000. Bayforest Capital Ltd bought a new stake in shares of CDW during the first quarter worth $31,000. Pandora Wealth Inc. bought a new stake in shares of CDW during the first quarter worth $32,000. Finally, Stone House Investment Management LLC acquired a new position in shares of CDW during the first quarter worth $34,000. Institutional investors own 93.15% of the company's stock.

CDW Trading Up 2.1%

Shares of CDW stock traded up $3.48 during midday trading on Friday, reaching $169.73. The company had a trading volume of 1,439,016 shares, compared to its average volume of 1,101,896. The stock has a fifty day moving average price of $172.24 and a 200 day moving average price of $170.56. CDW Corporation has a fifty-two week low of $137.31 and a fifty-two week high of $230.86. The firm has a market cap of $22.24 billion, a PE ratio of 21.08, a P/E/G ratio of 2.82 and a beta of 0.98. The company has a debt-to-equity ratio of 2.28, a current ratio of 1.35 and a quick ratio of 1.22.

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

CDW Announces Dividend

The company 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 $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%.

Analysts Set New Price Targets

CDW has been the topic of several recent research reports. UBS Group cut their price objective on CDW from $210.00 to $200.00 and set a "buy" rating on the stock in a report on Thursday, August 7th. JPMorgan Chase & Co. increased their target price on CDW from $185.00 to $205.00 and gave the company a "neutral" rating in a research report on Thursday, July 17th. Barclays reduced their price target on CDW from $205.00 to $176.00 and set an "equal weight" rating on the stock in a report on Thursday, August 7th. Finally, Citigroup raised their price objective on shares of CDW from $180.00 to $200.00 and gave the company a "neutral" rating in a report on Friday, July 11th. Two research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, CDW has an average rating of "Hold" and a consensus target price of $202.00.

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.