CDW Corporation $CDW Shares Acquired by California State Teachers Retirement System

Key Points

• California State Teachers Retirement System increased its CDW stake by 13,221.2% in the second quarter, acquiring 29.6 million additional shares and ending with a 23.88% ownership position valued at approximately $4.2 billion.
• CDW reported better-than-expected quarterly results, with adjusted EPS of $2.91 versus the $2.80 consensus estimate and revenue of $6.57 billion, up 10% year over year. The company also declared a quarterly dividend of $0.63 per share, representing a 1.8% yield.
• Analysts maintain a generally positive outlook, with CDW carrying a “Moderate Buy” consensus rating and an average price target of $150.38; however, insider Elizabeth Connelly sold 26,695 shares for roughly $3.67 million.

California State Teachers Retirement System boosted its position in CDW Corporation (NASDAQ:CDW - Free Report) by 13,221.2% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 29,850,699 shares of the information technology services provider's stock after purchasing an additional 29,626,614 shares during the quarter. California State Teachers Retirement System owned about 23.88% of CDW worth $4,198,202,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Jones Financial Companies Lllp raised its holdings in shares of CDW by 316.0% during the first quarter. Jones Financial Companies Lllp now owns 4,896 shares of the information technology services provider's stock valued at $785,000 after buying an additional 3,719 shares during the last quarter. Empowered Funds LLC grew its holdings in CDW by 1.2% in the 1st quarter. Empowered Funds LLC now owns 18,076 shares of the information technology services provider's stock worth $2,897,000 after buying an additional 216 shares in the last quarter. BI Asset Management Fondsmaeglerselskab A S increased its position in CDW by 1,339.7% in the 2nd quarter. BI Asset Management Fondsmaeglerselskab A S now owns 49,380 shares of the information technology services provider's stock valued at $8,819,000 after acquiring an additional 45,950 shares during the period. State of Tennessee Department of Treasury increased its position in CDW by 17.7% in the 2nd quarter. State of Tennessee Department of Treasury now owns 40,927 shares of the information technology services provider's stock valued at $7,309,000 after acquiring an additional 6,143 shares during the period. Finally, Russell Investments Group Ltd. raised its stake in CDW by 18.2% during the 3rd quarter. Russell Investments Group Ltd. now owns 111,267 shares of the information technology services provider's stock valued at $17,782,000 after acquiring an additional 17,132 shares in the last quarter. 93.15% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, insider Elizabeth Connelly sold 26,695 shares of the firm's stock in a transaction dated 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 owned 34,215 shares of the company's stock, valued at $4,708,668.30. This trade represents a 43.83% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 0.82% of the stock is owned by corporate insiders.

CDW Price Performance

Shares of NASDAQ:CDW opened at $142.37 on Thursday. The stock has a market cap of $17.80 billion, a price-to-earnings ratio of 17.11, a PEG ratio of 1.89 and a beta of 0.95. The company has a debt-to-equity ratio of 1.97, a current ratio of 1.17 and a quick ratio of 1.05. CDW Corporation has a 12 month low of $97.12 and a 12 month high of $171.55. The stock's 50 day moving average price is $140.36 and its 200 day moving average price is $129.72.

CDW (NASDAQ:CDW - Get Free Report) last issued its quarterly earnings results on Wednesday, August 5th. The information technology services provider reported $2.91 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.80 by $0.11. CDW had a return on equity of 50.61% and a net margin of 4.60%.The firm had revenue of $6.57 billion during the quarter, compared to analyst estimates of $6.21 billion. During the same period last year, the company posted $2.60 EPS. The firm's quarterly revenue was up 10.0% on a year-over-year basis. Equities research analysts anticipate that CDW Corporation will post 10.33 earnings per share for the current fiscal year.

CDW Announces Dividend

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

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on CDW. Morgan Stanley boosted their price target on CDW from $170.00 to $171.00 and gave the stock an "overweight" rating in a research report on Thursday, August 6th. Weiss Ratings raised CDW from a "hold (c-)" rating to a "hold (c)" rating in a report on Tuesday, August 25th. JPMorgan Chase & Co. upgraded shares of 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. Barclays upped their price objective on shares of CDW from $123.00 to $150.00 and gave the stock an "equal weight" rating in a report on Tuesday. Finally, Citigroup increased their target price on shares of CDW from $123.00 to $145.00 and gave the company a "neutral" rating in a research report on Monday, July 13th. 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 stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $150.38.

CDW Company 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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