CDW Corporation $CDW Shares Bought by Assenagon Asset Management S.A.

Key Points

• Assenagon Asset Management increased its CDW holdings by 2,947.4% in the third quarter, acquiring 1.7 million additional shares and bringing its position to 1.41% of the company, valued at approximately $225.3 million. Institutional investors collectively own 93.15% of CDW.
• Analysts maintain a generally positive outlook, with CDW carrying a consensus “Moderate Buy” rating and an average price target of $150.12.
• CDW exceeded quarterly expectations with $2.91 in adjusted earnings per share and $6.57 billion in revenue, up 10% year over year. The company also paid a quarterly dividend of $0.63 per share, equivalent to a 1.6% annualized yield.

Assenagon Asset Management S.A. grew its holdings in CDW Corporation (NASDAQ:CDW - Free Report) by 2,947.4% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,757,584 shares of the information technology services provider's stock after purchasing an additional 1,699,909 shares during the period. Assenagon Asset Management S.A. owned approximately 1.41% of CDW worth $225,252,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of the business. Union Savings Bank boosted its position in shares of CDW by 500.0% in the third quarter. Union Savings Bank now owns 192 shares of the information technology services provider's stock valued at $25,000 after acquiring an additional 160 shares during the period. Hollencrest Capital Management boosted its holdings in CDW by 909.1% in the 1st quarter. Hollencrest Capital Management now owns 222 shares of the information technology services provider's stock valued at $27,000 after purchasing an additional 200 shares during the period. Allied Private Wealth LLC purchased a new position in shares of CDW during the 2nd quarter valued at $28,000. Keating Financial Advisory Services Inc. purchased a new position in shares of CDW during the 2nd quarter valued at $28,000. Finally, Community Bank N.A. bought a new position in shares of CDW in the second quarter worth $31,000. 93.15% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on CDW shares. Weiss Ratings raised CDW from a "hold (c-)" rating to a "hold (c)" rating in a research note on Tuesday, August 25th. Barclays decreased their target price on CDW from $150.00 to $148.00 and set an "equal weight" rating on the stock in a research note on Monday, September 21st. Citigroup upped their target price on CDW from $123.00 to $145.00 and gave the stock a "neutral" rating in a research note on Monday, July 13th. Finally, Morgan Stanley raised their price target on CDW from $170.00 to $171.00 and gave the company an "overweight" rating in a report on Thursday, August 6th. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $150.12.

Insider Transactions at CDW

In other CDW news, insider Elizabeth Connelly sold 26,695 shares of the business's stock in a transaction on 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 sale, the insider directly owned 34,215 shares of the company's stock, valued at approximately $4,708,668.30. The trade was a 43.83% decrease in their ownership of the stock. 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 Performance

CDW stock opened at $154.33 on Friday. The stock has a market cap of $19.29 billion, a price-to-earnings ratio of 18.55, a PEG ratio of 1.97 and a beta of 0.95. The stock's 50 day simple moving average is $142.42 and its two-hundred day simple moving average is $133.67. CDW Corporation has a fifty-two week low of $97.12 and a fifty-two week high of $161.10. 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 data on Wednesday, August 5th. The information technology services provider reported $2.91 EPS for the quarter, topping 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 for the quarter, compared to analyst estimates of $6.21 billion. During the same quarter in the previous year, the firm posted $2.60 earnings per share. CDW's quarterly revenue was up 10.0% on a year-over-year basis. As a group, analysts expect that CDW Corporation will post 10.33 earnings per share for the current fiscal year.

CDW Dividend Announcement

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

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 plan, acquire, implement and manage information technology through a broad portfolio of hardware, software and cloud-based solutions.

Its offerings include computers, servers, networking equipment, data storage, cybersecurity products, collaboration tools and software. CDW also provides professional and managed services, including cloud adoption, data center modernization, security, virtualization, configuration, technical support and lifecycle management.

Founded in 1984 as Computer Discount Warehouse, the company is headquartered in Vernon Hills, Illinois.

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