Acadian Asset Management LLC Sells 71,449 Shares of CDW Corporation $CDW

Key Points

• Acadian Asset Management LLC has reduced its stake in CDW Corporation by 71.5% during the first quarter, leaving it with 28,506 shares worth approximately $4.57 million.
• Several institutional investors, including Vanguard Group and Price T Rowe Associates, have increased their holdings in CDW, indicating strong interest and confidence in the company.
• CDW reported a quarterly earnings per share (EPS) of $2.60, beating estimates, and announced a quarterly dividend of $0.625, reflecting a dividend yield of 1.5%.

Acadian Asset Management LLC reduced its holdings in shares of CDW Corporation (NASDAQ:CDW - Free Report) by 71.5% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 28,506 shares of the information technology services provider's stock after selling 71,449 shares during the quarter. Acadian Asset Management LLC's holdings in CDW were worth $4,566,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the business. Bayforest Capital Ltd acquired a new position in shares of CDW during the first quarter valued at about $31,000. SCS Capital Management LLC purchased a new position in CDW during the first quarter worth about $490,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in CDW by 1.9% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 954,482 shares of the information technology services provider's stock worth $152,965,000 after purchasing an additional 17,895 shares during the last quarter. Woodline Partners LP purchased a new position in CDW during the first quarter worth about $42,332,000. Finally, Empowered Funds LLC boosted its holdings in CDW by 1.2% during the first quarter. Empowered Funds LLC now owns 18,076 shares of the information technology services provider's stock worth $2,897,000 after purchasing an additional 216 shares during the last quarter. 93.15% of the stock is currently owned by institutional investors and hedge funds.

CDW Stock Performance

CDW traded down $1.65 during midday trading on Friday, reaching $161.22. The company had a trading volume of 2,889,617 shares, compared to its average volume of 1,267,024. The company has a debt-to-equity ratio of 2.28, a quick ratio of 1.22 and a current ratio of 1.35. The stock has a market cap of $21.13 billion, a PE ratio of 20.03, a P/E/G ratio of 2.70 and a beta of 0.98. CDW Corporation has a 12-month low of $137.31 and a 12-month high of $230.86. The business has a 50-day moving average price of $169.35 and a two-hundred day moving average price of $169.73.

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

CDW Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 10th. Stockholders of record on Monday, August 25th were given a $0.625 dividend. The ex-dividend date of this dividend was Monday, August 25th. This represents a $2.50 annualized dividend and a dividend yield of 1.6%. CDW's payout ratio is 31.06%.

Analysts Set New Price Targets

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

CDW 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.