CDW Corporation $CDW Shares Sold by Alliancebernstein L.P.

Key Points

• Alliancebernstein L.P. reduced its holdings in CDW Corporation by 46.6%, selling 426,922 shares in the first quarter, resulting in ownership of 489,597 shares worth approximately $78.5 million.
• CDW reported a 10.2% year-over-year increase in revenue to $5.98 billion and earnings per share (EPS) of $2.60, exceeding expectations of $2.49.
• The company declared a quarterly dividend of $0.625 per share, with a dividend yield of 1.5%, scheduled for payment on September 10th.

Alliancebernstein L.P. cut its holdings in CDW Corporation (NASDAQ:CDW - Free Report) by 46.6% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 489,597 shares of the information technology services provider's stock after selling 426,922 shares during the period. Alliancebernstein L.P. owned about 0.37% of CDW worth $78,463,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of CDW. Price T Rowe Associates Inc. MD raised its stake in CDW by 444.6% in the first quarter. Price T Rowe Associates Inc. MD now owns 1,632,119 shares of the information technology services provider's stock valued at $261,564,000 after buying an additional 1,332,454 shares in the last quarter. Voloridge Investment Management LLC acquired a new stake in CDW in the fourth quarter valued at $105,705,000. Manning & Napier Advisors LLC acquired a new stake in CDW in the first quarter valued at $74,908,000. Contour Asset Management LLC acquired a new stake in CDW in the first quarter valued at $64,505,000. Finally, Massachusetts Financial Services Co. MA raised its stake in CDW by 15.7% in the first quarter. Massachusetts Financial Services Co. MA now owns 2,792,934 shares of the information technology services provider's stock valued at $447,596,000 after buying an additional 378,841 shares in the last quarter. 93.15% of the stock is currently owned by institutional investors and hedge funds.

CDW Stock Performance

NASDAQ CDW opened at $169.73 on Friday. The company has a quick ratio of 1.22, a current ratio of 1.35 and a debt-to-equity ratio of 2.28. CDW Corporation has a 52-week low of $137.31 and a 52-week high of $230.86. The business's 50-day moving average price is $172.24 and its 200 day moving average price is $170.72. The firm has a market cap of $22.24 billion, a P/E ratio of 21.08, a P/E/G ratio of 2.82 and a beta of 0.98.

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 analysts' consensus estimates of $2.49 by $0.11. CDW had a return on equity of 53.63% and a net margin of 4.92%.The firm had revenue of $5.98 billion for the quarter, compared to analyst estimates of $5.51 billion. During the same quarter last year, the company posted $2.50 earnings per share. The business's revenue was up 10.2% on a year-over-year basis. On average, equities research analysts expect that CDW Corporation will post 9.41 earnings per share for the current year.

CDW Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 10th. Investors of record on Monday, August 25th will be issued a dividend of $0.625 per share. The ex-dividend date of this dividend is Monday, August 25th. This represents a $2.50 dividend on an annualized basis and a dividend yield of 1.5%. CDW's dividend payout ratio (DPR) is currently 31.06%.

Analyst Ratings Changes

A number of analysts have recently commented on CDW shares. UBS Group cut their target price on CDW from $210.00 to $200.00 and set a "buy" rating on the stock in a research report on Thursday, August 7th. Citigroup lifted their target price on CDW from $180.00 to $200.00 and gave the stock a "neutral" rating in a research report on Friday, July 11th. Barclays cut their target price on CDW from $205.00 to $176.00 and set an "equal weight" rating on the stock in a research report on Thursday, August 7th. Finally, JPMorgan Chase & Co. lifted their target price on CDW from $185.00 to $205.00 and gave the stock a "neutral" rating in a research report on Thursday, July 17th. Two analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $202.00.

About CDW

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.