Alliancebernstein L.P. Trims Position in CDW Corporation $CDW

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 stake in shares of CDW Corporation (NASDAQ:CDW - Free Report) by 46.6% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 489,597 shares of the information technology services provider's stock after selling 426,922 shares during the period. Alliancebernstein L.P. owned approximately 0.37% of CDW worth $78,463,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in CDW. GW&K Investment Management LLC increased its holdings in shares of CDW by 78.9% in the first 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 period. Orion Capital Management LLC purchased a new position in CDW in the 4th quarter valued at $30,000. Bayforest Capital Ltd acquired a new position in CDW in the 1st quarter valued at $31,000. Pandora Wealth Inc. purchased a new position in CDW during the 1st quarter worth $32,000. Finally, Stone House Investment Management LLC acquired a new stake in shares of CDW in the 1st quarter worth $34,000. 93.15% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the stock. 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 research note on Thursday, July 17th. Barclays lowered their price objective on CDW from $205.00 to $176.00 and set an "equal weight" rating on the stock in a report on Thursday, August 7th. Citigroup increased their target price on CDW from $180.00 to $200.00 and gave the stock a "neutral" rating in a research note on Friday, July 11th. Finally, UBS Group reduced their price target on CDW from $210.00 to $200.00 and set a "buy" rating for the company in a report on Thursday, August 7th. Two analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $202.00.

CDW Price Performance

CDW stock traded down $1.44 during trading hours on Friday, hitting $164.29. The stock had a trading volume of 1,120,717 shares, compared to its average volume of 1,170,116. CDW Corporation has a 1-year low of $137.31 and a 1-year high of $230.86. The stock has a market capitalization of $21.53 billion, a price-to-earnings ratio of 20.41, a PEG ratio of 2.75 and a beta of 0.98. The stock's fifty day moving average is $170.85 and its two-hundred day moving average is $170.15. 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 data on Wednesday, August 6th. The information technology services provider reported $2.60 EPS for the quarter, topping the consensus estimate of $2.49 by $0.11. The business had revenue of $5.98 billion for 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 business's revenue for the quarter was up 10.2% compared to the same quarter last year. During the same period in the previous year, the firm earned $2.50 EPS. As a group, analysts predict that CDW Corporation will post 9.41 earnings per share for the current fiscal year.

CDW Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, September 10th. Shareholders of record on Monday, August 25th were issued a dividend of $0.625 per share. This represents a $2.50 dividend on an annualized basis and a yield of 1.5%. The ex-dividend date was Monday, August 25th. CDW's dividend payout ratio is 31.06%.

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.