Baird Financial Group Inc. Sells 6,680 Shares of CDW Corporation $CDW

Key Points

• Baird Financial Group Inc. reduced its stake in CDW Corporation by 2.1%, owning 308,659 shares valued at approximately $49.47 million after selling 6,680 shares.
• CDW's recent earnings report showed an EPS of $2.60, exceeding estimates, with a revenue of $5.98 billion, reflecting a 10.2% year-over-year increase.
• CDW announced a quarterly dividend of $0.625 per share, resulting in an annualized dividend of $2.50 and a yield of 1.5% with a payout ratio of 31.06%.

Baird Financial Group Inc. cut its stake in CDW Corporation (NASDAQ:CDW - Free Report) by 2.1% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 308,659 shares of the information technology services provider's stock after selling 6,680 shares during the period. Baird Financial Group Inc. owned approximately 0.23% of CDW worth $49,466,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. D. E. Shaw & Co. Inc. increased its position in shares of CDW by 906.9% during the fourth quarter. D. E. Shaw & Co. Inc. now owns 2,024,887 shares of the information technology services provider's stock valued at $352,411,000 after purchasing an additional 1,823,788 shares during the period. Alyeska Investment Group L.P. increased its holdings in CDW by 17,349.6% in the 4th quarter. Alyeska Investment Group L.P. now owns 1,380,787 shares of the information technology services provider's stock valued at $240,312,000 after buying an additional 1,372,874 shares during the period. Price T Rowe Associates Inc. MD raised its stake in shares of CDW by 444.6% in the 1st 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 position in shares of CDW in the 4th quarter valued at $105,705,000. Finally, Manning & Napier Advisors LLC bought a new position in shares of CDW during the 1st quarter worth about $74,908,000. Institutional investors own 93.15% of the company's stock.

CDW Stock Up 2.0%

NASDAQ CDW traded up $3.31 on Thursday, reaching $166.68. The company had a trading volume of 669,890 shares, compared to its average volume of 1,312,619. The company's fifty day moving average is $172.61 and its 200-day moving average is $171.20. The firm has a market capitalization of $21.84 billion, a price-to-earnings ratio of 20.71, a price-to-earnings-growth ratio of 2.74 and a beta of 0.98. The company has a debt-to-equity ratio of 2.28, a quick ratio of 1.22 and a current ratio of 1.35. CDW Corporation has a 1-year low of $137.31 and a 1-year high of $230.86.

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

CDW Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 10th. Shareholders of record on Monday, August 25th will be paid a $0.625 dividend. This represents a $2.50 annualized dividend and a yield of 1.5%. The ex-dividend date is Monday, August 25th. CDW's payout ratio is presently 31.06%.

Analyst Upgrades and Downgrades

A number of brokerages have commented on CDW. JPMorgan Chase & Co. raised 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. Citigroup increased their price objective on CDW from $180.00 to $200.00 and gave the stock a "neutral" rating in a research note on Friday, July 11th. Barclays cut their target price on shares of CDW from $205.00 to $176.00 and set an "equal weight" rating for the company in a research note on Thursday, August 7th. Finally, UBS Group reduced their price target on shares of CDW from $210.00 to $200.00 and set a "buy" rating on the stock in a research report on Thursday, August 7th. Two equities research 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 an average target price 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.