CDW Corporation $CDW Shares Sold by Madison Asset Management LLC

Key Points

• Madison Asset Management LLC reduced its CDW stake by 10.9% in the fourth quarter, selling 141,841 shares and leaving it with 1,154,334 shares worth about $157.2 million.
• Several analysts recently cut price targets on CDW, with Barclays, Citigroup, and JPMorgan all lowering their targets and several maintaining neutral or hold ratings. The consensus view remains Moderate Buy with an average target price of $142.14.
• CDW reported quarterly EPS of $2.28, matching estimates, while revenue of $5.68 billion beat expectations and rose 9.2% year over year. The company also announced a quarterly dividend of $0.63 per share, implying a 2.5% annual yield.

Madison Asset Management LLC cut its stake in shares of CDW Corporation (NASDAQ:CDW - Free Report) by 10.9% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,154,334 shares of the information technology services provider's stock after selling 141,841 shares during the quarter. CDW accounts for 1.8% of Madison Asset Management LLC's portfolio, making the stock its 10th largest holding. Madison Asset Management LLC owned 0.89% of CDW worth $157,220,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also modified their holdings of the company. Jones Financial Companies Lllp increased its stake in CDW by 316.0% in the 1st quarter. Jones Financial Companies Lllp now owns 4,896 shares of the information technology services provider's stock worth $785,000 after purchasing an additional 3,719 shares in the last quarter. Empowered Funds LLC increased its position in shares of CDW by 1.2% in the first quarter. Empowered Funds LLC now owns 18,076 shares of the information technology services provider's stock worth $2,897,000 after acquiring an additional 216 shares in the last quarter. California State Teachers Retirement System raised its holdings in shares of CDW by 0.6% during the second quarter. California State Teachers Retirement System now owns 225,709 shares of the information technology services provider's stock valued at $40,309,000 after acquiring an additional 1,242 shares during the period. BI Asset Management Fondsmaeglerselskab A S lifted its position in shares of CDW by 1,339.7% in the 2nd quarter. BI Asset Management Fondsmaeglerselskab A S now owns 49,380 shares of the information technology services provider's stock valued at $8,819,000 after acquiring an additional 45,950 shares in the last quarter. Finally, State of Tennessee Department of Treasury boosted its stake in CDW by 17.7% in the 2nd quarter. State of Tennessee Department of Treasury now owns 40,927 shares of the information technology services provider's stock worth $7,309,000 after purchasing an additional 6,143 shares during the period. 93.15% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on the company. Barclays lowered their price target on CDW from $144.00 to $123.00 and set an "equal weight" rating on the stock in a report on Thursday, May 7th. Evercore reaffirmed an "outperform" rating and set a $180.00 target price on shares of CDW in a research note on Tuesday, January 20th. Citigroup reduced their price target on shares of CDW from $150.00 to $123.00 and set a "neutral" rating for the company in a research report on Friday, May 8th. Weiss Ratings restated a "hold (c-)" rating on shares of CDW in a report on Friday, April 24th. Finally, JPMorgan Chase & Co. lowered their price objective on shares of CDW from $160.00 to $130.00 and set a "neutral" rating on the stock in a research report on Thursday, May 7th. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $142.14.

CDW Price Performance

Shares of CDW opened at $99.30 on Wednesday. The firm has a market cap of $12.69 billion, a PE ratio of 12.08, a PEG ratio of 1.39 and a beta of 1.04. The firm's 50 day moving average price is $123.80 and its 200 day moving average price is $133.12. The company has a debt-to-equity ratio of 1.81, a quick ratio of 1.06 and a current ratio of 1.16. CDW Corporation has a twelve month low of $97.12 and a twelve month high of $192.30.

CDW (NASDAQ:CDW - Get Free Report) last posted its earnings results on Wednesday, May 6th. The information technology services provider reported $2.28 EPS for the quarter, hitting the consensus estimate of $2.28. The company had revenue of $5.68 billion during the quarter, compared to the consensus estimate of $5.48 billion. CDW had a net margin of 4.70% and a return on equity of 49.67%. The company's revenue for the quarter was up 9.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.15 earnings per share. As a group, research analysts expect that CDW Corporation will post 10.01 EPS for the current fiscal year.

CDW Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 10th. Stockholders of record on Monday, May 25th will be issued a dividend of $0.63 per share. The ex-dividend date of this dividend is Friday, May 22nd. This represents a $2.52 dividend on an annualized basis and a dividend yield of 2.5%. CDW's dividend payout ratio is currently 30.66%.

CDW Company Profile

CDW NASDAQ: CDW is a leading provider of information technology products and integrated solutions for business, government, education and healthcare customers. The company sources and resells hardware and software from major technology vendors and packages those products with professional services, managed services and lifecycle support. Its offerings span IT infrastructure, cloud and data center solutions, cybersecurity, networking, unified communications, endpoint devices, and software licensing and procurement services designed to simplify IT operations for customers.

CDW combines a broad product portfolio with consultative sales, implementation and technical support capabilities.

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