Rafferty Asset Management LLC Has $18.02 Million Stake in CDW Corporation $CDW

Key Points

• Rafferty Asset Management LLC reduced its stake in CDW Corporation by 5.5% in Q1, now holding 112,459 shares valued at approximately $18 million.
• CDW's quarterly earnings report showed earnings per share (EPS) of $2.60, surpassing estimates and reflecting a year-over-year revenue growth of 10.2% to $5.98 billion.
• The company declared a quarterly dividend of $0.625, which will yield an annualized return of 1.5%, with a payout ratio of 31.06%.

Rafferty Asset Management LLC trimmed its stake in CDW Corporation (NASDAQ:CDW - Free Report) by 5.5% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 112,459 shares of the information technology services provider's stock after selling 6,535 shares during the period. Rafferty Asset Management LLC owned 0.09% of CDW worth $18,023,000 at the end of the most recent reporting period.

A number of other institutional investors have also made changes to their positions in CDW. Coldstream Capital Management Inc. raised its stake in shares of CDW by 11.5% in the 4th quarter. Coldstream Capital Management Inc. now owns 1,778 shares of the information technology services provider's stock valued at $309,000 after acquiring an additional 184 shares in the last quarter. Quarry LP acquired a new stake in CDW in the 4th quarter valued at approximately $48,000. Optiver Holding B.V. grew its holdings in CDW by 107.2% in the 4th quarter. Optiver Holding B.V. now owns 230 shares of the information technology services provider's stock valued at $40,000 after buying an additional 119 shares during the last quarter. Northern Trust Corp grew its holdings in CDW by 15.3% in the 4th quarter. Northern Trust Corp now owns 1,442,637 shares of the information technology services provider's stock valued at $251,077,000 after buying an additional 191,037 shares during the last quarter. Finally, Schonfeld Strategic Advisors LLC grew its holdings in CDW by 659.6% in the 4th quarter. Schonfeld Strategic Advisors LLC now owns 50,103 shares of the information technology services provider's stock valued at $8,720,000 after buying an additional 43,507 shares during the last quarter. 93.15% of the stock is owned by institutional investors.

CDW Stock Performance

Shares of NASDAQ:CDW traded down $1.11 during trading on Friday, hitting $164.76. 1,109,840 shares of the stock were exchanged, compared to its average volume of 1,353,628. CDW Corporation has a 1-year low of $137.31 and a 1-year high of $230.86. The company has a market capitalization of $21.59 billion, a price-to-earnings ratio of 20.47, a price-to-earnings-growth ratio of 2.74 and a beta of 0.95. The company's fifty day simple moving average is $173.43 and its 200-day simple moving average is $171.60. 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 (NASDAQ:CDW - Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The information technology services provider reported $2.60 earnings per share for the quarter, topping the consensus estimate of $2.49 by $0.11. CDW had a return on equity of 53.63% and a net margin of 4.92%.The company had revenue of $5.98 billion for the quarter, compared to analyst estimates of $5.51 billion. During the same quarter last year, the firm earned $2.50 EPS. CDW's revenue for the quarter was up 10.2% compared to the same quarter last year. Sell-side analysts expect that CDW Corporation will post 9.41 EPS for the current fiscal year.

CDW Announces Dividend

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 paid a $0.625 dividend. The ex-dividend date of this dividend is Monday, August 25th. This represents a $2.50 annualized dividend and a yield of 1.5%. CDW's payout ratio is currently 31.06%.

Analysts Set New Price Targets

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

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.