State of New Jersey Common Pension Fund D Reduces Stock Position in CDW Corporation $CDW

Key Points

• The State of New Jersey Common Pension Fund D reduced its holdings in CDW Corporation by 10.3%, now owning 43,473 shares valued at approximately $6.97 million.
• CDW Corporation reported earnings of $2.60 EPS, exceeding analyst expectations, with revenues of $5.98 billion during the last quarter, a 10.2% increase year-over-year.
• The company declared a quarterly dividend of $0.625 per share, reflecting a 1.5% yield and a payout ratio of 31.06% for shareholders of record.

State of New Jersey Common Pension Fund D lowered its position in CDW Corporation (NASDAQ:CDW - Free Report) by 10.3% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 43,473 shares of the information technology services provider's stock after selling 5,004 shares during the quarter. State of New Jersey Common Pension Fund D's holdings in CDW were worth $6,967,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of the company. Envestnet Asset Management Inc. boosted its position in CDW by 20.8% during the 1st quarter. Envestnet Asset Management Inc. now owns 207,506 shares of the information technology services provider's stock valued at $33,255,000 after acquiring an additional 35,737 shares in the last quarter. Unison Asset Management LLC boosted its position in CDW by 9.4% during the 1st quarter. Unison Asset Management LLC now owns 42,389 shares of the information technology services provider's stock valued at $6,339,000 after acquiring an additional 3,657 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its position in CDW by 1.6% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 5,942 shares of the information technology services provider's stock valued at $963,000 after acquiring an additional 94 shares in the last quarter. Sequoia Financial Advisors LLC boosted its position in CDW by 8.7% during the 1st quarter. Sequoia Financial Advisors LLC now owns 19,995 shares of the information technology services provider's stock valued at $3,204,000 after acquiring an additional 1,604 shares in the last quarter. Finally, OneDigital Investment Advisors LLC bought a new stake in CDW during the 1st quarter valued at $212,000. Institutional investors own 93.15% of the company's stock.

CDW Stock Up 1.7%

Shares of CDW traded up $2.82 during midday trading on Friday, hitting $167.00. 1,576,479 shares of the company's stock traded hands, compared to its average volume of 1,231,103. CDW Corporation has a 1 year low of $137.31 and a 1 year high of $231.38. The firm's fifty day moving average is $173.99 and its 200-day moving average is $172.79. The company has a current ratio of 1.35, a quick ratio of 1.22 and a debt-to-equity ratio of 2.28. The stock has a market capitalization of $21.89 billion, a price-to-earnings ratio of 20.75, a price-to-earnings-growth ratio of 2.73 and a beta of 0.95.

CDW (NASDAQ:CDW - Get Free Report) last issued its quarterly earnings data on Wednesday, August 6th. The information technology services provider reported $2.60 EPS for the quarter, beating 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 firm had revenue of $5.98 billion during the quarter, compared to analyst estimates of $5.51 billion. During the same quarter in the prior year, the business posted $2.50 EPS. The business's revenue for the quarter was up 10.2% compared to the same quarter last year. As a group, sell-side analysts anticipate that CDW Corporation will post 9.41 earnings per share for the current year.

CDW Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 10th. Shareholders of record on Monday, August 25th will be given 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 yield of 1.5%. CDW's payout ratio is currently 31.06%.

Analysts Set New Price Targets

Several brokerages have issued reports on CDW. Barclays dropped 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. JPMorgan Chase & Co. increased their target price on CDW from $185.00 to $205.00 and gave the company a "neutral" rating in a research report on Thursday, July 17th. Citigroup increased their target price on CDW from $180.00 to $200.00 and gave the company a "neutral" rating in a research report on Friday, July 11th. Finally, UBS Group dropped 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. Two equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus 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.