Mackenzie Financial Corp Sells 9,872 Shares of CDW Corporation (NASDAQ:CDW)

Key Points

• Mackenzie Financial Corp reduced its stake in CDW Corporation by 41.7%, selling 9,872 shares, and now holds shares valued at approximately $2.22 million.
• CDW's stock saw a price target adjustment, with UBS lowering it to $210 from $236, while Citigroup raised it to $200 and JPMorgan to $205, resulting in a consensus rating of "Hold" with a target price of $208.50.
• The company reported quarterly earnings of $2.15 per share, exceeding expectations, with a revenue of $5.20 billion, reflecting a year-over-year growth of 6.7%.

Mackenzie Financial Corp trimmed its position in shares of CDW Corporation (NASDAQ:CDW - Free Report) by 41.7% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 13,821 shares of the information technology services provider's stock after selling 9,872 shares during the period. Mackenzie Financial Corp's holdings in CDW were worth $2,215,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in the company. GW&K Investment Management LLC lifted its position in CDW by 78.9% during 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 acquiring an additional 75 shares during the last quarter. Orion Capital Management LLC acquired a new position in CDW during the 4th quarter valued at approximately $30,000. Optiver Holding B.V. increased its stake in CDW by 107.2% during the 4th quarter. Optiver Holding B.V. now owns 230 shares of the information technology services provider's stock valued at $40,000 after purchasing an additional 119 shares in the last quarter. Golden State Wealth Management LLC increased its stake in shares of CDW by 237.2% in the first quarter. Golden State Wealth Management LLC now owns 263 shares of the information technology services provider's stock worth $42,000 after acquiring an additional 185 shares during the period. Finally, Global X Japan Co. Ltd. acquired a new stake in shares of CDW in the first quarter worth $43,000. 93.15% of the stock is currently owned by institutional investors.

CDW Stock Down 4.0%

Shares of NASDAQ:CDW traded down $6.90 during midday trading on Tuesday, reaching $165.24. The company had a trading volume of 2,351,796 shares, compared to its average volume of 863,993. The company has a debt-to-equity ratio of 2.42, a current ratio of 1.32 and a quick ratio of 1.20. CDW Corporation has a one year low of $137.31 and a one year high of $231.38. The stock's fifty day moving average price is $177.68 and its 200-day moving average price is $175.47. The stock has a market capitalization of $21.76 billion, a P/E ratio of 20.48, a PEG ratio of 2.89 and a beta of 0.95.

CDW (NASDAQ:CDW - Get Free Report) last posted its quarterly earnings data on Wednesday, May 7th. The information technology services provider reported $2.15 earnings per share for the quarter, topping the consensus estimate of $1.96 by $0.19. The business had revenue of $5.20 billion during the quarter, compared to the consensus estimate of $4.93 billion. CDW had a net margin of 5.10% and a return on equity of 54.90%. The company's quarterly revenue was up 6.7% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.92 earnings per share. Equities research analysts expect that CDW Corporation will post 9.41 earnings per share for the current fiscal year.

CDW Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, June 10th. Shareholders of record on Monday, May 26th were given a dividend of $0.625 per share. The ex-dividend date of this dividend was Friday, May 23rd. This represents a $2.50 dividend on an annualized basis and a yield of 1.5%. CDW's dividend payout ratio is presently 30.98%.

Analyst Ratings Changes

Several analysts recently commented on CDW shares. Citigroup raised their price target on shares of CDW from $180.00 to $200.00 and gave the company a "neutral" rating in a research report on Friday, July 11th. JPMorgan Chase & Co. lifted 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. UBS Group dropped their price target on shares of CDW from $236.00 to $210.00 and set a "buy" rating for the company in a research report on Thursday, May 8th. Finally, Barclays dropped their price objective on shares of CDW from $223.00 to $205.00 and set an "equal weight" rating for the company in a report on Thursday, May 8th. Four investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $208.50.

Insider Buying and Selling

In related news, insider Christine A. Leahy sold 40,917 shares of the firm's stock in a transaction on Thursday, May 8th. The stock was sold at an average price of $181.42, for a total value of $7,423,162.14. Following the completion of the transaction, the insider directly owned 144,931 shares of the company's stock, valued at $26,293,382.02. This trade represents a 22.02% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Frederick J. Kulevich sold 28,159 shares of the stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $190.90, for a total value of $5,375,553.10. Following the transaction, the insider owned 36,077 shares of the company's stock, valued at $6,887,099.30. This represents a 43.84% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.90% of the stock is owned by corporate insiders.

CDW 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.