Principal Financial Group Inc. Cuts Stock Position in CDW Corporation (NASDAQ:CDW)

Principal Financial Group Inc. decreased its holdings in CDW Corporation (NASDAQ:CDW - Free Report) by 0.9% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 166,838 shares of the information technology services provider's stock after selling 1,567 shares during the period. Principal Financial Group Inc. owned 0.13% of CDW worth $26,737,000 at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of CDW. Proficio Capital Partners LLC grew its stake in CDW by 5.5% during the fourth quarter. Proficio Capital Partners LLC now owns 3,948 shares of the information technology services provider's stock valued at $687,000 after acquiring an additional 205 shares in the last quarter. Raymond James Financial Inc. purchased a new position in CDW during the fourth quarter valued at approximately $27,243,000. OFI Invest Asset Management purchased a new position in CDW during the fourth quarter valued at approximately $32,000. AlphaQuest LLC purchased a new position in CDW during the fourth quarter valued at approximately $631,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its stake in CDW by 2.3% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 27,644 shares of the information technology services provider's stock valued at $4,811,000 after acquiring an additional 611 shares in the last quarter. Hedge funds and other institutional investors own 93.15% of the company's stock.

CDW Stock Up 0.1%

Shares of NASDAQ:CDW traded up $0.10 during midday trading on Wednesday, reaching $180.75. The company's stock had a trading volume of 791,000 shares, compared to its average volume of 1,237,914. The firm has a 50 day moving average of $178.08 and a 200-day moving average of $175.63. The firm has a market capitalization of $23.80 billion, a P/E ratio of 22.40, a PEG ratio of 2.99 and a beta of 0.93. The company has a quick ratio of 1.20, a current ratio of 1.32 and a debt-to-equity ratio of 2.42. CDW Corporation has a 12-month low of $137.31 and a 12-month high of $241.26.

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

CDW Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, June 10th. Investors of record on Monday, May 26th were issued a $0.625 dividend. This represents a $2.50 dividend on an annualized basis and a dividend yield of 1.38%. The ex-dividend date was Friday, May 23rd. CDW's dividend payout ratio (DPR) is presently 30.98%.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the stock. JPMorgan Chase & Co. reduced their price objective on shares of CDW from $222.00 to $175.00 and set a "neutral" rating for the company in a research note on Thursday, April 17th. Citigroup boosted their price objective on shares of CDW from $160.00 to $180.00 and gave the stock a "neutral" rating in a report on Thursday, May 8th. Barclays lowered 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. Finally, UBS Group lowered their price target on shares of CDW from $236.00 to $210.00 and set a "buy" rating for the company in a report on Thursday, May 8th. Four analysts have rated the stock with a hold rating and three have issued a buy rating to the company's stock. According to MarketBeat, CDW presently has an average rating of "Hold" and a consensus price target of $208.71.

Insiders Place Their Bets

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

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.