Corient Private Wealth LP Decreases Stake in CDW Corporation $CDW

Key Points

• Corient Private Wealth cut its CDW stake by 63.1% in the second quarter, selling 68,746 shares and retaining 40,277 shares worth approximately $5.7 million. Institutional investors collectively own 93.15% of CDW.
• CDW reported stronger-than-expected quarterly results, with earnings of $2.91 per share and revenue of $6.57 billion, up 10% year over year. The company also pays a quarterly dividend of $0.63, equivalent to a 1.7% annualized yield.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $150.38, while CDW shares recently traded at $146.19.

Corient Private Wealth LP trimmed its stake in shares of CDW Corporation (NASDAQ:CDW - Free Report) by 63.1% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 40,277 shares of the information technology services provider's stock after selling 68,746 shares during the period. Corient Private Wealth LP's holdings in CDW were worth $5,665,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in CDW. BlackRock Inc. acquired a new position in shares of CDW during the second quarter worth about $2,143,082,000. Pzena Investment Management LLC bought a new position in CDW during the second quarter worth $371,135,000. Jupiter Topco LLC bought a new stake in CDW during the second quarter valued at $300,073,000. Bank of America Corp DE bought a new position in CDW in the second quarter worth about $255,058,000. Finally, Alyeska Investment Group L.P. grew its holdings in shares of CDW by 197.1% during the second quarter. Alyeska Investment Group L.P. now owns 1,854,952 shares of the information technology services provider's stock valued at $260,880,000 after purchasing an additional 1,230,517 shares during the last quarter. 93.15% of the stock is currently owned by hedge funds and other institutional investors.

CDW Stock Performance

NASDAQ:CDW opened at $146.19 on Friday. The company has a current ratio of 1.17, a quick ratio of 1.05 and a debt-to-equity ratio of 1.97. The stock has a market capitalization of $18.28 billion, a P/E ratio of 17.57, a price-to-earnings-growth ratio of 1.95 and a beta of 0.95. The firm has a 50 day moving average of $142.06 and a 200-day moving average of $130.95. CDW Corporation has a 1 year low of $97.12 and a 1 year high of $167.00.

CDW (NASDAQ:CDW - Get Free Report) last released its earnings results on Wednesday, August 5th. The information technology services provider reported $2.91 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.80 by $0.11. CDW had a return on equity of 50.61% and a net margin of 4.60%.The firm had revenue of $6.57 billion during the quarter, compared to analysts' expectations of $6.21 billion. During the same quarter in the prior year, the company earned $2.60 EPS. The company's revenue was up 10.0% on a year-over-year basis. As a group, sell-side analysts anticipate that CDW Corporation will post 10.33 EPS for the current fiscal year.

CDW Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 10th. Shareholders of record on Tuesday, August 25th were given a $0.63 dividend. This represents a $2.52 dividend on an annualized basis and a yield of 1.7%. The ex-dividend date was Tuesday, August 25th. CDW's payout ratio is currently 30.29%.

Insider Activity at CDW

In other CDW news, insider Elizabeth Connelly sold 26,695 shares of the business's stock in a transaction on Friday, August 7th. The shares were sold at an average price of $137.62, for a total transaction of $3,673,765.90. Following the sale, the insider owned 34,215 shares of the company's stock, valued at approximately $4,708,668.30. The trade was a 43.83% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 0.82% of the company's stock.

Analysts Set New Price Targets

CDW has been the topic of several analyst reports. JPMorgan Chase & Co. upgraded shares of CDW from a "neutral" rating to an "overweight" rating and set a $130.00 price target on the stock in a research note on Wednesday, May 27th. Royal Bank Of Canada raised CDW to an "outperform" rating and set a $130.00 target price on the stock in a research note on Wednesday, May 27th. Weiss Ratings raised CDW from a "hold (c-)" rating to a "hold (c)" rating in a research note on Tuesday, August 25th. Barclays raised their price target on CDW from $123.00 to $150.00 and gave the company an "equal weight" rating in a report on Tuesday, September 8th. Finally, Citigroup boosted their price target on shares of CDW from $123.00 to $145.00 and gave the stock a "neutral" rating in a research report on Monday, July 13th. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $150.38.

CDW Company Profile

CDW Corporation NASDAQ: CDW is a provider of technology products and services for businesses, government agencies, educational institutions and healthcare organizations. The company helps customers design, acquire, configure and manage information technology environments.

Its offerings include computers, servers, networking equipment, software, data storage, cybersecurity products, cloud solutions and collaboration tools. CDW also provides professional, managed and lifecycle services, including solution design, implementation, security support, cloud management and IT asset management.

Founded in 1984, CDW serves customers primarily in the United States, Canada and the United Kingdom through a combination of sales specialists, technology partners and digital commerce platforms.

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