Crescent Grove Advisors LLC Acquires 11,258 Shares of CDW Corporation $CDW

Key Points

• Crescent Grove Advisors increased its CDW stake by 7% in the first quarter, buying 11,258 shares and bringing its total holding to 171,968 shares worth about $20.8 million.
• Wall Street sentiment is mostly positive: recent analyst moves included upgrades from Weiss Ratings and Morgan Stanley, with the consensus rating now at “Moderate Buy” and an average target price of $146.88.
• CDW’s latest results were solid, with quarterly earnings per share matching estimates and revenue topping forecasts, while the company also paid a $0.63 quarterly dividend for a 1.9% annualized yield.

Crescent Grove Advisors LLC grew its holdings in CDW Corporation (NASDAQ:CDW - Free Report) by 7.0% in the first quarter, according to its most recent disclosure with the SEC. The fund owned 171,968 shares of the information technology services provider's stock after buying an additional 11,258 shares during the period. CDW accounts for approximately 2.0% of Crescent Grove Advisors LLC's portfolio, making the stock its 10th largest position. Crescent Grove Advisors LLC owned about 0.13% of CDW worth $20,812,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the business. Fenimore Asset Management Inc increased its position in CDW by 0.8% in the 4th quarter. Fenimore Asset Management Inc now owns 1,150,567 shares of the information technology services provider's stock valued at $156,707,000 after acquiring an additional 9,485 shares during the period. Marshall Wace LLP lifted its position in CDW by 255.7% during the 3rd quarter. Marshall Wace LLP now owns 599,248 shares of the information technology services provider's stock worth $95,448,000 after acquiring an additional 430,796 shares during the period. BNP Paribas Financial Markets lifted its position in CDW by 20.5% during the 4th quarter. BNP Paribas Financial Markets now owns 284,965 shares of the information technology services provider's stock worth $38,812,000 after acquiring an additional 48,547 shares during the period. Local Pensions Partnership Investment Ltd grew its stake in shares of CDW by 7.8% in the 4th quarter. Local Pensions Partnership Investment Ltd now owns 249,176 shares of the information technology services provider's stock valued at $33,940,000 after purchasing an additional 18,000 shares during the last quarter. Finally, California State Teachers Retirement System grew its stake in shares of CDW by 2.3% in the 4th quarter. California State Teachers Retirement System now owns 230,692 shares of the information technology services provider's stock valued at $31,420,000 after purchasing an additional 5,121 shares during the last quarter. Institutional investors and hedge funds own 93.15% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have recently commented on CDW. Weiss Ratings upgraded CDW from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Thursday, June 11th. Morgan Stanley upgraded shares of CDW from an "equal weight" rating to an "overweight" rating and lifted their price objective for the company from $142.00 to $170.00 in a research report on Tuesday, June 23rd. Raymond James Financial set a $150.00 price objective on shares of CDW in a research note on Wednesday, May 6th. Barclays cut their price objective on shares of CDW from $144.00 to $123.00 and set an "equal weight" rating for the company in a research report on Thursday, May 7th. Finally, Citigroup raised their target price on shares of CDW from $123.00 to $145.00 and gave the stock a "neutral" rating in a research note on Monday, July 13th. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and three have assigned a Hold rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $146.88.

CDW Stock Down 0.8%

Shares of NASDAQ CDW opened at $133.24 on Friday. The stock has a market capitalization of $17.02 billion, a price-to-earnings ratio of 16.21, a price-to-earnings-growth ratio of 1.77 and a beta of 0.97. CDW Corporation has a 52 week low of $97.12 and a 52 week high of $183.66. The firm has a 50-day moving average price of $126.34 and a 200 day moving average price of $127.10. The company has a quick ratio of 1.06, a current ratio of 1.16 and a debt-to-equity ratio of 1.81.

CDW (NASDAQ:CDW - Get Free Report) last issued its earnings results on Wednesday, May 6th. The information technology services provider reported $2.28 earnings per share for the quarter, hitting the consensus estimate of $2.28. CDW had a net margin of 4.70% and a return on equity of 49.67%. The company had revenue of $5.68 billion for the quarter, compared to analyst estimates of $5.48 billion. During the same period in the prior year, the business posted $2.15 earnings per share. The firm's revenue for the quarter was up 9.2% compared to the same quarter last year. Equities research analysts anticipate that CDW Corporation will post 10.21 EPS for the current fiscal year.

CDW Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, June 10th. Investors of record on Monday, May 25th were issued a $0.63 dividend. The ex-dividend date was Friday, May 22nd. This represents a $2.52 dividend on an annualized basis and a dividend yield of 1.9%. CDW's dividend payout ratio is currently 30.66%.

Insiders Place Their Bets

In other news, Director David W. Nelms acquired 18,000 shares of CDW stock in a transaction that occurred on Wednesday, May 27th. The stock was purchased at an average cost of $111.43 per share, with a total value of $2,005,740.00. Following the completion of the acquisition, the director owned 51,025 shares in the company, valued at $5,685,715.75. This trade represents a 54.50% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 0.82% of the stock is owned by insiders.

CDW Profile

CDW NASDAQ: CDW is a leading provider of information technology products and integrated solutions for business, government, education and healthcare customers. The company sources and resells hardware and software from major technology vendors and packages those products with professional services, managed services and lifecycle support. Its offerings span IT infrastructure, cloud and data center solutions, cybersecurity, networking, unified communications, endpoint devices, and software licensing and procurement services designed to simplify IT operations for customers.

CDW combines a broad product portfolio with consultative sales, implementation and technical support capabilities.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.