Deutsche Bank AG Acquires Shares of 799,829 CDW Corporation $CDW

Key Points

• Deutsche Bank acquired 799,829 CDW shares worth approximately $112.5 million in the second quarter, giving it a 0.63% stake. Institutional investors collectively own 93.15% of the company.
• Analysts maintain a generally positive view, with CDW carrying a “Moderate Buy” consensus rating and an average price target of $147.00.
• CDW exceeded quarterly expectations, reporting $2.91 in EPS and $6.57 billion in revenue, while announcing a quarterly dividend of $0.63 per share, equivalent to a 1.8% yield.

Deutsche Bank AG bought a new stake in shares of CDW Corporation (NASDAQ:CDW - Free Report) in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 799,829 shares of the information technology services provider's stock, valued at approximately $112,488,000. Deutsche Bank AG owned 0.63% of CDW as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently modified their holdings of CDW. Jones Financial Companies Lllp grew its stake in CDW by 316.0% during the first quarter. Jones Financial Companies Lllp now owns 4,896 shares of the information technology services provider's stock worth $785,000 after buying an additional 3,719 shares in the last quarter. Empowered Funds LLC raised its position in shares of CDW by 1.2% in the 1st quarter. Empowered Funds LLC now owns 18,076 shares of the information technology services provider's stock valued at $2,897,000 after buying an additional 216 shares in the last quarter. California State Teachers Retirement System lifted its holdings in shares of CDW by 0.6% during the 2nd quarter. California State Teachers Retirement System now owns 225,709 shares of the information technology services provider's stock worth $40,309,000 after acquiring an additional 1,242 shares during the period. BI Asset Management Fondsmaeglerselskab A S lifted its holdings in shares of CDW by 1,339.7% during the 2nd quarter. BI Asset Management Fondsmaeglerselskab A S now owns 49,380 shares of the information technology services provider's stock worth $8,819,000 after acquiring an additional 45,950 shares during the period. Finally, State of Tennessee Department of Treasury lifted its holdings in shares of CDW by 17.7% during the 2nd quarter. State of Tennessee Department of Treasury now owns 40,927 shares of the information technology services provider's stock worth $7,309,000 after acquiring an additional 6,143 shares during the period. 93.15% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at CDW

In related news, Director David W. Nelms purchased 18,000 shares of the stock in a transaction dated Wednesday, May 27th. The stock was bought at an average cost of $111.43 per share, for a total transaction of $2,005,740.00. Following the completion of the acquisition, the director owned 51,025 shares of the company's stock, valued at approximately $5,685,715.75. This represents a 54.50% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Elizabeth H. Connelly sold 26,695 shares of the stock in a transaction on Friday, August 7th. The shares were sold at an average price of $137.62, for a total value of $3,673,765.90. Following the completion of the transaction, the insider owned 34,215 shares of the company's stock, valued at $4,708,668.30. The trade was a 43.83% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.82% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

CDW has been the topic of a number of recent analyst reports. Royal Bank Of Canada raised shares of CDW to an "outperform" rating and set a $130.00 price objective on the stock in a research note on Wednesday, May 27th. Morgan Stanley upped their target price on CDW from $170.00 to $171.00 and gave the stock an "overweight" rating in a research note on Thursday, August 6th. JPMorgan Chase & Co. raised CDW from a "neutral" rating to an "overweight" rating and set a $130.00 target price on the stock in a report on Wednesday, May 27th. Citigroup lifted their price target on CDW from $123.00 to $145.00 and gave the company a "neutral" rating in a research note on Monday, July 13th. Finally, Raymond James Financial set a $150.00 price target on CDW in a report on Wednesday, May 6th. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $147.00.

CDW Trading Up 1.7%

CDW opened at $137.20 on Thursday. The company's 50 day moving average is $136.18 and its 200-day moving average is $128.28. CDW Corporation has a 1-year low of $97.12 and a 1-year high of $171.55. 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 company has a market cap of $17.15 billion, a P/E ratio of 16.49, a PEG ratio of 1.78 and a beta of 0.96.

CDW (NASDAQ:CDW - Get Free Report) last released its quarterly earnings data 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. The business had revenue of $6.57 billion during the quarter, compared to analysts' expectations of $6.21 billion. CDW had a net margin of 4.60% and a return on equity of 50.61%. The firm's quarterly revenue was up 10.0% compared to the same quarter last year. During the same period in the prior year, the company earned $2.60 EPS. Equities research analysts predict that CDW Corporation will post 10.28 earnings per share for the current fiscal year.

CDW Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 10th. Shareholders of record on Tuesday, August 25th will be paid a dividend of $0.63 per share. This represents a $2.52 dividend on an annualized basis and a dividend yield of 1.8%. The ex-dividend date of this dividend is Tuesday, August 25th. CDW's payout ratio is presently 30.29%.

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.

Want to see what other hedge funds are holding CDW? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for CDW Corporation (NASDAQ:CDW - Free Report).

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.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source