Hennessy Advisors Inc. Takes Position in CDW Corporation (NASDAQ:CDW)

Hennessy Advisors Inc. bought a new stake in CDW Corporation (NASDAQ:CDW - Free Report) during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 15,175 shares of the information technology services provider's stock, valued at approximately $2,432,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Wealth Enhancement Advisory Services LLC lifted its holdings in CDW by 7.2% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 12,826 shares of the information technology services provider's stock worth $2,055,000 after purchasing an additional 858 shares in the last quarter. Net Worth Advisory Group purchased a new stake in shares of CDW in the first quarter worth $254,000. CX Institutional bought a new stake in CDW during the first quarter valued at $146,000. SG Americas Securities LLC bought a new stake in CDW during the first quarter valued at $1,881,000. Finally, GAMMA Investing LLC grew its position in CDW by 4.0% during the first quarter. GAMMA Investing LLC now owns 2,098 shares of the information technology services provider's stock worth $336,000 after buying an additional 81 shares in the last quarter. 93.15% of the stock is owned by institutional investors.

Analyst Ratings Changes

CDW has been the topic of several research analyst reports. JPMorgan Chase & Co. decreased their price objective on shares of CDW from $222.00 to $175.00 and set a "neutral" rating on the stock in a research report on Thursday, April 17th. Barclays decreased their price target on shares of CDW from $223.00 to $205.00 and set an "equal weight" rating on the stock in a report on Thursday, May 8th. UBS Group cut their target price 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, Citigroup increased their target price on CDW from $160.00 to $180.00 and gave the company a "neutral" rating in a research note on Thursday, May 8th. Four research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $208.71.

Insider Buying and Selling

In other 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 transaction of $7,423,162.14. Following the transaction, the insider now owns 144,931 shares in the company, valued at approximately $26,293,382.02. This trade represents a 22.02% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Frederick J. Kulevich sold 28,159 shares of the business's 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 completion of the transaction, the insider now directly owns 36,077 shares of the company's stock, valued at approximately $6,887,099.30. The trade was 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 insiders.

CDW Stock Performance

Shares of NASDAQ CDW traded down $0.85 during trading on Wednesday, reaching $169.96. 719,032 shares of the company traded hands, compared to its average volume of 1,235,251. The firm has a 50 day simple moving average of $170.85 and a 200-day simple moving average of $175.65. CDW Corporation has a 52-week low of $137.31 and a 52-week high of $241.26. The stock has a market capitalization of $22.38 billion, a PE ratio of 21.06, a P/E/G ratio of 2.90 and a beta of 0.95. 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 (NASDAQ:CDW - Get Free Report) last released its quarterly earnings results on Wednesday, May 7th. The information technology services provider reported $2.15 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 return on equity of 54.90% and a net margin of 5.10%. The business's quarterly revenue was up 6.7% compared to the same quarter last year. During the same period in the previous year, the company posted $1.92 EPS. Equities research analysts anticipate that CDW Corporation will post 9.41 earnings per share for the current year.

CDW Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 10th. Shareholders of record on Monday, May 26th were issued a dividend of $0.625 per share. The ex-dividend date was Friday, May 23rd. This represents a $2.50 dividend on an annualized basis and a yield of 1.47%. CDW's dividend payout ratio is presently 30.98%.

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.