HighTower Advisors LLC Sells 3,441 Shares of CDW Corporation $CDW

Key Points

• HighTower Advisors LLC reduced its holdings in CDW Corporation by 13.3%, ending the first quarter with 22,410 shares worth approximately $3.59 million.
• CDW reported earnings per share of $2.60 for the last quarter, exceeding estimates by $0.11, and achieved revenue of $5.98 billion.
• The company announced a quarterly dividend of $0.625 per share, which will be paid on September 10th, reflecting a 1.5% dividend yield.

HighTower Advisors LLC trimmed its stake in CDW Corporation (NASDAQ:CDW - Free Report) by 13.3% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 22,410 shares of the information technology services provider's stock after selling 3,441 shares during the period. HighTower Advisors LLC's holdings in CDW were worth $3,591,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in CDW. BI Asset Management Fondsmaeglerselskab A S raised its holdings in shares of CDW by 44.5% during the fourth quarter. BI Asset Management Fondsmaeglerselskab A S now owns 3,393 shares of the information technology services provider's stock valued at $591,000 after acquiring an additional 1,045 shares during the last quarter. State of Tennessee Department of Treasury boosted its holdings in CDW by 21.8% in the fourth quarter. State of Tennessee Department of Treasury now owns 35,744 shares of the information technology services provider's stock valued at $6,221,000 after purchasing an additional 6,405 shares during the period. Stifel Financial Corp lifted its holdings in CDW by 19.1% during the 4th quarter. Stifel Financial Corp now owns 88,663 shares of the information technology services provider's stock worth $15,431,000 after buying an additional 14,234 shares during the last quarter. J. Safra Sarasin Holding AG acquired a new position in CDW in the 4th quarter valued at about $468,000. Finally, Hsbc Holdings PLC increased its position in CDW by 7.1% in the 4th quarter. Hsbc Holdings PLC now owns 302,098 shares of the information technology services provider's stock valued at $52,553,000 after acquiring an additional 19,922 shares during the period. Hedge funds and other institutional investors own 93.15% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the company. UBS Group reduced their target price on CDW from $210.00 to $200.00 and set a "buy" rating on the stock in a research note on Thursday, August 7th. JPMorgan Chase & Co. increased their price target on shares of CDW from $185.00 to $205.00 and gave the stock a "neutral" rating in a research report on Thursday, July 17th. Citigroup raised their price target on shares of CDW from $180.00 to $200.00 and gave the company a "neutral" rating in a research note on Friday, July 11th. Finally, Barclays reduced their price objective on CDW from $205.00 to $176.00 and set an "equal weight" rating for the company in a research note on Thursday, August 7th. Two research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $202.00.

CDW Trading Down 1.4%

CDW stock traded down $2.33 during midday trading on Tuesday, reaching $164.13. The company's stock had a trading volume of 364,061 shares, compared to its average volume of 1,317,070. CDW Corporation has a 52 week low of $137.31 and a 52 week high of $230.86. The stock has a market cap of $21.51 billion, a PE ratio of 20.38, a price-to-earnings-growth ratio of 2.78 and a beta of 0.95. The company has a quick ratio of 1.22, a current ratio of 1.35 and a debt-to-equity ratio of 2.28. The business's 50-day simple moving average is $173.87 and its 200-day simple moving average is $172.19.

CDW (NASDAQ:CDW - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The information technology services provider reported $2.60 EPS for the quarter, topping the consensus estimate of $2.49 by $0.11. CDW had a net margin of 4.92% and a return on equity of 53.63%. The firm had revenue of $5.98 billion for the quarter, compared to analysts' expectations of $5.51 billion. During the same period in the previous year, the firm posted $2.50 EPS. The company's revenue for the quarter was up 10.2% on a year-over-year basis. As a group, sell-side analysts expect that CDW Corporation will post 9.41 EPS for the current year.

CDW Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 10th. Shareholders of record on Monday, August 25th will be issued a $0.625 dividend. This represents a $2.50 dividend on an annualized basis and a yield of 1.5%. The ex-dividend date is Monday, August 25th. CDW's dividend payout ratio (DPR) is presently 31.06%.

About CDW

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.