Intech Investment Management LLC Sells 50,062 Shares of CDW Corporation $CDW

Key Points

• Intech Investment Management LLC reduced its stake in CDW Corporation by 43.4%, selling 50,062 shares in the 1st quarter, leaving them with 65,245 shares valued at approximately $10.46 million.
• Several other hedge funds increased their positions in CDW, notably Price T Rowe Associates Inc. MD, which raised its position by 444.6% during the same period.
• CDW Corporation reported a 10.2% year-over-year revenue increase for the last quarter, with earnings per share of $2.60, exceeding analyst expectations of $2.49.

Intech Investment Management LLC cut its holdings in CDW Corporation (NASDAQ:CDW - Free Report) by 43.4% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 65,245 shares of the information technology services provider's stock after selling 50,062 shares during the period. Intech Investment Management LLC's holdings in CDW were worth $10,456,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently made changes to their positions in CDW. Price T Rowe Associates Inc. MD raised its position in shares of CDW by 444.6% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,632,119 shares of the information technology services provider's stock worth $261,564,000 after acquiring an additional 1,332,454 shares in the last quarter. Voloridge Investment Management LLC bought a new position in shares of CDW in the 4th quarter worth about $105,705,000. Manning & Napier Advisors LLC bought a new position in shares of CDW in the 1st quarter worth about $74,908,000. Contour Asset Management LLC bought a new position in shares of CDW in the 1st quarter worth about $64,505,000. Finally, Massachusetts Financial Services Co. MA raised its position in shares of CDW by 15.7% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 2,792,934 shares of the information technology services provider's stock worth $447,596,000 after acquiring an additional 378,841 shares in the last quarter. 93.15% of the stock is owned by institutional investors.

CDW Stock Performance

Shares of CDW stock opened at $170.77 on Thursday. CDW Corporation has a one year low of $137.31 and a one year high of $230.86. The firm has a market capitalization of $22.38 billion, a price-to-earnings ratio of 21.21, a PEG ratio of 2.81 and a beta of 0.98. The business has a 50-day simple moving average of $171.54 and a 200 day simple moving average of $170.42. The company has a debt-to-equity ratio of 2.28, a current ratio of 1.35 and a quick ratio of 1.22.

CDW (NASDAQ:CDW - Get Free Report) last issued its earnings results on Wednesday, August 6th. The information technology services provider reported $2.60 EPS for the quarter, beating analysts' consensus estimates of $2.49 by $0.11. The business had revenue of $5.98 billion during the quarter, compared to analyst estimates of $5.51 billion. CDW had a return on equity of 53.63% and a net margin of 4.92%.The firm's revenue was up 10.2% compared to the same quarter last year. During the same period in the previous year, the company posted $2.50 EPS. On average, research analysts anticipate that CDW Corporation will post 9.41 earnings per share for the current fiscal year.

CDW Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, September 10th. Shareholders of record on Monday, August 25th were issued a dividend of $0.625 per share. This represents a $2.50 dividend on an annualized basis and a yield of 1.5%. The ex-dividend date of this dividend was Monday, August 25th. CDW's payout ratio is currently 31.06%.

Wall Street Analyst Weigh In

CDW has been the subject of several research analyst reports. Barclays lowered their price objective on CDW from $205.00 to $176.00 and set an "equal weight" rating for the company in a research report on Thursday, August 7th. JPMorgan Chase & Co. lifted their price objective on CDW from $185.00 to $205.00 and gave the stock a "neutral" rating in a research report on Thursday, July 17th. Citigroup boosted their target price on CDW from $180.00 to $200.00 and gave the company a "neutral" rating in a research report on Friday, July 11th. Finally, UBS Group decreased their target price on CDW from $210.00 to $200.00 and set a "buy" rating for the company in a research report 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 MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $202.00.

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.

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