Intech Investment Management LLC Reduces Holdings in 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 lessened its holdings in shares of CDW Corporation (NASDAQ:CDW - Free Report) by 43.4% in the first quarter, according to its most recent 13F 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 quarter. Intech Investment Management LLC's holdings in CDW were worth $10,456,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Envestnet Asset Management Inc. increased its position in shares of CDW by 20.8% during the first quarter. Envestnet Asset Management Inc. now owns 207,506 shares of the information technology services provider's stock valued at $33,255,000 after buying an additional 35,737 shares during the period. Unison Asset Management LLC boosted its stake in shares of CDW by 9.4% during the first quarter. Unison Asset Management LLC now owns 42,389 shares of the information technology services provider's stock valued at $6,339,000 after purchasing an additional 3,657 shares during the period. Allspring Global Investments Holdings LLC lifted its stake in CDW by 1.6% in the first quarter. Allspring Global Investments Holdings LLC now owns 5,942 shares of the information technology services provider's stock worth $963,000 after acquiring an additional 94 shares during the period. Sequoia Financial Advisors LLC lifted its position in CDW by 8.7% during the first quarter. Sequoia Financial Advisors LLC now owns 19,995 shares of the information technology services provider's stock valued at $3,204,000 after buying an additional 1,604 shares during the period. Finally, OneDigital Investment Advisors LLC bought a new position in shares of CDW during the first quarter valued at $212,000. 93.15% of the stock is owned by hedge funds and other institutional investors.

CDW Price Performance

CDW traded up $0.46 during trading on Tuesday, reaching $163.59. The stock had a trading volume of 254,675 shares, compared to its average volume of 1,314,261. The stock has a 50 day moving average of $170.57 and a two-hundred day moving average of $169.91. The company has a quick ratio of 1.22, a current ratio of 1.35 and a debt-to-equity ratio of 2.28. CDW Corporation has a 1-year low of $137.31 and a 1-year high of $230.86. The firm has a market capitalization of $21.44 billion, a price-to-earnings ratio of 20.35, a price-to-earnings-growth ratio of 2.73 and a beta of 0.98.

CDW (NASDAQ:CDW - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The information technology services provider reported $2.60 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.49 by $0.11. The firm had revenue of $5.98 billion for 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 company's quarterly 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 earnings per share. As a group, equities analysts anticipate that CDW Corporation will post 9.41 EPS for the current fiscal year.

CDW Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, September 10th. Shareholders of record on Monday, August 25th were 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 was Monday, August 25th. CDW's dividend payout ratio (DPR) is presently 31.06%.

Wall Street Analysts Forecast Growth

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

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.