Legal & General Group Plc Buys New Position in CDW Corporation $CDW

Legal & General Group Plc bought a new position in shares of CDW Corporation (NASDAQ:CDW - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 637,579 shares of the information technology services provider's stock, valued at approximately $89,669,000. Legal & General Group Plc owned 0.51% of CDW at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in CDW. Hollencrest Capital Management lifted its stake in CDW by 909.1% in the first quarter. Hollencrest Capital Management now owns 222 shares of the information technology services provider's stock valued at $27,000 after buying an additional 200 shares during the period. Allied Private Wealth LLC acquired a new stake in shares of CDW during the 2nd quarter worth approximately $28,000. Keating Financial Advisory Services Inc. acquired a new stake in shares of CDW during the 2nd quarter worth approximately $28,000. Root Financial Partners LLC increased its stake in shares of CDW by 54.7% in the 1st quarter. Root Financial Partners LLC now owns 263 shares of the information technology services provider's stock valued at $32,000 after acquiring an additional 93 shares in the last quarter. Finally, Johnson Financial Group Inc. bought a new stake in shares of CDW in the 2nd quarter valued at $51,000. 93.15% of the stock is currently owned by institutional investors.

CDW Stock Performance

NASDAQ CDW opened at $148.97 on Friday. The company has a market cap of $18.62 billion, a P/E ratio of 17.91, a PEG ratio of 1.86 and a beta of 0.96. The company has a fifty day simple moving average of $137.34 and a 200 day simple moving average of $128.53. The company has a current ratio of 1.17, a quick ratio of 1.05 and a debt-to-equity ratio of 1.97. CDW Corporation has a 12-month low of $97.12 and a 12-month high of $171.55.

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 for the quarter, topping the consensus estimate of $2.80 by $0.11. CDW had a net margin of 4.60% and a return on equity of 50.61%. The firm had revenue of $6.57 billion for the quarter, compared to the consensus estimate of $6.21 billion. During the same quarter in the prior year, the company posted $2.60 earnings per share. The business's revenue was up 10.0% on a year-over-year basis. Sell-side analysts predict that CDW Corporation will post 10.28 earnings per share for the current fiscal year.

CDW Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 10th. Investors of record on Tuesday, August 25th will be issued a $0.63 dividend. This represents a $2.52 dividend on an annualized basis and a dividend yield of 1.7%. The ex-dividend date is Tuesday, August 25th. CDW's dividend payout ratio is currently 30.29%.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on CDW shares. Weiss Ratings raised shares of CDW from a "hold (c-)" rating to a "hold (c)" rating in a research note on Tuesday. Barclays decreased their price target on shares of CDW from $144.00 to $123.00 and set an "equal weight" rating for the company in a research note on Thursday, May 7th. Citigroup upped their price objective on shares of CDW from $123.00 to $145.00 and gave the company a "neutral" rating in a report on Monday, July 13th. UBS Group cut their price objective on shares of CDW from $162.00 to $147.00 and set a "buy" rating on the stock in a research report on Thursday, May 7th. Finally, Raymond James Financial set a $150.00 target price on CDW in a research report on Wednesday, May 6th. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and three have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $147.00.

Insider Buying and Selling at CDW

In related news, insider Elizabeth H. Connelly sold 26,695 shares of the firm's stock in a transaction dated 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 transaction, the insider owned 34,215 shares of the company's stock, valued at approximately $4,708,668.30. This trade represents a 43.83% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.82% of the stock is owned by corporate insiders.

About CDW

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.

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