Madison Asset Management LLC Decreases Position in CDW Corporation $CDW

Key Points

• Madison Asset Management trimmed its CDW stake by 4.3% in the first quarter, selling 49,248 shares and ending with 1,105,086 shares worth about $133.7 million.
• CDW reported Q1 earnings of $2.28 per share, matching estimates, while revenue came in at $5.68 billion, above expectations and up 9.2% from a year ago.
• Wall Street sentiment remains constructive: analysts have a Moderate Buy consensus on CDW, with a consensus price target of $146.88, and the company also pays a quarterly dividend yielding about 1.9%.

Madison Asset Management LLC reduced its position in shares of CDW Corporation (NASDAQ:CDW - Free Report) by 4.3% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 1,105,086 shares of the information technology services provider's stock after selling 49,248 shares during the quarter. CDW comprises 1.7% of Madison Asset Management LLC's holdings, making the stock its 9th biggest position. Madison Asset Management LLC owned 0.86% of CDW worth $133,738,000 at the end of the most recent quarter.

A number of other large investors also recently added to or reduced their stakes in CDW. Hollencrest Capital Management grew its position in shares of CDW by 909.1% during the 1st quarter. Hollencrest Capital Management now owns 222 shares of the information technology services provider's stock worth $27,000 after buying an additional 200 shares during the period. Root Financial Partners LLC lifted its holdings in CDW by 54.7% in the first quarter. Root Financial Partners LLC now owns 263 shares of the information technology services provider's stock valued at $32,000 after buying an additional 93 shares during the period. eCIO Inc. bought a new position in CDW in the fourth quarter valued at approximately $61,000. Covestor Ltd boosted its stake in CDW by 53.4% in the fourth quarter. Covestor Ltd now owns 741 shares of the information technology services provider's stock valued at $101,000 after acquiring an additional 258 shares during the last quarter. Finally, American National Bank & Trust acquired a new stake in CDW during the 4th quarter worth $110,000. 93.15% of the stock is currently owned by institutional investors and hedge funds.

CDW Stock Down 2.4%

CDW stock opened at $130.01 on Tuesday. The company has a debt-to-equity ratio of 1.81, a current ratio of 1.16 and a quick ratio of 1.06. The stock has a market capitalization of $16.61 billion, a P/E ratio of 15.82, a P/E/G ratio of 1.77 and a beta of 0.97. The business has a 50-day moving average of $126.89 and a 200-day moving average of $126.96. CDW Corporation has a fifty-two week low of $97.12 and a fifty-two week high of $183.66.

CDW (NASDAQ:CDW - Get Free Report) last issued its quarterly earnings results on Wednesday, May 6th. The information technology services provider reported $2.28 earnings per share (EPS) for the quarter, meeting the consensus estimate of $2.28. CDW had a net margin of 4.70% and a return on equity of 49.67%. The firm had revenue of $5.68 billion for the quarter, compared to analyst estimates of $5.48 billion. During the same period in the previous year, the business earned $2.15 EPS. The company's revenue was up 9.2% compared to the same quarter last year. On average, sell-side analysts anticipate that CDW Corporation will post 10.21 earnings per share for the current fiscal year.

CDW Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, June 10th. Investors of record on Monday, May 25th were issued a dividend of $0.63 per share. This represents a $2.52 annualized dividend and a yield of 1.9%. The ex-dividend date was Friday, May 22nd. CDW's dividend payout ratio is presently 30.66%.

Wall Street Analysts Forecast Growth

Several analysts have commented on CDW shares. Morgan Stanley upgraded shares of CDW from an "equal weight" rating to an "overweight" rating and upped their target price for the company from $142.00 to $170.00 in a research report on Tuesday, June 23rd. UBS Group decreased their price objective on CDW from $162.00 to $147.00 and set a "buy" rating for the company in a research note on Thursday, May 7th. Raymond James Financial set a $150.00 target price on CDW in a research note on Wednesday, May 6th. JPMorgan Chase & Co. upgraded CDW from a "neutral" rating to an "overweight" rating and set a $130.00 target price on the stock in a report on Wednesday, May 27th. Finally, Barclays decreased their target price on CDW from $144.00 to $123.00 and set an "equal weight" rating for the company in a research report on Thursday, May 7th. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $146.88.

Insider Buying and Selling

In related news, Director David W. Nelms purchased 18,000 shares of the stock in a transaction on Wednesday, May 27th. The shares were purchased at an average price of $111.43 per share, with a total value of $2,005,740.00. Following the transaction, the director directly owned 51,025 shares of the company's stock, valued at $5,685,715.75. This trade represents a 54.50% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Company insiders own 0.82% of the company's stock.

CDW Company Profile

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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