Man Group plc Makes New Investment in CDW Corporation $CDW

Key Points

• Man Group purchased 8,971 CDW shares worth approximately $1.26 million in the second quarter, while other institutional investors also opened positions. Hedge funds and institutions now own 93.15% of CDW.
• CDW exceeded quarterly expectations, reporting $2.91 in earnings per share and $6.57 billion in revenue, with revenue up 10% year over year. Analysts expect full-year EPS of $10.33.
• CDW declared a quarterly dividend of $0.63, equivalent to an annualized $2.52 payout and a 1.7% yield. Analysts maintain a consensus “Moderate Buy” rating with an average price target of $147.

Man Group plc purchased a new stake in CDW Corporation (NASDAQ:CDW - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 8,971 shares of the information technology services provider's stock, valued at approximately $1,262,000.

A number of other hedge funds have also recently made changes to their positions in CDW. Jupiter Topco LLC purchased a new stake in shares of CDW in the second quarter worth $300,073,000. Hsbc Holdings PLC bought a new stake in CDW during the second quarter valued at $110,406,000. EFG International AG purchased a new position in CDW during the second quarter worth about $72,000. Ancora Advisors LLC purchased a new position in CDW during the second quarter worth about $108,000. Finally, Canada Pension Plan Investment Board bought a new position in CDW in the 2nd quarter worth about $1,295,000. 93.15% of the stock is currently owned by hedge funds and other institutional investors.

CDW Stock Down 1.1%

Shares of NASDAQ CDW opened at $148.67 on Thursday. CDW Corporation has a one year low of $97.12 and a one year high of $171.55. The company has a debt-to-equity ratio of 1.97, a current ratio of 1.17 and a quick ratio of 1.05. The firm's 50 day simple moving average is $139.06 and its two-hundred day simple moving average is $128.88. The stock has a market capitalization of $18.59 billion, a P/E ratio of 17.87, a PEG ratio of 1.97 and a beta of 0.95.

CDW (NASDAQ:CDW - Get Free Report) last announced its quarterly earnings data on Wednesday, August 5th. The information technology services provider reported $2.91 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.80 by $0.11. CDW had a net margin of 4.60% and a return on equity of 50.61%. The company had revenue of $6.57 billion during the quarter, compared to analysts' expectations of $6.21 billion. During the same quarter in the prior year, the company earned $2.60 EPS. The firm's revenue was up 10.0% on a year-over-year basis. As a group, analysts expect that CDW Corporation will post 10.33 EPS for the current fiscal year.

CDW Dividend Announcement

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

Insider Transactions at CDW

In other news, insider Elizabeth H. Connelly sold 26,695 shares of the firm's stock in a transaction dated Friday, August 7th. The stock was sold at an average price of $137.62, for a total transaction of $3,673,765.90. Following the transaction, the insider directly 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 ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.82% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

CDW has been the subject of a number of research analyst reports. Morgan Stanley lifted their price target on CDW from $170.00 to $171.00 and gave the company an "overweight" rating in a research report on Thursday, August 6th. Barclays decreased their price objective on shares of CDW from $144.00 to $123.00 and set an "equal weight" rating on the stock in a research report on Thursday, May 7th. Royal Bank Of Canada raised shares of CDW to an "outperform" rating and set a $130.00 target price on the stock in a research note on Wednesday, May 27th. UBS Group dropped their target price on shares of CDW from $162.00 to $147.00 and set a "buy" rating for the company in a research report on Thursday, May 7th. Finally, JPMorgan Chase & Co. raised shares of CDW from a "neutral" rating to an "overweight" rating and set a $130.00 price target for the company in a research note on Wednesday, May 27th. One investment 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, CDW presently has a consensus rating of "Moderate Buy" and an average price target of $147.00.

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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