Manning & Napier Advisors LLC Makes New $74.91 Million Investment in CDW Corporation (NASDAQ:CDW)

Manning & Napier Advisors LLC purchased a new position in CDW Corporation (NASDAQ:CDW - Free Report) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 467,416 shares of the information technology services provider's stock, valued at approximately $74,908,000. Manning & Napier Advisors LLC owned 0.35% of CDW as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in CDW. Orion Capital Management LLC bought a new stake in CDW in the fourth quarter worth $30,000. Allworth Financial LP boosted its holdings in CDW by 39.7% in the fourth quarter. Allworth Financial LP now owns 183 shares of the information technology services provider's stock worth $32,000 after acquiring an additional 52 shares in the last quarter. OFI Invest Asset Management bought a new stake in CDW in the fourth quarter worth $32,000. Parkside Financial Bank & Trust boosted its holdings in CDW by 38.9% in the fourth quarter. Parkside Financial Bank & Trust now owns 207 shares of the information technology services provider's stock worth $36,000 after acquiring an additional 58 shares in the last quarter. Finally, Optiver Holding B.V. boosted its holdings in CDW by 107.2% in the fourth quarter. Optiver Holding B.V. now owns 230 shares of the information technology services provider's stock worth $40,000 after acquiring an additional 119 shares in the last quarter. 93.15% of the stock is owned by hedge funds and other institutional investors.

CDW Stock Performance

Shares of NASDAQ:CDW traded up $3.15 during midday trading on Monday, reaching $173.77. 1,268,050 shares of the company's stock traded hands, compared to its average volume of 1,238,255. The company has a market cap of $22.88 billion, a price-to-earnings ratio of 21.53, a P/E/G ratio of 2.87 and a beta of 0.95. The company has a debt-to-equity ratio of 2.42, a quick ratio of 1.20 and a current ratio of 1.32. CDW Corporation has a one year low of $137.31 and a one year high of $241.26. The stock has a 50 day moving average of $172.41 and a 200 day moving average of $175.39.

CDW (NASDAQ:CDW - Get Free Report) last announced its quarterly earnings results on Wednesday, May 7th. The information technology services provider reported $2.15 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.96 by $0.19. The firm had revenue of $5.20 billion for the quarter, compared to the consensus estimate of $4.93 billion. CDW had a return on equity of 54.90% and a net margin of 5.10%. The company's quarterly revenue was up 6.7% on a year-over-year basis. During the same period in the prior year, the company posted $1.92 earnings per share. As a group, equities research analysts anticipate that CDW Corporation will post 9.41 EPS for the current fiscal year.

CDW Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 10th. Investors of record on Monday, May 26th were given a dividend of $0.625 per share. This represents a $2.50 dividend on an annualized basis and a yield of 1.44%. The ex-dividend date was Friday, May 23rd. CDW's dividend payout ratio (DPR) is presently 30.98%.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the company. UBS Group dropped their target price on CDW from $236.00 to $210.00 and set a "buy" rating on the stock in a report on Thursday, May 8th. Citigroup boosted their target price on CDW from $160.00 to $180.00 and gave the stock a "neutral" rating in a report on Thursday, May 8th. JPMorgan Chase & Co. lowered their price target on CDW from $222.00 to $175.00 and set a "neutral" rating on the stock in a report on Thursday, April 17th. Finally, Barclays lowered their price target on CDW from $223.00 to $205.00 and set an "equal weight" rating on the stock in a report on Thursday, May 8th. Four investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $208.71.

Insider Activity at CDW

In related news, insider Christine A. Leahy sold 40,917 shares of the company's stock in a transaction on Thursday, May 8th. The stock was sold at an average price of $181.42, for a total transaction of $7,423,162.14. Following the completion of the sale, the insider now owns 144,931 shares in the company, valued at approximately $26,293,382.02. This represents a 22.02% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Frederick J. Kulevich sold 28,159 shares of the company's stock in a transaction on Tuesday, May 13th. The shares were sold at an average price of $190.90, for a total value of $5,375,553.10. Following the sale, the insider now owns 36,077 shares of the company's stock, valued at approximately $6,887,099.30. This trade represents a 43.84% decrease in their position. The disclosure for this sale can be found here. 0.90% of the stock is owned by company insiders.

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.