Meeder Asset Management Inc. Invests $7.73 Million in CDW Corporation $CDW

Key Points

• Meeder Asset Management acquired 54,932 CDW shares during the second quarter, valued at approximately $7.73 million. Institutional investors collectively own 93.15% of the company.
• CDW reported quarterly EPS of $2.91, beating estimates of $2.80, while revenue reached $6.57 billion and rose 10% year over year. Analysts maintain a consensus “Moderate Buy” rating with an average price target of $147.
• CDW declared a quarterly dividend of $0.63 per share, equivalent to an annualized dividend of $2.52 and a yield of about 1.9%. The stock opened at $135.30, down 3.0% in the reported session.

Meeder Asset Management Inc. acquired a new position in shares of CDW Corporation (NASDAQ:CDW - Free Report) during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 54,932 shares of the information technology services provider's stock, valued at approximately $7,726,000.

Other institutional investors have also added to or reduced their stakes in the company. Allied Private Wealth LLC acquired a new stake in shares of CDW in the 2nd quarter valued at about $28,000. Hollencrest Capital Management boosted its position in shares of CDW by 909.1% during the first 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 grew its holdings in shares of CDW by 54.7% during the first quarter. Root Financial Partners LLC now owns 263 shares of the information technology services provider's stock worth $32,000 after buying an additional 93 shares in the last quarter. Covestor Ltd grew its holdings in shares of CDW by 53.4% during the fourth quarter. Covestor Ltd now owns 741 shares of the information technology services provider's stock worth $101,000 after buying an additional 258 shares in the last quarter. Finally, Brown Brothers Harriman & Co. raised its position in CDW by 38.6% in the 4th quarter. Brown Brothers Harriman & Co. now owns 912 shares of the information technology services provider's stock valued at $124,000 after buying an additional 254 shares during the last quarter. 93.15% of the stock is owned by institutional investors.

Insider Buying and Selling at CDW

In other news, insider Elizabeth H. Connelly sold 26,695 shares of CDW 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 completion of the transaction, the insider owned 34,215 shares of the company's stock, valued at $4,708,668.30. This trade represents a 43.83% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director David W. Nelms acquired 18,000 shares of the firm's stock in a transaction dated Wednesday, May 27th. The stock was purchased at an average cost of $111.43 per share, with a total value of $2,005,740.00. Following the transaction, the director owned 51,025 shares in the company, valued at approximately $5,685,715.75. This trade represents a 54.50% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Corporate insiders own 0.82% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have commented on the company. UBS Group cut their target price on CDW from $162.00 to $147.00 and set a "buy" rating on the stock in a research note on Thursday, May 7th. JPMorgan Chase & Co. upgraded shares of CDW from a "neutral" rating to an "overweight" rating and set a $130.00 price objective on the stock in a report on Wednesday, May 27th. Citigroup boosted their price objective on shares of CDW from $123.00 to $145.00 and gave the stock a "neutral" rating in a research report on Monday, July 13th. Barclays reduced their target price on shares of CDW from $144.00 to $123.00 and set an "equal weight" rating for the company in a report on Thursday, May 7th. Finally, Morgan Stanley raised their target price on shares of CDW from $170.00 to $171.00 and gave the company an "overweight" rating in a research report on Thursday, August 6th. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and three have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $147.00.

CDW Stock Down 3.0%

CDW stock opened at $135.30 on Tuesday. The company has a market cap of $16.92 billion, a price-to-earnings ratio of 16.26, a P/E/G ratio of 1.83 and a beta of 0.96. CDW Corporation has a twelve month low of $97.12 and a twelve month high of $171.55. The business has a 50 day moving average price of $135.99 and a two-hundred day moving average price of $128.13. The company has a quick ratio of 1.05, a current ratio of 1.17 and a debt-to-equity ratio of 1.97.

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, topping analysts' consensus estimates of $2.80 by $0.11. The company had revenue of $6.57 billion for the quarter, compared to analysts' expectations of $6.21 billion. CDW had a return on equity of 50.61% and a net margin of 4.60%.The business's revenue was up 10.0% compared to the same quarter last year. During the same quarter in the prior year, the business posted $2.60 EPS. Analysts anticipate that CDW Corporation will post 10.28 EPS for the current fiscal year.

CDW Announces Dividend

The company 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 dividend of $0.63 per share. This represents a $2.52 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date is Tuesday, August 25th. CDW's payout ratio is presently 30.29%.

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.

Want to see what other hedge funds are holding CDW? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for CDW Corporation (NASDAQ:CDW - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source