Mitsubishi UFJ Asset Management Co. Ltd. Grows Position in CDW Corporation (NASDAQ:CDW)

Key Points

• Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in CDW Corporation by 2.9%, owning approximately 1,508,543 shares worth $241.76 million.
• Several other institutional investors, including Deutsche Bank AG and Charles Schwab Investment Management Inc., have also raised their stakes in CDW during the first quarter.
• CDW Corporation recently reported better-than-expected earnings, with a net revenue of $5.98 billion for the quarter, surpassing analyst estimates.

Mitsubishi UFJ Asset Management Co. Ltd. increased its position in CDW Corporation (NASDAQ:CDW - Free Report) by 2.9% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,508,543 shares of the information technology services provider's stock after buying an additional 42,472 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd. owned 1.15% of CDW worth $241,759,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of the company. GW&K Investment Management LLC lifted its position in CDW by 78.9% in the first quarter. GW&K Investment Management LLC now owns 170 shares of the information technology services provider's stock valued at $27,000 after purchasing an additional 75 shares during the last quarter. Orion Capital Management LLC bought a new stake in CDW in the fourth quarter valued at approximately $30,000. Bayforest Capital Ltd bought a new position in shares of CDW during the first quarter valued at approximately $31,000. Optiver Holding B.V. raised its holdings in shares of CDW by 107.2% during the fourth quarter. Optiver Holding B.V. now owns 230 shares of the information technology services provider's stock valued at $40,000 after acquiring an additional 119 shares in the last quarter. Finally, Golden State Wealth Management LLC raised its holdings in shares of CDW by 237.2% during the first quarter. Golden State Wealth Management LLC now owns 263 shares of the information technology services provider's stock valued at $42,000 after acquiring an additional 185 shares in the last quarter. Institutional investors own 93.15% of the company's stock.

Insider Activity at CDW

In other news, insider Frederick J. Kulevich sold 28,159 shares of the stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $190.90, for a total value of $5,375,553.10. Following the sale, the insider directly owned 36,077 shares of the company's stock, valued at approximately $6,887,099.30. This represents a 43.84% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 0.84% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on CDW shares. Barclays decreased their target price on CDW from $205.00 to $176.00 and set an "equal weight" rating for the company in a report on Thursday. JPMorgan Chase & Co. upped their target price on CDW from $185.00 to $205.00 and gave the company a "neutral" rating in a report on Thursday, July 17th. Citigroup upped their target price on CDW from $180.00 to $200.00 and gave the company a "neutral" rating in a report on Friday, July 11th. Finally, UBS Group decreased their target price on CDW from $210.00 to $200.00 and set a "buy" rating for the company in a report on Thursday. Four analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, CDW has an average rating of "Hold" and an average target price of $202.00.

CDW Stock Up 0.6%

CDW stock traded up $1.04 during midday trading on Friday, hitting $162.92. The stock had a trading volume of 1,066,641 shares, compared to its average volume of 1,080,320. The firm has a market cap of $21.45 billion, a price-to-earnings ratio of 20.24, a price-to-earnings-growth ratio of 2.72 and a beta of 0.95. The business has a 50-day moving average of $176.17 and a two-hundred day moving average of $174.95. CDW Corporation has a 52-week low of $137.31 and a 52-week high of $231.38. The company has a debt-to-equity ratio of 2.28, a current ratio of 1.35 and a quick ratio of 1.20.

CDW (NASDAQ:CDW - Get Free Report) last released its earnings results on Wednesday, August 6th. The information technology services provider reported $2.60 EPS for the quarter, topping analysts' consensus estimates of $2.49 by $0.11. CDW had a return on equity of 53.63% and a net margin of 4.92%. The firm had revenue of $5.98 billion for the quarter, compared to analysts' expectations of $5.51 billion. During the same period in the prior year, the firm posted $2.50 earnings per share. The company's quarterly revenue was up 10.2% on a year-over-year basis. As a group, equities research analysts forecast that CDW Corporation will post 9.41 earnings per share for the current fiscal year.

CDW Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 10th. Stockholders of record on Monday, August 25th will be paid a $0.625 dividend. This represents a $2.50 dividend on an annualized basis and a dividend yield of 1.5%. The ex-dividend date of this dividend is Monday, August 25th. CDW's dividend payout ratio is currently 31.06%.

About CDW

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.