Neuberger Berman Group LLC Sells 197,442 Shares of CDW Corporation (NASDAQ:CDW)

Key Points

• Neuberger Berman Group LLC has reduced its holdings in CDW Corporation by 9.7%, totaling 1,847,697 shares valued at approximately $296 million.
• CDW reported a quarterly earnings per share (EPS) of $2.60, exceeding estimates, and an increase in revenue of 10.2% year-over-year to $5.98 billion.
• The company declared a quarterly dividend of $0.625, resulting in an annualized dividend yield of 1.5%.

Neuberger Berman Group LLC decreased its stake in shares of CDW Corporation (NASDAQ:CDW - Free Report) by 9.7% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 1,847,697 shares of the information technology services provider's stock after selling 197,442 shares during the quarter. Neuberger Berman Group LLC owned about 1.40% of CDW worth $296,112,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors also recently modified their holdings of CDW. D. E. Shaw & Co. Inc. boosted its holdings in CDW by 906.9% during the 4th quarter. D. E. Shaw & Co. Inc. now owns 2,024,887 shares of the information technology services provider's stock worth $352,411,000 after acquiring an additional 1,823,788 shares during the last quarter. Alyeska Investment Group L.P. boosted its holdings in CDW by 17,349.6% during the 4th quarter. Alyeska Investment Group L.P. now owns 1,380,787 shares of the information technology services provider's stock worth $240,312,000 after acquiring an additional 1,372,874 shares during the last quarter. Voloridge Investment Management LLC purchased a new position in CDW during the 4th quarter worth $105,705,000. Manning & Napier Advisors LLC purchased a new position in CDW during the 1st quarter worth $74,908,000. Finally, Massachusetts Financial Services Co. MA boosted its holdings in CDW by 15.7% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 2,792,934 shares of the information technology services provider's stock worth $447,596,000 after acquiring an additional 378,841 shares during the last quarter. Institutional investors and hedge funds own 93.15% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on CDW shares. Citigroup lifted their target price on CDW from $180.00 to $200.00 and gave the stock a "neutral" rating in a research note on Friday, July 11th. JPMorgan Chase & Co. lifted their target price on CDW from $185.00 to $205.00 and gave the stock a "neutral" rating in a research note on Thursday, July 17th. UBS Group lowered their target price on CDW from $210.00 to $200.00 and set a "buy" rating on the stock in a research note on Thursday, August 7th. Finally, Barclays lowered their price objective on CDW from $205.00 to $176.00 and set an "equal weight" rating on the stock in a research note on Thursday, August 7th. Four analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, CDW has a consensus rating of "Hold" and an average target price of $202.00.

CDW Price Performance

Shares of CDW stock traded down $2.33 on Friday, hitting $163.76. 1,829,428 shares of the company traded hands, compared to its average volume of 1,147,441. The firm's 50-day simple moving average is $174.90 and its 200 day simple moving average is $173.88. The company has a current ratio of 1.35, a quick ratio of 1.22 and a debt-to-equity ratio of 2.28. The company has a market cap of $21.46 billion, a P/E ratio of 20.34, a P/E/G ratio of 2.76 and a beta of 0.95. CDW Corporation has a 12-month low of $137.31 and a 12-month high of $231.38.

CDW (NASDAQ:CDW - Get Free Report) last issued its earnings results on Wednesday, August 6th. The information technology services provider reported $2.60 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.49 by $0.11. CDW had a return on equity of 53.63% and a net margin of 4.92%. The business had revenue of $5.98 billion during the quarter, compared to analyst estimates of $5.51 billion. During the same quarter in the prior year, the firm earned $2.50 earnings per share. CDW's revenue for the quarter was up 10.2% on a year-over-year basis. Analysts expect that CDW Corporation will post 9.41 earnings per share for the current fiscal year.

CDW Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 10th. Investors of record on Monday, August 25th will be paid a $0.625 dividend. The ex-dividend date of this dividend is Monday, August 25th. This represents a $2.50 annualized dividend and a dividend yield of 1.5%. CDW's dividend payout ratio (DPR) is presently 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.