Quantitative Investment Management LLC Sells 17,709 Shares of CDW Corporation $CDW

Key Points

• Quantitative Investment Management LLC cut its CDW stake by 58.9% in the second quarter, selling 17,709 shares and retaining 12,338 shares valued at approximately $1.74 million. Institutional investors collectively own 93.15% of CDW.
• CDW reported stronger-than-expected quarterly results, with EPS of $2.91 versus the $2.80 consensus and revenue of $6.57 billion, up 10% year over year. Analysts maintain a “Moderate Buy” consensus rating with a $147 average price target.
• CDW declared a quarterly dividend of $0.63 per share, equivalent to an annualized $2.52 payout and a 1.7% yield; the dividend payout ratio is 30.29%.

Quantitative Investment Management LLC lessened its stake in shares of CDW Corporation (NASDAQ:CDW - Free Report) by 58.9% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 12,338 shares of the information technology services provider's stock after selling 17,709 shares during the period. Quantitative Investment Management LLC's holdings in CDW were worth $1,735,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the company. Two Sigma Securities LLC acquired a new stake in shares of CDW in the second quarter worth $1,301,000. Alyeska Investment Group L.P. boosted its holdings in shares of CDW by 197.1% during the 2nd quarter. Alyeska Investment Group L.P. now owns 1,854,952 shares of the information technology services provider's stock worth $260,880,000 after buying an additional 1,230,517 shares during the period. Flputnam Investment Management Co. grew its stake in CDW by 9.8% in the 2nd quarter. Flputnam Investment Management Co. now owns 1,912 shares of the information technology services provider's stock valued at $269,000 after buying an additional 170 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in CDW by 3.0% in the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,348,786 shares of the information technology services provider's stock valued at $189,693,000 after buying an additional 39,044 shares during the last quarter. Finally, New Mexico Educational Retirement Board raised its holdings in CDW by 6.6% in the 2nd quarter. New Mexico Educational Retirement Board now owns 6,450 shares of the information technology services provider's stock worth $907,000 after acquiring an additional 400 shares during the period. Institutional investors own 93.15% of the company's stock.

Insider Transactions at CDW

In related news, insider Elizabeth H. Connelly sold 26,695 shares of the business'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 in the company, valued at $4,708,668.30. The trade was a 43.83% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 0.82% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on CDW. JPMorgan Chase & Co. raised shares of CDW from a "neutral" rating to an "overweight" rating and set a $130.00 target price for the company in a research report on Wednesday, May 27th. Morgan Stanley raised 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 dropped their price objective on CDW from $144.00 to $123.00 and set an "equal weight" rating on the stock in a research note on Thursday, May 7th. Raymond James Financial set a $150.00 target price on CDW in a research note on Wednesday, May 6th. Finally, Weiss Ratings raised CDW from a "hold (c-)" rating to a "hold (c)" rating in a report on Tuesday, August 25th. One research 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 company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $147.00.

CDW Price Performance

Shares of CDW stock opened at $151.58 on Tuesday. The company has a debt-to-equity ratio of 1.97, a current ratio of 1.17 and a quick ratio of 1.05. CDW Corporation has a fifty-two week low of $97.12 and a fifty-two week high of $171.55. The firm has a fifty day moving average price of $138.29 and a two-hundred day moving average price of $128.62. The company has a market cap of $18.95 billion, a PE ratio of 18.22, a price-to-earnings-growth ratio of 1.94 and a beta of 0.96.

CDW (NASDAQ:CDW - Get Free Report) last posted its quarterly earnings data on Wednesday, August 5th. The information technology services provider reported $2.91 earnings per share (EPS) for the quarter, topping the consensus estimate 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 for the quarter, compared to the consensus estimate of $6.21 billion. During the same quarter in the previous year, the firm posted $2.60 EPS. The business's revenue was up 10.0% compared to the same quarter last year. Analysts expect that CDW Corporation will post 10.33 EPS for the current 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 given a dividend of $0.63 per share. The ex-dividend date of this dividend is Tuesday, August 25th. This represents a $2.52 dividend on an annualized basis and a yield of 1.7%. CDW's dividend payout ratio (DPR) is 30.29%.

About CDW

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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