Tower Bridge Advisors Sells 1,544 Shares of CDW Corporation (NASDAQ:CDW)

Key Points

• Tower Bridge Advisors has reduced its stake in CDW Corporation by 8.6%, now holding 16,410 shares valued at $2.63 million.
• Analysts have mixed ratings on CDW, with Citigroup raising the target price to $200 and JPMorgan increasing it to $205, while UBS lowered their target to $210.
• CDW recently announced a quarterly dividend of $0.625 per share, with an annualized dividend yield of 1.37%.

Tower Bridge Advisors cut its position in shares of CDW Corporation (NASDAQ:CDW - Free Report) by 8.6% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 16,410 shares of the information technology services provider's stock after selling 1,544 shares during the period. Tower Bridge Advisors' holdings in CDW were worth $2,630,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. GW&K Investment Management LLC raised its stake in shares of CDW by 78.9% in the 1st quarter. GW&K Investment Management LLC now owns 170 shares of the information technology services provider's stock valued at $27,000 after acquiring an additional 75 shares in the last quarter. Orion Capital Management LLC bought a new position in shares of CDW in the 4th quarter valued at approximately $30,000. Bayforest Capital Ltd bought a new position in shares of CDW in the 1st quarter valued at approximately $31,000. Optiver Holding B.V. raised its stake in shares of CDW by 107.2% in the 4th 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 stake in shares of CDW by 237.2% in the 1st 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. 93.15% of the stock is owned by hedge funds and other institutional investors.

CDW Stock Performance

Shares of NASDAQ:CDW traded down $5.56 during trading on Thursday, hitting $174.38. 1,408,074 shares of the stock were exchanged, compared to its average volume of 731,098. CDW Corporation has a 1-year low of $137.31 and a 1-year high of $231.38. The company has a market capitalization of $22.96 billion, a price-to-earnings ratio of 21.61, a price-to-earnings-growth ratio of 3.02 and a beta of 0.93. The company's fifty day simple moving average is $178.15 and its 200-day simple moving average is $175.87. 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 (NASDAQ:CDW - Get Free Report) last announced its quarterly earnings data on Wednesday, May 7th. The information technology services provider reported $2.15 earnings per share for the quarter, topping the consensus estimate of $1.96 by $0.19. CDW had a return on equity of 54.90% and a net margin of 5.10%. The company had revenue of $5.20 billion for the quarter, compared to analyst estimates of $4.93 billion. During the same quarter last year, the firm earned $1.92 EPS. CDW's revenue for the quarter was up 6.7% compared to the same quarter last year. Sell-side analysts expect that CDW Corporation will post 9.41 EPS for the current fiscal year.

CDW Dividend Announcement

The business also recently announced 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 annualized dividend and a dividend yield of 1.4%. The ex-dividend date was Friday, May 23rd. CDW's dividend payout ratio (DPR) is 30.98%.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on CDW. Citigroup raised 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. Barclays lowered their target price on CDW from $223.00 to $205.00 and set an "equal weight" rating on the stock in a report on Thursday, May 8th. UBS Group lowered 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. Finally, JPMorgan Chase & Co. raised 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. Four research analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $208.50.

Insider Activity at CDW

In related news, insider Frederick J. Kulevich sold 28,159 shares of the firm's stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $190.90, for a total transaction of $5,375,553.10. Following the completion of the transaction, the insider owned 36,077 shares in the company, valued at $6,887,099.30. This trade represents a 43.84% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Christine A. Leahy sold 40,917 shares of the firm's stock in a transaction that occurred on Thursday, May 8th. The stock was sold at an average price of $181.42, for a total value of $7,423,162.14. Following the transaction, the insider owned 144,931 shares of the company's stock, valued at $26,293,382.02. This trade represents a 22.02% decrease in their position. The disclosure for this sale can be found here. 0.84% of the stock is owned by company insiders.

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.