Wellington Management Group LLP Raises Holdings in CDW Corporation $CDW

Key Points

• Wellington Management increased its CDW stake by 11.8% in the second quarter, purchasing 51,923 additional shares for a total holding of 492,184 shares valued at approximately $69.2 million. Institutional investors collectively own 93.15% of the company.
• CDW exceeded quarterly expectations, reporting $2.91 in earnings per share on $6.57 billion in revenue, with revenue up 10% year over year. The company also declared a quarterly dividend of $0.63 per share, implying a 1.7% yield.
• Analyst sentiment remains positive, with a consensus rating of “Moderate Buy” and an average price target of $147. An insider separately sold 26,695 shares, reducing her position by 43.83%.

Wellington Management Group LLP boosted its position in CDW Corporation (NASDAQ:CDW - Free Report) by 11.8% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 492,184 shares of the information technology services provider's stock after purchasing an additional 51,923 shares during the quarter. Wellington Management Group LLP owned about 0.39% of CDW worth $69,221,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Jones Financial Companies Lllp raised its position in shares of CDW by 316.0% in the first quarter. Jones Financial Companies Lllp now owns 4,896 shares of the information technology services provider's stock valued at $785,000 after buying an additional 3,719 shares during the last quarter. Empowered Funds LLC boosted its position in CDW by 1.2% during the first quarter. Empowered Funds LLC now owns 18,076 shares of the information technology services provider's stock worth $2,897,000 after acquiring an additional 216 shares during the last quarter. California State Teachers Retirement System boosted its position in CDW by 0.6% during the second quarter. California State Teachers Retirement System now owns 225,709 shares of the information technology services provider's stock worth $40,309,000 after acquiring an additional 1,242 shares during the last quarter. BI Asset Management Fondsmaeglerselskab A S grew its stake in CDW by 1,339.7% during the 2nd quarter. BI Asset Management Fondsmaeglerselskab A S now owns 49,380 shares of the information technology services provider's stock valued at $8,819,000 after acquiring an additional 45,950 shares in the last quarter. Finally, State of Tennessee Department of Treasury grew its stake in CDW by 17.7% during the 2nd quarter. State of Tennessee Department of Treasury now owns 40,927 shares of the information technology services provider's stock valued at $7,309,000 after acquiring an additional 6,143 shares in the last quarter. Hedge funds and other institutional investors own 93.15% of the company's stock.

Insiders Place Their Bets

In related news, insider Elizabeth H. Connelly sold 26,695 shares of CDW stock in a transaction that occurred on 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 sale, the insider owned 34,215 shares in the company, valued at approximately $4,708,668.30. This trade represents a 43.83% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.82% of the company's stock.

CDW Stock Down 1.1%

Shares of CDW opened at $148.67 on Thursday. The company's 50-day moving average price is $139.06 and its 200 day moving average price is $128.88. CDW Corporation has a 12-month low of $97.12 and a 12-month high of $171.55. The company has a current ratio of 1.17, a quick ratio of 1.05 and a debt-to-equity ratio of 1.97. The firm has a market cap of $18.59 billion, a P/E ratio of 17.87, a price-to-earnings-growth ratio of 1.97 and a beta of 0.95.

CDW (NASDAQ:CDW - Get Free Report) last announced its earnings results on Wednesday, August 5th. The information technology services provider reported $2.91 earnings per share 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 during the quarter, compared to analyst estimates of $6.21 billion. During the same quarter last year, the firm posted $2.60 earnings per share. CDW's revenue was up 10.0% compared to the same quarter last year. On average, sell-side analysts forecast that CDW Corporation will post 10.33 earnings per share for the current year.

CDW Announces Dividend

The business also recently disclosed 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 dividend yield of 1.7%. CDW's dividend payout ratio (DPR) is presently 30.29%.

Analyst Ratings Changes

A number of research analysts have weighed in on the stock. Raymond James Financial set a $150.00 target price on shares of CDW in a research note on Wednesday, May 6th. Morgan Stanley increased their price target on CDW from $170.00 to $171.00 and gave the company an "overweight" rating in a report on Thursday, August 6th. Weiss Ratings upgraded CDW from a "hold (c-)" rating to a "hold (c)" rating in a research report on Tuesday, August 25th. JPMorgan Chase & Co. raised CDW from a "neutral" rating to an "overweight" rating and set a $130.00 price objective on the stock in a research note on Wednesday, May 27th. Finally, Citigroup raised their target price on CDW from $123.00 to $145.00 and gave the stock a "neutral" rating in a research note on Monday, July 13th. One 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 stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $147.00.

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.

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