Wishbone Management LP Takes $28.13 Billion Position in CDW Corporation $CDW

Key Points

• Wishbone Management LP acquired 200,000 CDW shares, reportedly worth approximately $28.13 billion, although the stated value appears inconsistent with CDW’s share price and position size. The stake represents about 0.16% of CDW and 12.1% of Wishbone’s portfolio.
• Analysts maintain a favorable outlook, with a consensus rating of “Moderate Buy” and an average price target of $147.00. Institutional investors own approximately 93.15% of CDW.
• CDW exceeded quarterly expectations, reporting $2.91 in adjusted EPS and $6.57 billion in revenue, up 10% year over year. The company also declared a quarterly dividend of $0.63 per share, representing a 1.9% yield.

Wishbone Management LP purchased a new stake in shares of CDW Corporation (NASDAQ:CDW - Free Report) during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 200,000 shares of the information technology services provider's stock, valued at approximately $28,128,000,000. CDW makes up approximately 12.1% of Wishbone Management LP's investment portfolio, making the stock its 4th biggest position. Wishbone Management LP owned about 0.16% of CDW as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Root Financial Partners LLC lifted its position in CDW by 54.7% during the first quarter. Root Financial Partners LLC now owns 263 shares of the information technology services provider's stock valued at $32,000 after buying an additional 93 shares during the period. New Mexico Educational Retirement Board boosted its holdings in shares of CDW by 1.7% during the 4th quarter. New Mexico Educational Retirement Board now owns 6,050 shares of the information technology services provider's stock valued at $824,000 after buying an additional 100 shares in the last quarter. Hollencrest Capital Management grew its position in shares of CDW by 909.1% in the 1st quarter. Hollencrest Capital Management now owns 222 shares of the information technology services provider's stock worth $27,000 after buying an additional 200 shares during the period. Allied Private Wealth LLC purchased a new stake in shares of CDW in the 2nd quarter worth about $28,000. Finally, Keating Financial Advisory Services Inc. bought a new position in shares of CDW in the 2nd quarter worth about $28,000. 93.15% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the stock. Citigroup lifted their price target on shares of CDW from $123.00 to $145.00 and gave the company a "neutral" rating in a research report on Monday, July 13th. Morgan Stanley upped their price objective on shares of CDW from $170.00 to $171.00 and gave the stock an "overweight" rating in a report on Thursday, August 6th. 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 note on Wednesday, May 27th. Royal Bank Of Canada upgraded shares of CDW to an "outperform" rating and set a $130.00 target price for the company in a report on Wednesday, May 27th. Finally, Weiss Ratings raised CDW from a "sell (d+)" rating to a "hold (c-)" rating in a research report on Thursday, June 11th. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and three have assigned a Hold rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $147.00.

Insider Activity at CDW

In other news, insider Elizabeth H. Connelly sold 26,695 shares of the stock in a transaction that occurred on Friday, August 7th. The shares were sold at an average price of $137.62, for a total transaction of $3,673,765.90. Following the sale, the insider owned 34,215 shares in the company, valued at $4,708,668.30. This represents a 43.83% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director David W. Nelms purchased 18,000 shares of CDW stock in a transaction that occurred on Wednesday, May 27th. The shares were purchased at an average cost of $111.43 per share, with a total value of $2,005,740.00. Following the transaction, the director directly owned 51,025 shares of the company's stock, valued at $5,685,715.75. This represents a 54.50% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Corporate insiders own 0.82% of the company's stock.

CDW Price Performance

Shares of NASDAQ:CDW opened at $132.51 on Tuesday. The business has a fifty day moving average price of $136.39 and a 200-day moving average price of $128.45. The company has a debt-to-equity ratio of 1.97, a current ratio of 1.17 and a quick ratio of 1.05. The company has a market capitalization of $16.57 billion, a PE ratio of 15.93, a PEG ratio of 1.81 and a beta of 0.96. CDW Corporation has a 1-year low of $97.12 and a 1-year high of $171.55.

CDW (NASDAQ:CDW - Get Free Report) last announced its quarterly earnings results on Wednesday, August 5th. The information technology services provider reported $2.91 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 analysts' expectations of $6.21 billion. During the same quarter in the previous year, the business posted $2.60 EPS. CDW's revenue was up 10.0% compared to the same quarter last year. As a group, equities analysts expect that CDW Corporation will post 10.28 EPS for the current fiscal year.

CDW Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 10th. Shareholders of record on Tuesday, August 25th will be issued a $0.63 dividend. The ex-dividend date of this dividend is Tuesday, August 25th. This represents a $2.52 annualized dividend and a yield of 1.9%. CDW's payout ratio is 30.29%.

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.

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