Coronation Fund Managers Ltd. Lowers Stake in CDW Co. (NASDAQ:CDW)

Coronation Fund Managers Ltd. cut its holdings in CDW Co. (NASDAQ:CDW - Free Report) by 17.5% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 33,979 shares of the information technology services provider's stock after selling 7,190 shares during the period. Coronation Fund Managers Ltd.'s holdings in CDW were worth $7,606,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in the business. Cambridge Investment Research Advisors Inc. increased its stake in shares of CDW by 2.3% during the 4th quarter. Cambridge Investment Research Advisors Inc. now owns 5,965 shares of the information technology services provider's stock valued at $1,356,000 after acquiring an additional 133 shares during the last quarter. California State Teachers Retirement System raised its holdings in CDW by 0.4% in the fourth quarter. California State Teachers Retirement System now owns 212,947 shares of the information technology services provider's stock valued at $48,407,000 after buying an additional 817 shares during the period. CIBC Asset Management Inc raised its holdings in CDW by 94.6% in the fourth quarter. CIBC Asset Management Inc now owns 37,523 shares of the information technology services provider's stock valued at $8,530,000 after buying an additional 18,243 shares during the period. CIBC Private Wealth Group LLC grew its position in CDW by 2.2% in the fourth quarter. CIBC Private Wealth Group LLC now owns 16,333 shares of the information technology services provider's stock valued at $3,713,000 after acquiring an additional 356 shares in the last quarter. Finally, Blueshift Asset Management LLC acquired a new stake in CDW in the fourth quarter valued at approximately $272,000. 93.15% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the company. Barclays cut their target price on CDW from $232.00 to $229.00 and set an "equal weight" rating on the stock in a research note on Thursday, August 1st. Stifel Nicolaus lifted their target price on CDW from $250.00 to $260.00 and gave the stock a "buy" rating in a report on Wednesday, July 17th. Northcoast Research raised shares of CDW from a "neutral" rating to a "buy" rating and set a $270.00 price objective for the company in a research note on Friday, June 7th. Finally, Citigroup lowered shares of CDW from a "buy" rating to a "neutral" rating and decreased their price objective for the stock from $250.00 to $245.00 in a research note on Tuesday. Four research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $252.75.

Insider Activity

In other CDW news, insider Sona Chawla sold 18,437 shares of CDW stock in a transaction on Tuesday, July 16th. The shares were sold at an average price of $240.45, for a total transaction of $4,433,176.65. Following the transaction, the insider now directly owns 22,428 shares of the company's stock, valued at approximately $5,392,812.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, insider Christine A. Leahy purchased 1,200 shares of the firm's stock in a transaction dated Thursday, August 1st. The shares were purchased at an average cost of $216.15 per share, for a total transaction of $259,380.00. Following the completion of the transaction, the insider now directly owns 102,200 shares in the company, valued at approximately $22,090,530. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Sona Chawla sold 18,437 shares of the company's stock in a transaction dated Tuesday, July 16th. The shares were sold at an average price of $240.45, for a total value of $4,433,176.65. Following the sale, the insider now owns 22,428 shares in the company, valued at $5,392,812.60. The disclosure for this sale can be found here. 0.90% of the stock is currently owned by company insiders.

CDW Stock Up 0.7 %

CDW traded up $1.54 during trading hours on Wednesday, hitting $219.35. 501,979 shares of the company's stock were exchanged, compared to its average volume of 822,111. CDW Co. has a 1-year low of $185.04 and a 1-year high of $263.37. The stock's 50-day moving average is $220.80 and its two-hundred day moving average is $228.68. The stock has a market cap of $29.48 billion, a price-to-earnings ratio of 27.39, a PEG ratio of 3.40 and a beta of 1.04. The company has a quick ratio of 1.02, a current ratio of 1.13 and a debt-to-equity ratio of 2.03.

CDW (NASDAQ:CDW - Get Free Report) last released its quarterly earnings results on Wednesday, July 31st. The information technology services provider reported $2.34 EPS for the quarter, missing analysts' consensus estimates of $2.39 by ($0.05). CDW had a return on equity of 62.22% and a net margin of 5.29%. The business had revenue of $5.42 billion for the quarter, compared to the consensus estimate of $5.43 billion. During the same period in the prior year, the business posted $2.43 earnings per share. CDW's revenue was down 3.6% compared to the same quarter last year. Sell-side analysts predict that CDW Co. will post 9.4 earnings per share for the current fiscal year.

CDW Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 10th. Stockholders of record on Monday, August 26th were paid a $0.62 dividend. The ex-dividend date was Monday, August 26th. This represents a $2.48 annualized dividend and a dividend yield of 1.13%. CDW's dividend payout ratio is currently 30.96%.

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.